In their second appeal to Washington in less than a month, General Motors, Ford Motor and Chrysler outlined plans to become more competitive to back up their bid for bail-out funds.
“As a company and as an industry, we readily admit that we have made our share of mistakes and miscalculations,” Ford said in a 36-page plan submitted to Congress. But, it added, “Ford recognised that our business model needed to change, and we are changing it”.
After being lambasted by critics last month for arriving in Washington on corporate jets, Ford and GM yesterday vowed to sell their corporate aircraft. Alan Mulally, Ford's boss, said he would be willing to draw a $1 salary if Congress gave the company access to up to $9bn of bridge financing.
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