The 3 US Car Giants Ask Canada For Loan

After being granted only a fraction of the demanded sum, by the American government, the 3 biggest carmakers from Detroit thought that they should try the same thing with the Canadian government.

The three giants are now making a bid to the Canadian officials demanding for an additional $6.8 billion, where nearly 100,000 workers are employed in factories and dealerships with the 3 names on them.

General Motors of Canada has asked for $2.4 billion in loans, Chrysler Canada Inc. is looking for $1.6 billion and Ford wants a $2 billion credit on a “stand by” program, which is due to be used only if the economic crisis worsens. The three giants are pointing out that they are looking for loans, not bailout money.

GM is also in need of $800 million just to make it through the end of next year. Thespec.com quotes GM Canada president Arturo Elias as saying “North American economic conditions now make it necessary for us to seek government assistance to sustain our business and supply chain.” He also stated: “We will also work together with all our key stakeholders to review and agree to further necessary changes to our business model.”

Premier Dalton McGuinty pointed out the need to evaluate the public's needs with the recent carmakers requests: "We want to move as quickly as we can, but we don't want to move so quickly that we end up with a response that is irresponsible given the legitimate demands of taxpayers."