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American Automakers Ask Congress for $50 Billion in Low-Interest Loans
SUGAR LAND--September 5, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--The American automotive industry is in dire straits. Sales have continued to fall each month and announcements of layoffs, closures, buyouts and early retirement occur almost monthly. General Motors Corporation (NYSE:GM) (Detroit, Michigan) and Ford Motor Company (NYSE:F) (Dearborn, Michigan) have seen their stock prices drop and hover in the single digits for months while Cerberus Capital Management LP's (New York, New York) acquisition of Chrysler LLC (Auburn Hills, Michigan) can only be qualified as less than successful a year later. In what can only be seen as an act of desperation, the American automakers have appealed to Congress, hoping that they can, with the help of their powerful lobbyists, persuade the government to give them $50 billion in low-interest loans to help assure a brighter future.
Other companies featured: Toyota Motor Corporation (NYSE:TM), Nissan Motor Company Limited (NASDAQ:NSANY)
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Industry Segment: Automotive
Word Count: 873 Words
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