DETROIT – The Big Three’s plans to present to Congress for a bridge loan are becoming clearer. Ford is considering selling Volvo, GM selling Saab, and maybe consolidating other brands, says the Wall Street Journal. Our media partner WWJ Newsradio 950 reports the UAW is calling all national leaders to its headquarters in Detroit to consider opening up the labor contract and giving more concessions, specifically eliminating the Jobs Bank.
Ford says it will pull plans forward to introduce an electric van by 2011 and a plug-in hybrid by 2012. The Journal says Ford CEO Alan Mulally will drive to Washington in an Escape hybrid, GM CEO Rick Wagoner will drive a Chevy Malibu hybrid.
November car sales for the U.S. market will be out later today, and they?re expected to be terrible. That could complicate the Big Three?s efforts to get a bridge loan. If, for example, General Motors shows another 45 percent decline like it did the month before, critics in Congress may argue the company can?t be saved. On the other hand, Big Three supporters could use that data as proof the American automakers need that loan to get through the global economic crisis.
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