Ford Motor (F) is on track to get back to profitability, CEO Alan Mulally said in an interview with FOX Business Network Anchor Alexis Glick.

“Over the last couple of months we’ve reduced our debt by over $10 billion, we also on the strength of our business plan we also went to the equity markets and raised over $1.6 billion in fresh equity so we’ll continue to look for opportunities along the way here as we march back to profitability to improve the balance sheet,” Mulally said.

That business plan has allowed the company to increase market share, Mulally said, even as new car sales have dropped precipitously and the automobile industry in the U.S. has teetered on the edge of collapse. Ford is the only one of the big three auto makers that has not continued to rely on funding from the U.S. government.

“We were supportive of temporary help by the government,” Mulally said. “We know how to compete against the best in the world and we have a put in plan a place where we are now competing with the best in the world -- so, I think we did the right thing and all we’ve got to do is just keep focusing on the customer and making the products that people really do want and value and doing it more productively than our competition.”

In addition to the company’s strong business plan, Mulally touted the launch of the new Ford Taurus which was the number one car in the U.S. for eight years.

“This launch now of the new Taurus, absolutely focused on the customer -- best in quality, fuel efficiency, safety -- this is like the all-time proof point that Ford is back,” Mulally said.

Mulally said Ford is committed to continuing to reduce debt and become profitable again in 2011. He said negotiations with the UAW are ongoing and that Ford will continue to work on improving “all elements” of its competitiveness.