Ford Motor Company CEO Alan Mulally will drive to D.C. in an Escape Hybrid to make a second plea for aid. Mulally has also agreed to cut his salary to 1 dollar a year if Ford gets government help. GM CEO Rick Wagoner pledges to do the same.
Ford CEO Alan Mulally will make a 9 hour drive from Detroit to Washington, D.C. in order to make a second plea for aid in Congressional testimony this week.
Last month, the Big 3 CEO's of the US automotive industry, representing Ford, GM and Chrysler, were roundly criticized for each taking their own company jet to the nation's capital to plead for aid for the ailing industry. Lawmakers did not have the votes to pass a bailout measure then but did give the industry a second chance to make it's case again this week.
But Congressional leaders, even those friendly to a bailout for the industry, are demanding detailed restructuring plans from the automakers as a pre-condition to government help. The industry is asking for 25 billion dollars in low-cost loans that they say they need to keep operating through 2009 and avoid a collapse.
As part of their restructuring plans that will be submitted to Congress today, the CEOs of both Ford and GM will say that they'll work for 1 dollar a year if they get the bailout money.
Chrysler CEO Robert Nardelli said in Congressional testimony last month that he would be willing to work for 1 dollar a year if that would help the company secure a bailout.
As the industry scrambles to satisfy lawmakers' demands, even the UAW, the union that represents US auto workers, has said it is willing to re-open contracts with the automakers and make concessions needed to keep the industry viable.
Ford is also promising to speed up the introduction of green vehicles, including new hybrid models and full electric cars and vans as part its restructuring plan.
Ford has also stated that it is considering giving up its five corporate jets.