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US Automakers General Motors and Chrysler have requested USD 22 billion in additional federal loans in order to remain viable, according to details of their recovery plans unveiled Wednesday.
The two major automakers said they have reached tentative deals with the united auto workers union to cut labor costs. They also detailed plans to cut 50,000 jobs, as well as idle plants, as part of restructuring proposals submitted under the terms of their federal bailout.
The companies have so far received more than USD 17 billion in loans from the US Treasury Department. GM is seeking an additional USD 17 billion, saying it will run out of cash as early as March without more federal funding. It said it would now close 14 factories by 2012 rather than nine and eliminate 47,000 hourly and salaried jobs globally this year.
GM also said it would make a final decision on whether to close its Hummer truck brand by March 31 and would likely close Saturn in 2011, unless viable alternatives come up.
Chrysler wants an extra USD five billion, saying it expects the brutal downturn in the US market to run for another three years. Chrysler said it will cut 3,000 more jobs and discontinue three models — the Dodge Durango and Aspen and Chrysler PT Cruiser.
The Obama administrations new cabinet-level Presidential Task Force on Autos, headed by Treasury Secretary Timothy Geithner and National Economic Council director Lawrence Summers will review the automakers restructuring plans closely in the next few days.
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