Is their substance to this offer? As The Detroit Big Three automakers gear up to present their sustainability plans to Congress this week, Ford CEO Alan Mulally announces his willingness to resort to drastic measures in order to receive bailout funds for his company. As reported by the Associated Press (AP), Mulally stated he would agree to a $1 yearly salary if Ford receives loan money from the government.
Members of Congress demanded that Ford, Chrysler, and General Motors submit plans for how they will use the $25 billion governmental loan for long-term survival if granted. Ford’s plan includes canceling 2009 bonuses for management personnel as well as merit increases for employees who are salaried in North America, and improving the fuel efficiency of its vehicles.
Ford also outlined intentions to expedite plans to get electric vehicles to the commercial market, with the first type becoming available in 2010. Mulally was quoted as stating in a Tuesday AP interview, “We are going to do that across our product line.”
Photo Credit: Ford Motor Company (Wikipedia Commons)