FoMoCo’s Mulally: We’re ready to seek government loans

Speaking to the press yesterday, FoMoCo’s CEO Alan Mulally said that the company is ready to seek low-interest loans backed by the government for use to develop new fuel-saving technologies. Mulally declined to say whether he would begin lobbying personally in Washington for federal loans but said that the fed is now more concerned than ever to support the industry’s efforts to increase fuel-economy of cars.

“I think last year was a turning point,” Mulally said. “I was very pleased with the reception we got for what we are doing on fuel efficiency.”

Congress passed a bill in December requiring a 40 percent increase in fuel-economy by 2020. That bill also included a provision for $25 billion in loans to support plant retooling for automakers.

Source: Automotive News (Subscription Required)