Big Three Auto Makers Seek
Battered by high gasoline prices and weakened earnings, the BigThree auto makers and their suppliers are now seeking significantlymore help from Washington in the form of government-backed loansthan the $25 billion they had previously been authorized toreceive.
The $25 billion in loans were approved as part of an energy billlast year, but now
General Motors Corp., Ford Motor
Co. and Chrysler LLC will need "well north" of that, a GMspokesman said. The loans have yet to be funded. Following anextreme run up in gas prices that has crushed U.S. vehicle demand,auto executives are now making the case that Detroit could need farmore money in order to fund critical initiatives.
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Posted by 0927zzyy AT 8/27/2008 10:00 AM
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