The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend them $25 billion in low-cost loans, based on reorganization plans to be submitted today.
Ford’s Mulally will announce that his company is fast tracking hybrid and electric vehicles and he's cutting his salary to $1. GM’s Wagoner will offer to sell at least one brand (likely Saab) and restructure GM’s debt, and he'll join Mulally in sacrificing his salary. Chrysler’s Robert Nardelli plans to join an alliance with a foreign automaker. UAW leaders will meet tomorrow in Detroit to discuss potentially reopening labor agreements to help win congressional support for the bailout.