Ford's latest idea - CEO will work for a buck in exchange for $9 billion in cash

December 2, 10:19 AMBusiness ExaminerDarrell Proctor

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Ford Motor Co. wants $9 billion from Congress. And its CEO said he would work for a buck.

That's all part of the automaker's plan to be profitable by 2011.

This CNNMoney.com story lays out the details, including CEO Alan Mulally's promise he'll work for $1 year if the government provides Ford with some cash. The company has said Mulally had a base salary of $2 million (and total compensation of $21.7 million) last year.

Some of the highlights:

• Ford said it expects North American auto operations to breakeven or be profitable in 2011.
• It expects U.S. auto sales to hit 12.5 million in 2009, 14.5 million in 2010, and 15.5 million in 2011. That compares with sales of 17 million a year from 1998 through 2006.
• Commit to more quickly introduce hybrid and electric vehicles.
• Produce more smaller, more fuel-efficient vehicles.

There was no mention of ending production of any current models, or of closing plants. The company noted it already has closed 14 plants and cut salaried personnel by 36 percent since 2005.

Want to read more about the Big Three automakers? Check out this Examiner in Baltimore.