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.

San Fransicans are saying a big “hells yeah” to the Ford Escape hybrid taxis roaming the city streets. San Francisco’s first 15 hybrid taxis, all Ford Escapes, all reached the taxi retirement age of 300,000 miles and are being taken off the road. Their staying power shows that hybrid technology is more durable than expected; and according to the LA Times, these eco-friendly vehicles have saved taxi drivers approximately $9,000 a year.

Today, 14% of San Francisco’s 1,438 taxis are hybrid vehicles. Yellow Cab has ordered ten new Ford Fusion sedans, which offer better gas mileage than the Escapes. They are currently testing Nissans.

“We’re still looking for the perfect cab,” Yellow cab company manager Hal Mellegard said. “There’s new technology all the time. They may make something next year that runs on dirt and has zero emissions. That’s what I’m hoping for.”

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President Barrack Obama has made it clear that he considers the environment a priority of his administration. He started back when he was a mere presidential hopeful in August of 2008 when he called for a million plug-in hybrids by 2015. He even traded in his V-8 Chrysler for a hybrid while on the campaign trail.

Now, in office his economic stimulus package provides about $80 billion for renewable energy, increasing energy efficiency, improving and expanding mass transit, updating the electrical grid and research.

This Thursday, President Obama will continue to emphasize the role that hybrids and other clean vehicles play in America’s future by visiting the Southern California Edison Electric Vehicle Technical Center in Pomona to check the progress being made by SCE and Ford on their clean vehicles like the Escape hybrid.