DETROIT - Ford Motor Co. will tell Congress that it plans to return to a pretax profit or break even in 2011 when its CEO appears before two legislative committees this week.
Also, CEO Alan Mulally said he'll work for $1 per year if the automaker has to take any government loan money.
The plan Ford is presenting to Congress this week also says it will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.
Mulally said in an interview with The Associated Press on Tuesday that Ford will emphasize its cost cutting efforts with the United Auto Workers union and will give much more detail to Congress than it did when lawmakers grilled the automakers' CEOs earlier this month.
Mulally says Ford will seek $9 billion in government loans but may not need them. The Dearborn-based has said it has enough cash to make it through 2009 without assistance.
All three Detroit automakers are scheduled to appear before congressional committees Thursday and Friday to seek a total of $25 billion in government loans.
Ford's plans call for an investment of up to $14 billion to improve fuel efficiency over the next seven years.
The company's plans to achieve profitability or break even by 2011 are based on industrywide sales estimates of 12.5 million units in 2009, 14.5 million in 2010 and 15.5 million in 2011.