Ford sees at least breakeven in 2011

3 Dec 2008, 2:19 am   -   Source: Reuters
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House Financial Services Chairman Rep. Barney Frank holds a hearing about a proposed government bailout plan for the auto industry on Capitol Hill, December 5, 2008. REUTERS/Jonathan Ernst

House Financial Services Chairman Rep. Barney Frank holds a hearing about a proposed government bailout plan for the auto industry on Capitol Hill, December 5, 2008. REUTERS/Jonathan Ernst

Highlights:

Highlights:

* Says submits business plan to Congress

* Says plans electric vehicles

* Says will sell its corporate aircraft as part of overall cash improvement

plan

* Says asking for access to up to $9 billion of bridge financing

* Says does not anticipate a liquidity crisis next year, barring a bankruptcy

of one of its domestic rivals * Says hopes to complete its transformation without accessing government loan

* Says company plans call for investment of about $14 billion in the US on

advanced technologies and products for fuel efficiency over next seven years

* Says in discussions with UAW to further reduce cost structure

* Says to provide more details on electrification of vehicles at Detroit auto

show

* Says CEO Mulally would work for $1/yr salary if Ford does access funds

* Says canceling all 2009 bonuses for management worldwide, bonuses for all

employees in North America

* CEO Mulally says government loans to serve as 'critical backstop'

* Says to continue to reduce its dealer and supplier base, estimates it will

have 3,790 dealers by end of 2008

(Reporting by David Bailey, Poornima Gupta and Soyoung Kim)

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