Ford exec: As GM goes, so goes industry

Dec. 3, 2008 at 7:38 PM
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WASHINGTON, Dec. 3 (UPI) -- Ford chief executive Alan Mulally told The Washington Post Wednesday that if GM goes bankrupt, the rest of the U.S. auto industry will follow.

In a meeting with Post editors and reporters, Mulally said, "We really believe that if GM goes into bankruptcy, it will take the industry into bankruptcy."

Mulally, who came from Boeing to take over Ford in 2006, and the heads of the other Big Three automakers were in Washington to appear before committees in the Senate Thursday and the House on Friday, asking for $34 billion in bailout funds.

Mulally has said Ford is in good shape and doesn't need a federal bailout, unless the economy gets much worse, so Ford is asking only for the ability to access up to $13 billion in bailout money over the next year.

"We see recovery starting in 2010," Mulally said.

Mulally and the other auto execs drove to Washington in hybrid vehicles instead of flying in corporate jets.

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