GM, Ford, and Chrysler have backed off their request for $50 billion in low cost government loans and are willing to settle for $25 billion in federal (taxpayer) money.
And what, pray tell, do the Big 3 say they’re going to do with all this cash (besides burn through it)? They’re going green! After years of gas guzzlers, it will be hybrids and electric cars galore! But only if they get the money.
Chrysler’s vice chairman, James E. Press:
It’s a way for us to accelerate technology so you can get it in the hands of people faster and so they can afford it.
I think it will allow everybody to bring electric cars, plug-in electric cars, and hybrid cars to market sooner.
Are we going to let other countries develop these batteries, and then we’re going to go buy from them?
General Motors’ Greg Martin:
Certainly a program like the Volt would qualify under the guidelines.
Ford’s vice president for government affairs, Bruce Andrews:
We need to show that if we have access to this capital, we can and will improve fuel economy faster.
(Of course, some of the money might go to covering some of those $15 billion quarterly losses.)
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