The Ford Motor Company submitted a plan to Congress today detailing its strategies to combat the companies dwindling performance during a timid financial crisis.
The plan is part of the company’s attempt to persuade Congress to provide a $9 billion finance bridge during the nation’s economic downturn.
The comapny’s plan includes rigid changes to decrease expenditures, sell off company jets and possibly close at least six plants.
Ford President and CEO Alan Mulally testified before Congress before to ask politicians for federal aid. But Congressional leaders scolded Mulally along with GM and Chrysler’s executives from their lavish travellings and high-priced expenditures.
Mulally, who agreed to change his annual salary to $1 in the proposal, will appear before Congress again to ask for aid later this week. GM’s CEO Rick Wagoner and Chrysler’s CEO Robert Nardelli are also scheduled to appear before Congress along with Mulally to present their company’s proposals.