December 6, 2008

Automakers beg for $6 billion in Canada

CANADA/CARS - North America's "Big Three" Automakers asked Canada for $6 billion yesterday to rescue their failing automotive companies during the current American credit crisis, but they refused to go into much detail on how they would spend the money.

General Motors of Canada Ltd., the country's biggest automaker, is seeking $800 million by year's end and $1.6 billion later, while Chrysler Canada Inc. is asking for $1.6 billion, according to sources familiar with the submissions. Ford Motor Co. of Canada Ltd. confirmed it would need a "stand-by" line of credit of up to $2 billion, but would use it only if necessary.

NOTE: Toyota, which is doing fine in the markets, builds more cars in Canada than Ford does.

In the United States Ford Motor Co. said last Tuesday it expects to break even or be profitable in 2011 and seeks access to up to $9 billion of US government loans to support its restructuring. GM is seeking $18 billion in bailout loans. Chrysler is requesting an immediate $7 billion in credit. Sum Total: $34 million.

Again, the companies refuse to say how they would spend the money.

Both Canadian politicians and Barack Obama/Congress are looking for the Big Three to make efforts at showing how they would change their companies and spend the loaned money so that its not wasted and just goes down the proverbial toilet.

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