GM, Ford Prepare for Congress

U.S. automakers plan to reopen their union contract and may sell Saab and Volvo to the Swedish government as a way to pare brands
Ford said on Dec. 1 that it is considering selling Sweden-based Volvo, as the struggling U.S. automaker tries to survive the industry crisis. Joe Raedle/Getty Images

General Motors' (GM) board was meeting on Dec. 1 to review a plan that management hopes will persuade Congress to lend the company about $12 billion in public funds. Collectively, Detroit wants $25 billion in bridge loans. The plan includes moves that will cut executive pay, narrow the cost gap vs. Japanese carmakers, and review several of its brands for sale or cuts.

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