Automakers deserve $50 bln federal loans: GM in NYT

Newswire

Aug 29 (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 ...

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