General Motors (GM, Fortune 500) said on Nov. 7 that it will run out of the cash it needs to operate late this year or early next year. On Tuesday, Chrysler LLC CEO Robert Nardelli told the Senate Banking Committee his firm is also at risk of running out of cash. He and the CEOs of GM and Ford Motor (F, Fortune 500) are seeking financial assistance from the federal government.
As a result, some experts predict higher car and truck prices, vehicle shortages and difficulty finding replacement parts for owners of American as well as Asian cars if Detroit's Big Three don't get the $25 billion they are asking for from Congress.
MEANWHILE:
Chrysler to give retention bonus
Herald News ServicesPublished: Saturday, November 15, 2008
Even as chrysler llc cuts thousands of jobs and seeks federal aid to survive, the company is in the awkward position of paying about $30 million Us in retention bonuses to keep top executives, the detroit Free Press reported Friday.
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