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Ford's Best Third Quarter Ever: CEO Mulally

Now that Ford Motor is operating profitably and growing, it is looking to accelerate the repayment of its debt and improve its balance sheet, CEO Alan Mulally told CNBC on Tuesday.

Mulally's plan follows the automakers best third quarter resultsever, with a profit of $1.69 billion, beating estimates. Ford projects to be at net debt $0 by the end of the year, which is one year earlier than expected.

"It's almost liberating now because we don't have all of the brands we had before. We have a laser focus on Ford and we are supporting all of the consumers around the world," Mulally said.

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Although Ford's complacency is well-documented, the CEO is confident about the future, saying "we have a chance to grow the business and everybody loves this Ford plan."

In addition, Ford has offered to convert $3.5 billion in bondsthat pay 4.24 percent interest to shares of common stock. The offer ends November 23.