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Ford CEO Alan Mulally says the automaker is on track to return to profitability by 2011, despite posting a record $14.7 billion loss in 2008 and a forecast to continue posting losses through the rest of 2009 and 2010. A major portion of Ford's turnaround plan revolves around "more and more electrification, both hybrids and battery electric vehicles," Mulally said shortly after the automaker accepted $5.9 billion in U.S. Department of Energy loans as part of the Advanced Technology Vehicles Manufacturing program to retool factories to build more environmentally friendly cars and trucks. Ford plans to use the DOE funding to convert a couple of former truck plants into new automobile assembly facilities and help fund its planned electric van in 2010 and the Focus EV in 2011.

[Source: Automotive News - sub. req'd]

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