GM and Chrysler have made it clear that they need $21.6 billion in federal loans to stay afloat, in addition to the bailout money they have already received. They have also released detailed plans in which they cut 50,000 jobs, close several plants, and drop some of their weaker brands. Experts say this request for more money is no surprise. continue reading...
From the Wall Street Journal: continue reading...
GM plans to reduce production by 250,000 vehicles in January by temporarily closing some of its factories. Twenty-one factories across North America will be affected. This comes after US talks of an industry bailout collapsed. Read more… continue reading...
Ford CEO Alan Mulally defends the Big Three in a CNN interview, saying they’re essential to the US economy and that they deserve a bailout:
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