Dec. 2nd was filled with news from the auto industry as Detroit’s Big 3 submitted their business plans to Congress in hopes of getting federal loans totaling $25 billion. It turns out that the Big 3’s appeal for loans go beyond the $25 billion. According to Automotive News, GM, Ford and Chrysler are all asking Congress to approve loans and credit lines that total $34 billion.
GM is seeking the most with a total of $18 billion – up from its original request of $10 billion or $12 billion in November. The General says that it needs a total of $12 billion by March, $4 billion of which it needs by Dec. 31 or it will be risking going under. The company said it will seek another $6 billion after March if the auto industry continues to fail.
FoMoCo on the other hand is seeking $9 billion in credit line if need be. CEO Alan Mulally said that the company shouldn’t need loans unless the economy worsens and auto sales continue to get worse.
Chrysler has requested a total of $7 billion by the end of 2008.