The leaders of the US’ struggling auto industry were in Washington on Thursday asking for even more help from the government as they battle to staunch the hemorrhaging of their balance sheets. Congress recently authorized US$25 billion in loan guarantees to help US automakers develop more fuel-efficient vehicles in order to meet upcoming regulations.
Ford, General Motors (GM) and Chrysler are now asking for another massive infusion of low-cost loans, but this time without any strings attached.
“It is essential that we preserve our manufacturing and technology base in this country,” Democratic House Speaker Nancy Pelosi said in a statement.
“Today, the Democratic leadership discussed how to protect hundreds of thousands of workers and retirees, safeguard the interests of American taxpayers, and use cutting-edge technology to transform blue-collar jobs to green-collar jobs for generations to come,” she said.
Pelosi had told the Wall Street Journal on Thursday she was open to providing additional assistance to the automakers as soon as next month, but insisted the aid should be tied to improving the competitiveness of the Detroit Three.
“I don’t think you’ll see much interest” in helping the industry, if aid goes toward “doing things the old way,” Pelosi said.
Executives from GM, Ford and Chrysler as well as the president of the United Auto Workers union (UAW) also asked Pelosi to speed up the delivery of the loan guarantees during the meeting Thursday.
To press the case, the automakers planned to go over all the actions they’ve taken in the last two years to speed up the development of cleaner and more efficient vehicles,” GM spokesman Greg Martin said.
“Right now, it all comes to a stop if they can’t get help for the industry to get through this period,” Martin said.
In a statement to emphasize the advances of US automakers, Ford CEO Alan Mulally described how Ford “is delivering quality that is now on par with Honda and Toyota.”
“Our new Fusion hybrid will have better fuel mileage than the Toyota Camry hybrid,” he said.
UAW President Ron Gettelfinger said after the meeting that “it is essential that the federal government act to prevent further damage to a critical industry which supports billions of dollars worth of economic activity in cities and towns all across the country.”
“The US Treasury and the Federal Reserve can help immediately,” he said.
The meeting came a day before GM and Ford were to report significant third-quarter losses and days after US auto sales sank to their lowest levels in 25 years.
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