DEARBORN, Mich. (AP) -- Ford Motor Co. Executive Chairman Bill Ford says his company will still invest in new fuel-saving technology without government loan guarantees, but the loans would get the new products to market faster.
Congress reconvenes next week and the auto industry plans an aggressive campaign to get lawmakers to fund up to $50 billion in low-interest loans. They say the money would help them modernize assembly plants and develop next-generation fuel-efficient vehicles.
Bill Ford said Friday that the company that bears his name will be fine without the loans, but its work will be more difficult.
He says new technology might be slowed without the loans, which is not what society wants.
Ford made the remarks at the company's headquarters at an event marking the coming 100th anniversary of the Model T.
