Ford Presents Plan

Ford Motor Company has presented its recovery plan to Congress,along with its peers Chrysler and General Motors.Ford intends to return to profitability by 2011,speeding development of fuel-efficient vehicles such as an electric van and an electric car by 2010.The old line firm will devote 14 billion dollars to advanced technology research,while management will forgo bonuses and CEO Alan Mulally works for one dollar a year.Ford will close two plants by the end of the year and plans to sell its Volvo unit.Although Mr.Mulally says Ford has the near term liquidity it needs,it would like nine billion in bridge financing,in case the financial crisis is protracted.One Nobel laureate,Paul Krugman,thinks the crisis may run until 2011.Before the financial crisis,the U.S. auto industry was gaining strength.Now all automakers worldwide are in difficult straits.