Senate Testimony of Ford's Alan Mulally
Here is the testimony Ford chief executive Alan Mulally plans to deliver in moments before Sen. Chris Dodd's (D-Conn.) Banking committee, as the heads of Detroit's Big Three ask for more than $30 billion in federal loans to stay in business.
Ford has maintained it doesn't need federal money -- right now. Instead, it is asking for a government-provided line of credit of $9 billion in case the economy gets worse.
Here's Mulally's entire testimony. He went off the farm a little during his actual testimony.
-- Ford plans to spend approximately $14 billion in the U.S. on advanced technologies and products to improve fuel efficiency during the next seven years.
-- The company will build more cars and crossovers and fewer trucks, so it will become less-dependent on fuel-guzzling vehicles.
-- It used to be, Mulally said, that Ford had an attitude toward customers of, "If we build it, they will come."
-- It has been said that Ford needs a new business plan, Mulally said. "I couldn't agree more," he said.
-- Ford does not anticipate a near-term liquidity crisis, he said.
December 4, 2008; 12:18 PM ET
Categories: The Ticker | Tags: Alan Mulally, Ford, automakers, bailout
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