Links all fixed…
The Detroit-based domestic auto industry submits its plans…
From The Detroit News, “Survival roadmap for the Big 3“:
WASHINGTON — Detroit’s Big Three automakers made a desperate plea for a $34 billion emergency federal bailout Tuesday, as General Motors Corp. and Chrysler LLC warned they would collapse by the end of the year without immediate help.
The automakers delivered new business plans to Congress written during the last 11 days that for the first time spelled out in great detail the problems they face and the painful steps they must take to survive and restore profits amid plunging auto sales and a bleak outlook for 2009.
The recovery plans exposed how conditions have worsened dramatically in the past two weeks since GM, Chrysler and Ford Motor Co. made their initial request to Congress for $25 billion and came as the industry reported a nearly 40 percent drop in November sales, the worst sales month in 26 years.
And more from the News:
- Survival roadmap for the Big 3
- Chrysler: Warns it needs loan to stay in business
- GM: Needs $4B in December to stay afloat
- Ford: Seeks line of credit, just in case
The Detroit papers do a fantastic job covering the industry’s condition, arguments and broader impact on the economy. Here’s the Detroit Free Press:
General Motors Corp. and Chrysler LLC warned Tuesday they could collapse without federal aid before the end of the month, as they joined with Ford Motor Co. to urge $34 billion in loans and to press lawmakers to resolve a standoff threatening hundreds of thousands of jobs.
- Video: First pitch ‘not our finest hour’
- Michigan knows jobs can leave forever
- Chrysler: Allies eyed; electrics in works
- Ford: Cost cuts, new vehicles promised
- GM: Shrink brands, pay, jobs, dealers
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