Ford CEO Alan Mulally says the automaker should be "solidly" profitable in 2010 as it recovers from the severe downturn in the auto industry.

Mulally says that Ford should also see "continuing improvement" in 2011. He was speaking to shareholders at the company's annual meeting in Delaware.

Ford has rebounded faster than most rivals from the plunge in auto sales during the recession.

The company reported a $2.7 billion profit in the first quarter and has a growing market share. But it must also deal with a stubbornly high debt.