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General Motors Corp. is pressing the Bush Administration for more than $10 billion in immediate government assistance, which would help shore up its tattered balance sheet and provide the cash required for a takeover of ailing Chrysler. The two companies are already close to a deal that would put GM in control of Chrysler. That would leave Chrysler boss Robert Nardelli, brought in to save the company, out of a job. "We can acknowledge that we have been in contact with a variety of federal officials for some time during this extraordinary and difficult economic period," said GM spokesman...
...issue is whether the money will come from $25 billion in loan guarantees Congress approved in September specifically for the automakers and their suppliers or from the $700 billion in federal assistance that Congress approved to bail out struggling banks. GM wants the money to come from the $700 billion and to save the $25 billion to pay for new vehicle development, noted Sean McAlinden of the Center for Automotive Research in Ann Arbor, Mich...
Wilkinson declined to say whether GM chairman Richard Wagoner, a frequent White House guest in the past, had met with Bush or other top Administration officials while pressing for government assistance...
Rumors that GM is preparing to file for bankruptcy swept through the company's plants this week. "I'm hearing they're not going to be able to meet payroll by spring," one employee at a GM assembly plant near Detroit said. GM, however, said speculation it was nearing bankruptcy is not true. "Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers, and we believe speculation about a possible filing is exaggerated and unconstructive," GM said in a statement...
Dave Cole, chairman of the Center for Automotive Research, offers some grounds for optimism. Once the downturn passes, he says, there will be a lot of pent-up demand for new more fuel-efficient vehicles. GM is feverishly working on the Chevrolet Volt, an electric car that could go a long way towards changing the way Americans think about such cars. Even Chrysler is promising to deliver seven new models...