Ford Motor Co. CEO Alan Mulally will agree to cut his annual salary to $1 as part of Ford's bid to win congressional support of federal aid to automakers, the Wall Street Journal reported.
Ford also will accelerate the introduction of new hybrid and electric vehicles, the Journal said.
The pledges will be part of the automaker's proposal due to be delivered to Congress tomorrow, the deadline for the Detroit 3's requests to win a piece of $25 billion in emergency loans.
U.S. lawmakers criticized high pay packages for auto CEOs in congressional hearings about the federal aid two weeks ago. When asked then whether he would work for $1, Mulally said: "I think I'm OK where I am."
Mulally, who joined Ford from Boeing Co. two years ago, had previously told Automotive News that the automaker would consider executive compensation limits in return for the loans.
Citing an interview today with Mulally, the Journal said that Ford plans to launch a battery-powered commercial van and compact sedan by 2011. A plug-in electric vehicle that can be powered by a standard outlet is scheduled to be on the market in 2012, Mulally told the newspaper.
Ford officials did not return several phone calls seeking confirmation of the report.
Ford also is willing to press for more concessions from the UAW, the Journal said, citing a person familiar with Ford's plans.
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Bloomberg News said late today that UAW leaders representing Ford, General Motors and Chrysler LLC will meet Wednesday in Detroit to discuss concessions the automakers may advocate in pursuit of the federal loans.
Two representatives from each UAW local will attend the emergency meeting, Bloomberg reported. They will be asked to reopen the union's 2007 labor contract with the Detroit automakers.
GM wants to change payment plans for a UAW retiree health care fund, Bloomberg said, citing people familiar with GM's plans. GM also wants to halt pay for workers when its production plants are closed, the news organization said.
