Detroits Big Three need more than $25bn to survive

The 2nd of December was the day that Detroit’s Big Three have to address Congress for the second time. They have to submit their business plans to Congress, hoping that they would get some money from the government.

It now seems that the loans exceed the $25 billion which was first talked about. According to Automotive News, General Motors, Ford and Chrysler need loans which total an amount of $34 billion.

General Motors are looking for the most amount of money, which totals in at $18bn. The original agreement was $10 or $12bn in November. 

They will need $4 billion by December 31 or they will risk going under, and then another $12bn by March.

General Motors then said that they would need another $6bn after March if they auto industry continues to fall.

Ford said that they only need $9bn, and CEO Alan Mulally said that FoMoCo should not need anymore money unless the economy worsens and auto sales get worse.

Chrysler have asked for a total of $7bn by the end of 2008.

- Source: eGMCarTech -

Ford Will Overtake GM By 2012 — Toyota’s Next Rival?

General Motors Have Decided That They Will Keep The Opel Brand

General Motors Say ‘No More Cash Needed, We’ve Got This’

Reports Have Said That There Might Be Another Company Interested In Volvo