Big 3 Look to Washington For Financing Alternatives
From the Wall Street Journal (subscription required):Battered by high gasoline prices, the Big Three auto makers and their suppliers are now seeking much more help from Washington in the form of government-backed loans than the $25 billion they had previously requested.
The $25 billion in loans were approved as part of an energy bill last year, but now General Motors Corp., Ford Motor Co. and Chrysler LLC will need "well north" of that, a GM spokesman said.
The companies, all three of which are struggling financially, hope to use the loans to accelerate the development of new technologies and vehicles.
Posted on 8/22/2008 08:25:00 PM
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