UAW’s Gettelfinger: General Motors and Chrysler may not need more federal loans

Posted: Jan 07, 2009
 Email 6 Comments

Ron Gettlefinger, the UAW President, said today that General Motors and Chrysler may not need additional federal funding beyond the $17.4 billion already approved by President George W. Bush and the White House. Gettlefinger said that the money should be sufficient depending on sales volume.

“If we can get by without more money, that’s what we want to do,” Gettelfinger told Automotive News in an interview.

GM and Chrysler have received a total of $8 billion so far with GM getting $4 billion and Chrysler getting the other $4 billion. GM will get another $5.4 billion on Jan 16th. Sources close to GM say the earmarked $13.4 billion should be enough for GM.

“We’ve got enough” the source said, “in terms of what our downside scenario is” for U.S. sales this year.


Share |  Email  Print |

Tags: ,




Subscribe & Connect

Connect with us on any of our social profiles below.

Subscribe to our e-mail newsletter to receive updates.

  • Bobmarley

    im guessing sales are going to be much lower than what they are expecting =O

  • zermatt

    When GM and Chrysler formally say they won't need more money I will give more credibility to this concept.

    What I see is the UAW saying that they hope that there is enough money already and that they don't need to make any more concessions. So leave the UAW alone so that they can continue to be a source of high labor costs and continue to make the American automakers less competitive.

    So when the money does run out the UAW would be happy to start all over again with the process of saying no to concessions.

  • Dodgeyaussie

    Yeah whatever.

  • Bobmarley

    im guessing sales are going to be much lower than what they are expecting =O

  • zermatt

    When GM and Chrysler formally say they won't need more money I will give more credibility to this concept.

    What I see is the UAW saying that they hope that there is enough money already and that they don't need to make any more concessions. So leave the UAW alone so that they can continue to be a source of high labor costs and continue to make the American automakers less competitive.

    So when the money does run out the UAW would be happy to start all over again with the process of saying no to concessions.

  • LJSearles

    Yeah whatever.