GM is hoping that showcasing their new technology will impress Congress enough to grant it up to $18 billion in low-rate loans, reports Automotive News.
Shunning their own coporate jets, Ford executives will also be undertaking similar transport to the meetings, with the Blue Oval chief Alan Mulally set to travel to the meeting in an Escape Hybrid SUV. The wave of humility sweeping through the upper echelon of the Detroit 3 doesn't stop there, however, with both Mulally and Wagoner reportedly jumping on board with Chrysler CEO Bob Nardelli in considering taking a $1 salary if it will help secure the bridge loans their companies need.
The timing of the aid request could hardly be more pointed, as sales reports for November rolled in yesterday, showing an industry down between 30% and 40% in many cases, and at least 16% overall. The domestic manufacturers are among the hardest hit, but import carmakers are suffering too.
The hearings this week in Washington, D.C. will decide whether or not the Detroit 3 will receive government-subsidized loans, and could spell the difference between continued operation and bankruptcy for GM and Chrysler, while Ford appears to be the most stable of the three at this point.