Used Car Company Costs $34 Billion
The top executives of the Big Three automakers and the United Auto Workers pleaded yesterday for a $34 billion lifeline to stay in business while they remake themselves into leaner companies that emphasize fuel-efficient vehicles. Essentially the big three are about to turn into used car companies. Executives of GM, Ford, and Chrysler, who were pilloried last month when they arrived on corporate jets with their hands out for $25 billion, appeared at yesterday’s Senate Banking Committee hearing after driving hybrid vehicles to Washington, increasing their request by $9 billion, and providing much more detail about their proposed paths to viability, including pledges to cut the number of dealerships and to take only $1 a year in pay if they get the aid. Say hello to the big three used car companies, GM, Ford, and Chrysler