DETROIT – Reuters is reporting that GM says the bridge loan money it’s getting will cover all contingencies, even in its worst case scenario. Automotive News reports that UAW president Ron Gettelfinger says Chrysler will probably not need additional money either. What they’re referring to is the $17.4 billion that the Bush Administration approved for both companies. Now they’ve only got a partial down payment on that money. They still have to show up with restructuring plans to get the rest of it. And they’ll still be filing for that retooling money to build green cars.
Amazingly, even though it’s getting taxpayer money to stay in business, Chrysler is not gong to publicly divulge any of its financial information. The Detroit Free Press reports that Chrysler will have to file bi-weekly financial statements to the Treasury Department but there’s no indication if Treasury will share that info publicly. Cerberus, which owns Chrysler, says it will share that information with its private investors. I’m sure we?re all going to sleep more soundly knowing those billionaires know what’s happening with our money.
As part of its restructuring plans and bowing to realities in the marketplace GM is canceling plans to build the Pontiac G8 ST Sport Truck, according to AutoWeek, but it’s not just GM, and it’s not just the G8. Honda is canceling plans to make a V-8. It?s also canceling the next version of the S2000 sports car and a convertible version of the CR-Z hybrid, says Autocar,
To view this video podcast, or read the transcripts, click on AutoLineDetroit.TV
a>>
