Ford, Citing Unexpected Demand, Triples Offering : Securities: Some analysts see its plans to raise $2.3 billion as a sign that it doesn’t anticipate a quick recovery and that it may need more cash.

Ford Motor Co. said Wednesday that it is selling $2.3 billion of preferred stock, expanding threefold its original plan to raise $750 million in the sale.

Ford spokesman Gene Koch said the company increased the offering because the market demand for the preferred shares was greater than expected.

But analysts said the size of the offering could signal that Ford is not anticipating a quick recovery in car sales and is forecasting a continued need for cash.

“The company is forecasting continued cash-flow deficits,” Duff & Phelps Inc. analyst Michael Bowyer said.

In a filing with the Securities and Exchange Commission, Ford said it plans to use the proceeds for general corporate purposes.

Just 10 days ago--when the money-raising plans became known--Ford said it wanted to sell $750 million in new stock. It has since tripled its goal.

Goldman, Sachs & Co., one of the underwriters, said Ford was offering 40 million shares at $50 a share with a yield of 8.4%. The shares can be converted to common stock under certain conditions.

Bowyer said the offering was attractive to investors because of its high dividend yield relative to Ford’s common stock. The market response indicates that investors are confident of Ford’s long-term strength but believe that near-term earnings prospects look weak, he said.

Goldman Sachs, which will underwrite the offering with Merrill Lynch & Co., said 37 million shares will be offered in the United States and 3 million overseas.

Analysts also said the increased Ford offering would relieve the company of the need to borrow and would help protect its credit rating from future downgrades. Last week, Standard & Poor’s Corp. changed its outlook for Ford’s senior debt to negative.

With car sales in their worst slump in a decade, all three U.S. auto makers face a dismal winter.

Ford, the nation’s No. 2 auto maker, said its U.S. car sales tumbled an adjusted 22.5% to 32,466 units in early November from a year earlier. Ford stock dropped 25 cents Wednesday to close at $25.50 on the New York Stock Exchange.