Business

Ford CEO Mulally Thinks Lawmakers Will Loan Automakers $50 Billion

DETROIT -- Ford Motor Co. Chief Executive Officer Alan Mulally said that more legislators are "in our corner" as the three U.S. auto makers prepare to lobby the government for as much as $50 billion in low-cost loans.

"I think last year was a real turning point," Mr. Mulally said following a speech in Dearborn, Mich., on Monday. "I think a lot of people [in Washington] believe in the industry."

Ford, along with General Motors Corp. and Chrysler LLC, are hoping to persuade the U.S. government to provide as much as $50 billion in low-cost loans as slumping sales in the U.S. market eat into profitability. A bill signed into law last year authorized loans of as much as $25 billion to help car makers and suppliers retool plants to produce new, highly fuel-efficient vehicles.

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Read Huffington Post cars blogger Steve Parker's take:
::$50 Billion for the Detroit Three: Yea Or Nay?