Ford Motor Co. (NYSE: F) CEO Alan Mulally sees the future -- and it's full of hybrid vehicles. Well, at least that is what he stated this week while attending an auto repair competition. Mulally stated that "the hybrids we're looking at now are petrol and electricity. But over time, I can also see hybrids with diesel and electricity, and also hydrogen and electricity and petrol." Interesting words from Ford, even though it is one of the larger domestic proponents of hybrid automotive technology.

In fact, the head of General Motors Corp.'s (NYSE: GM) Cadillac division said Tuesday that the promotion of more hybrid technology in the powertrains of more vehicles makes sense as gas prices hover near $3 a gallon. Although that is quite obvious, the question that was probably on the minds of many as these two auto executives spoke about hybrids was: when will the market see new products? John Howell, the Cadillac exec, stated that "pretty much every program I am looking at going forward has got a hybrid as part of it." The 2009 Cadillac Escalade will most likely be the division's first hybrid vehicle.

Are GM and Ford behind the times? I would not go that far, but all the recent talk that automotive propulsion technology is heading towards many different hybrid options seems to have escaped the automakers even as competitors like Toyota and Honda have scurried ahead. Ford's Escape was the first hybrid SUV (with licensing help from Toyota). However, in terms of cars, the overseas competitors have a leg up, at least for now. Ford's recent withdrawal on its commitment to hybrid -- backing off a prior decision to produce 250,000 hybrid vehicles by 2010 -- shows that the automaker may not be ready to attack the market. Bad news for Ford, but good news for the competitors.