Ford's Plan: CEO Mulally Will Work For $1 a Year, Electric Car Plans Put on Fast Track
By Liz Opsitnik
Tuesday, Dec 02 2008 10:55
The Detroit Big Three automakers are in Washington, D.C. this week to unveil their plans to Congress on how they will use the $25 billion loan if the government gives it to them.
Ford CEO Alan Mulally told Congress Tuesday that he’ll work for $1 per year if Ford takes any government loan money, reports the AP
. Ford’s plan also includes cancelling all management employees' 2009 bonuses and no merit increases for its North American salaried employees next year.
Ford also will accelerate plans to roll out electric cars and will emphasize its cost cutting efforts with the United Auto Workers union, reports FOX News
Mulally said Ford has enough cash to make it through 2009. Rival GM recently said it may not have enough cash to make it to the end of 2008.
GM and Chrysler will also announce their plans this week, with all three companies filing separate plans for the possible bailout loan. Congressional hearings are planned for Thursday and Friday.
"I believe the industry will make a compelling case for bridge loans that will allow the companies to return to firm financial footing," said Sen. Carl Levin, D-Mich.