Ford ready to seek loans guaranteed by government

DEARBORN, Michigan (Reuters) – Ford Motor Co is ready to seek low-interest loans backed by the U.S. government for new fuel-saving technologies, CEO Alan Mulally said, as industry backers press for up to $50 billion of such funds.

Mulally, declining to confirm whether he would lobby personally in Washington this week for loan guarantees, said on Monday he believed lawmakers now take a more favorable view of industry efforts to increase fuel-efficiency.

“I think last year was a turning point,” he told a business group meeting in Dearborn. “I was very pleased with the reception we got for what we are doing on fuel efficiency.”

Mulally, whose remarks came the day after the announcement of a government takeover of mortgage finance companies Freddie Mac and Fannie Mae, said government support for the U.S. auto industry would not be a bailout.

Reuters