To convince the U.S. government to handout a bailout loan of $9 billion, Ford announced their new Vehicle Electrification Plan. The plan includes intentions of releasing all-electric vans and sedans over the next two years, and returning to profitability
Ford Motor presented a crisis plan centered around electric vehicles to the U.S. Congress on Tuesday. Details of the plan include the all-electric fleet vans for 2010, and an all-electric sedan by 2011. The "Vehicle Electrification Plan" will be formally introduced to the public at the North American International Auto Show in Detroit. Ford claims to be working with an anonymous battery maker and electric powertrain manufacturer to reduce the cost of those products.
Ford, Chrysler, and GM will reappear in D.C. this week to try to get bailout funding from the U.S. Government. So far, America has attempted to rescue it, and indeed the global economy, by handing out $3 trillion to banks and corporations. Some estimates have the United States willing to hand out up to $7 trillion.
The Big 3 automakers were shown the door in their previous attempt to get a piece of the bailout pie. Company CEOs say they deserve funding from the government because, despite years of declining sales, they provide employment for nearly 500,000 people. Critics deride the automakers' attempts because they have seemingly made little effort to change their business models or improve their products since the oil crisis of the 1970s.
Also included in the Ford plan is an increase in fuel economy across-the-board, with a capital investment of $14 billion. Their target is a 36% improvement on 2005 efficiency figures by 2015.
Ford is seen as being in the best position to return to profitability, according to cNet. They are requesting $9 billion in low cost loans from Washington, but expect to be profitable again by 2011.