In what must be a major sigh of relief for those who’ve been watching the American auto industry with concern, Ford announced today that it made $2.7 billion over the course of last year.

Ford also predicted that it would continue to be profitable in 2010 as well as the rest of the foreseeable future.

Ford primarily attributes its recent success to its massive cost cutting measures, debt reduction and the popularity of its vehicles like the environmentally-friendly Ford Fusion Hybrid and the Escape SUV.

While this is great news for the Ford Motor Company, it’s still got a ways to go to make up for four years of straight losses including 2008 when it lost $14.6 billion.