12/3/2008

The Big Three automakers submitted plans to Congress for restructuring amid news of a 37% dive in U.S. auto sales in November to the lowest annual rate in 26 years. General Motors, Ford Motor and Chrysler are now seeking as much as $34 billion in U.S. government aid. GM's president and chief operating officer, Fritz Henderson, sad: "Absent support, the company can't fund its operations." While the business plans submitted by Ford and Chrysler reportedly were short on specifics where marketing expenditures were concerned, GM appears ready to shelve or scale back its Saab, Saturn and Pontiac nameplates and cut as much as $600 million in marketing spending by 2012.

Related Summaries