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Tuesday December 2, 2008
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When first addressing the bailout, I cautioned that, if approved, the financial aid to the Big Three would have to be contingent upon a total overhaul of the domestic car industry to meet today's higher efficiency standards. Today Ford answered that call, laying out an accelerated electric vehicle roadmap in its plea for $9 billion in bridge financing.
In return for the government money the automaker pledges to rev up its work on a family of hybrids, plug-in hybrids and battery electric vehicles, including a "full battery electric vehicle (BEV) in a van-type vehicle for commercial fleet use in 2010 and a BEV sedan in 2011." Ford's planned $14 billion investment will also draw on other advanced propulsion technologies and will likely target ultra-efficient gas-powered cars like the upcoming 2011 Ford Fiesta.
"Ford is committed to building a sustainable future for the benefit of all Americans," said Ford President and CEO Alan Mulally. "We believe Ford is on the right path to achieve this vision.
The automaker assures lawmakers that it hopes to complete the transformation without tapping the loan. The company also plans to address charges of excesses in its management's use of private jets by selling its corporate aircraft. Download the entire Ford Motor Company Business Plan, available in PDF.
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