Guardian Unlimited  -
14 hours and 41 minutes ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/93495?ns=guardianpageName=Business%3A+I%27ll+work+for+%241+a+year%2C+says+Ford+bossch=Businessc3=guardian.co.ukc4=Ford%2CAutomotive+industry+%28Business%29%2CCredit+crunch+%28Business%29%2CUS+economy+%28Business%29%2CUS+news%2CBusinessc5=Motoring%2CCredit+Crunch%2CNot+commercially+useful%2CBusiness+Markets%2CUS+Economyc6=Mark+Milnerc7=2008_12_02c8=1127620c9=articlec10=GUc11=Businessc12=Fordc13=c14=h2=GU%2FBusiness%2FFord"
width="1" height="1" //divpFord's $2m-a-year chief executive, Alan Mulally, today vowed to work for
an annual salary of just one dollar if the struggling US car maker has to take government money as
part of a $25bn (£16.76bn) bail-out of the US car industry./ppIn a further move to woo
congressional support Mulally has vowed to sell Ford's fleet of corporate jets, cancel next year's
bonuses for global management and US employees as well as closing more plants, trimming its dealer
network and stepping up its work on electric vehicles./ppIn its business plan, submitted to
Congress today, Ford said it was seeking bridging finance of some $9bn but argued that if Congress
gave its approval it would not have to draw down the money./pp"For Ford, government loans would
serve as a critical backstop or safeguard against worsening conditions, as we drive
transformational change in our company," Mulally said./ppAmerica's big three auto makers Ford,
General Motors and Chrysler, were all due to submit business plans to Congress as they seek
financial support to weather the economic downturn which has seen the industry faced with fierce
competition and plunging sales./ppSome congressional leaders have already made it clear they are
determined to ensure the car makers will only get their support if they come up with credible
restructuring plans./ppToday Ford said that it expected both the company overall and the north
American operations to be either profitable or breaking even in 2011. The forecast is based on a US
market recovery which would see sales of 12.5m units next year, 14.5m in 2010 and 15.5m in
2011./ppFord has already sold Aston Martin, Jaguar and Land Rover over the last two years and
yesterday said it was looking at the future of Volvo, which could involve the sale of the Swedish
car maker./pdiv style="float: left; margin-right: 10px; margin-bottom: 10px;"ullia
href="http://www.guardian.co.uk/business/ford"Ford/a/lilia
href="http://www.guardian.co.uk/business/automotive"Automotive industry/a/lilia
href="http://www.guardian.co.uk/business/creditcrunch"Credit crunch/a/lilia
href="http://www.guardian.co.uk/business/useconomy"US economy/a/lilia
href="http://www.guardian.co.uk/world/usa"United States/a/li/ul/diva
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Recommandations
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and reject those that you are not interested in
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