Southfield (WWJ)  -- Ford's top North American executive says executives don't like the way their stock has been battered on Wall Street, but he still has confidence in the company's long term prospects.

Ford President of the Americas Mark Fields says governments are moving in right direction in trying to stabilize things.  Fields said he never expected to see Ford's stock fall--at some points--under two dollars a share

"Clearly nobody likes a $1.99 stock, but at the same token we think that the fundamentals that we're doing in this business ultimately will be rewarding, and as my grandmother says you don't lose until you sell," Fields told WWJ's Jeff Gilbert. 

Fields said there's no sign of the auto market coming back until consumer confidence returns.

"I've never seen all of the stuff going on in the industry right now just as I didn't expect the stock to be down to that level of pricing...it's been part of the whole kind of stock market down draft we've seen really breathtaking levels," Fields said

No new job or production cuts are planned, according to Fields, however he said Ford will continue to monitor the sales climate, and make changes as necessary.

Coming off one of the worst sales months in September, Fields said October looks like most recent sales months. 

As for partnerships, Fields called recent reports that Ford may sell part of Mazda speculation.  He declined any comment on reports that General Motors is talking merger with Chrysler.