DETROIT — Ford Motor Co. has been riding a wave of positive public sentiment since it steered clear of bankruptcy protection and avoided taking federal bailout money — unlike its rivals, General Motors Co. and Chrysler LLC.

Worldwide market share is up. And at least two analysts are predicting a quarterly profit for the auto­maker, which is releasing its third-quarter earnings Monday.

But headwinds persist, including weak U.S. sales and labor troubles.

How has Ford managed to outperform its Detroit competition — and what challenges lie ahead?

Q: How did Ford escape bankruptcy protection and federal aid, unlike GM and Chrysler?

A: In 2006, Ford mortgaged its assets — including plants and its blue oval logo — for $23.4 billion to fund its turnaround plan. The credit markets later froze, making it impossible for its rivals to obtain similar financing.

Q: How have Ford’s sales fared in the tough economic climate?

A: Ford’s U.S. sales were down 22 percent in the first nine months of this year, compared with the same period in 2008, as the industry struggled through its worst year in a quarter century. But Ford posted the largest increase in market share of any auto­maker in September, and expects an overall gain in U.S. market share in 2009, a feat it hasn’t accomplished since 1995.

Q: What could hurt Ford’s turnaround?

A: Ford had $26 billion in debt at the end of the second quarter and has been unable to cut costs as deep­ly as GM and Chrysler were able to in bankruptcy. Ford also has said its return to profitability relies in part on a recovery in U.S. and European sales, but it’s unclear how quickly those markets will turn around.

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