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I think the part about "high labor costs" just about says it all. If you look at Ford and GM efforts to sell a small car since the '80s it usually involves cars made by partners overseas.
Ford Fiesta
Ford Festiva
Pontiac Lemans
Chevy Sprint
Chevy/Geo Metro
Chrysler had it's Mitsubishi connection for the Colt, etc.
If GM and Chrysler do go Chapter 11 the revised union deals could give them an advantage over Ford in small car costs. At that point Ford could possibly renegotiate a better deal with the UAW that would save some of the jobs that were inevitably lost by the others in the bankruptcy procedings.
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