WDET News
- Chrysler Needs $7 Billion To Survive Year
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Dec 2, 2008Automotive & Business - Link to Audio
Chrysler says it needs a seven billion dollar loan from the federal government to survive the rest of the year. Detroit Public Radio’s Jerome Vaughn has more.
SOQ
Chrysler made the revelation as part of its corporate viability plan. Congress ordered Chrysler, General Motors and Ford to present their strategies for survival before lawmakers would consider a 25 billion dollar loan package.
CEO Bob Nardelli says the need is critical.
“With customers not buying, with dealers not ordering, and with our plants not producing…Chrysler’s cash inflow has suffered.”
Chrysler says it continues to search for strategic alliances to become more efficient and competitive. The company says it will improve vehicle fuel economy – and take new actions to cut costs.
The CEO’s of Detroit’s Big Three automakers will appear before Congress later this week.