Ford to issue more stock

Ford Motor Co. will issue up to $1 billion in new stock, according to documents filed by the company with the U.S. Securities and Exchange Commission after the markets closed on Friday.

In the filings, the Dearborn automaker said the proceeds will be used for "general corporate purposes."

Ford has been periodically issuing new shares to whittle away its debt, which remains a competitive disadvantage after its cross-town rivals, General Motors Co. and Chrysler Group LLC, eliminated much of their debt during their bankruptcy reorganizations earlier this year.