Domestic Automakers to Ask Congress for $40 Billion Loan

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While Ford, GM, and Chrysler insist they have enough liquidity to stave off bankruptcy, the three domestic automakers are currently lobbying the U.S. Congress for up to $40 billion in funding.

The loans supposedly would be primarily used to design and produce new fuel-efficient vehicles, including plug-in hybrids and other alternative-power vehicles.; Although GM and Ford are reportedly investigating a powertrain tie-up, they still need a considerable amount of money to move advanced technology vehicles into showrooms. Although they know they need money, no automaker can put an exact cost figure on a development program - a fact that's discouraging many U.S. legislators from pursuing such a loan. Source: Detroit Free Press

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