GM says automakers deserve $50 billion in federal loans: report
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29/08/2008 20:28. (Reuters) - Automakers deserve as much as $50 billion in government-backed loans so that they can build more fuel-efficient cars, according to a top General Motors executive, the New York Times reported.
This is double the amount being currently sought by the big three Detroit-based automakers as they struggle to ride out a steep downturn in U.S. auto sales.
The automakers have already made considerable progress in transforming themselves and the government should help them proceed faster, GM Vice Chairman Robert Lutz said.
"The American auto industry is deserving of government loan guarantees," Lutz... // Conde Nast Portfolio