Detroit Auto Execs to Drive Hybrid Cars to D.C. for Bailout Hearing

At least two of the Big 3 auto executives will be driving themselves to Washington this week to ask for a $25 billion loan.

I told you last week that the CEOs of Ford, Chrysler and GM were pondering how to orchestrate a giant carpool from Detroit to Washington. Well, today there's news that Ford CEO Alan Mulally will in fact drive the nine hours to the nation's capital in a Ford Escape hybrid. GM CEO Rick Wagoner reportedly will be driving a hybrid Chevrolet Malibu. Citing security reasons, Chrysler won't comment the travel plans of its CEO, Robert Nardelli.

The Big 3 will be testifying Thursday and Friday before Congress. They were told after their November hearing to go back to Detroit and come up with an actual plan of what they would do with the loan if they got it - and how they would cut costs on their own.

The companies each submitted their own plan today. A common theme is that all the CEOs may be getting a future salary of only $1 a year. Part of GM's strategy includes that salary for Wagoner. He made $1.65 million in 2007, and $2.2 million in 2008. Ford's plan also calls for Mulally to get that measly salary (he made $21 million last year), and for selling its five corporate jets. That company wants a $9 billion loan. while Chrysler's Nardelli told Congress last month he would agree to a $1-a-year salary.

Meanwhile, in order to tell the world that Ford does in fact have quality hybrid cars worthy of American dollars (many of which are going to Toyota for those fabulous Priuses), the company has launched "The Ford Story." It includes details about its business plan, profit targets, and electric car strategy.

"At Ford, we are headed in a new direction," the site says. "After turning a profit this year in the first quarter and making significant progress on cost reductions, we were hit by a spike in gas prices followed by the current credit crisis. But instead of belaboring that, we'd like you to know how very far Ford has come and how bright our future is."

Ford said today it expects to break even or be profitable in 2011 and wants the $9 billion bridge loans to support its restructuring. The news sent Ford's shares soaring about 13 percent in morning trading. Mulally called the loan "a critical backstop" Ford may not have to access.

Here's Mulally telling us why Ford is a company to believe in: