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Auto industry executives
The bosses of America's two biggest car companies are promising to work for just one dollar a year, if the US Congress gives them access to a $25-billion loan.
It's part of the fine tuning that American carmakers have done after their last bailout bid backfired.
Ford, General Motors and Chrysler are struggling to stay afloat under the weight of a US recession which has produced the worst car sales in decades.
Washington correspondent, Kim Landers reports.
KIM LANDERS: The bosses of America's three biggest car makers are restarting the engines on their bid for a $25-billion bailout.
After arriving in Washington last month on their private jets, this time they're doing a road trip, with the CEOs of Ford and General Motors each driving a company hybrid to the Capitol.
They've also started to release the comprehensive business plans demanded by Congress.
Ford CEO Alan Mulally says his company doesn't need a bailout, but it's still asking for a $9-billion loan, just in case.
ALAN MULLALY: Of course some of our competitors have expressed their situation, their financial situation, so we want to be there one for the support of the industry.
And also that if it does get worse, that there is a line of credit there that's established that we could access that to make it through this recession.
KIM LANDERS: Ford says it could be profitable again by 2011.
It also says it's negotiating with the union to reduce costs and it's cancelling bonuses for all employees in North America and overseas managers.
It's also promised to deliver an electric van by 2010 and an electric passenger car by 2011.
Finally, Ford is selling its five corporate jets and boss Alan Mulally, who earned $21-million last year, says he'll work for just one dollar year if his company takes any government loan money.
ALAN MULLALY: I will work for one dollar a year and I, that was a very good learning experience over the last few weeks, since the last hearing because I'm very sensitive to borrowing money from the US government, it's taxpayer money.
KIM LANDERS: General Motors CEO Rick Wagoner is also promising to take a one dollar a year salary. GM has warned that it could run out of cash early next year if it doesn't get access to a government loan.
Carl Levin is a Democratic senator from Michigan. He's urging the US Congress to give the green light to the bailout.
CARL LEVIN: It's amazing to me that there should be any question about this, every automobile producing country in the world is supporting their automobile industry. So I don't think there should be any question about it.
KIM LANDERS: The United Autoworkers Union is also preparing to make sacrifices.
Union leaders from across America will attend an emergency meeting in Detroit tomorrow to discuss what concessions they could make.
This is Kim Landers in Washington for AM.
source:abc.net.au
It's part of the fine tuning that American carmakers have done after their last bailout bid backfired.
Ford, General Motors and Chrysler are struggling to stay afloat under the weight of a US recession which has produced the worst car sales in decades.
Washington correspondent, Kim Landers reports.
KIM LANDERS: The bosses of America's three biggest car makers are restarting the engines on their bid for a $25-billion bailout.
After arriving in Washington last month on their private jets, this time they're doing a road trip, with the CEOs of Ford and General Motors each driving a company hybrid to the Capitol.
They've also started to release the comprehensive business plans demanded by Congress.
Ford CEO Alan Mulally says his company doesn't need a bailout, but it's still asking for a $9-billion loan, just in case.
ALAN MULLALY: Of course some of our competitors have expressed their situation, their financial situation, so we want to be there one for the support of the industry.
And also that if it does get worse, that there is a line of credit there that's established that we could access that to make it through this recession.
KIM LANDERS: Ford says it could be profitable again by 2011.
It also says it's negotiating with the union to reduce costs and it's cancelling bonuses for all employees in North America and overseas managers.
It's also promised to deliver an electric van by 2010 and an electric passenger car by 2011.
Finally, Ford is selling its five corporate jets and boss Alan Mulally, who earned $21-million last year, says he'll work for just one dollar year if his company takes any government loan money.
ALAN MULLALY: I will work for one dollar a year and I, that was a very good learning experience over the last few weeks, since the last hearing because I'm very sensitive to borrowing money from the US government, it's taxpayer money.
KIM LANDERS: General Motors CEO Rick Wagoner is also promising to take a one dollar a year salary. GM has warned that it could run out of cash early next year if it doesn't get access to a government loan.
Carl Levin is a Democratic senator from Michigan. He's urging the US Congress to give the green light to the bailout.
CARL LEVIN: It's amazing to me that there should be any question about this, every automobile producing country in the world is supporting their automobile industry. So I don't think there should be any question about it.
KIM LANDERS: The United Autoworkers Union is also preparing to make sacrifices.
Union leaders from across America will attend an emergency meeting in Detroit tomorrow to discuss what concessions they could make.
This is Kim Landers in Washington for AM.
source:abc.net.au
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