US carmakers wrangle for rescue money

02/12/08 19:47 CET

economy

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The Ford Motor Company has requested a seven billion euro credit line from Congress, claiming that it expects to break even or go into pre-tax profit by 2011. The carmaker added that it sees no liquidity problem unless the recession gets worse. The company looks set to sell off five corporate jets and, in a novel move, pay Chief Executive Alan Mulally a dollar a year as salary if Ford touches the government money.

Meanwhile, Ford sat down with General Motors and Chrysler to submit plans demanded by Congress for a 20 billion euro rescue package the industry says it needs. The US motor trade is expected to promise more fuel-efficient cars, drop unpopular brands and put a cap on huge executive payouts. General Motors is in the deepest trouble, already claiming it will run out of cash to pay monthly bills by the end of the year.More about: Car industry, Economy, USA

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