DETROIT (Reuters) - Detroit’s three automakers are collectively seeking at least $55 billion in government aid for their core operations and to support related finance firms.
General Motors Corp, Chrysler LLC and Ford Motor Co have asked for a total of $34 billion in government loans and credit lines at Congressional hearings on Thursday and Friday.
In addition, the three U.S. automakers have all separately applied for funding available under the $25 billion loans already appropriated by the U.S. Department of Energy to help automakers meet new fuel economy mandates.
GMAC, Ford Motor Credit and Chrysler Financial, the financing arms for the automakers, have also all applied for banking status and made it clear that they would use that to access loans from the Federal Reserve.
Chrysler Financial and GMAC, both controlled by Cerberus Capital Management, have also both said they want a share of the $700 financial rescue package, the Troubled Asset Relief Program.
On that basis, the publicly disclosed amount of government funding sought by the three U.S. automakers totals near $55 billion.
U.S. lawmakers have raised concerns that the automakers might come back to Congress asking for more money, even if they receive $34 billion.
Following are the details of the funding sought by each automaker.
* $12 billion in loans and a $6 billion revolving line of credit for auto operations.
* Applied for $3.6 billion in loans from the U.S. Department of Energy and plans to make a second loan application to offset the cost of retooling factories to make more fuel-efficient cars.
* GMAC, in which GM holds a 49-percent stake has said it wants to be considered for applied for a share of the $700 financial rescue money. GMAC has not disclosed the amount it is seeking. It has also applied for bank status.
* $9 billion credit line for auto operations.
* $5 billions in loans from the Department of Energy.
* Ford Motor Credit, the automaker’s captive finance arm, has applied for a banking license and for funding from the TARP. The amount has not been disclosed.
* A $7 billion bridge loan to fund its auto operations.
* $8.5 billion in loans from the Department of Energy.
* Its captive financial arm, Chrysler Financial, has applied for a banking license and for $3.6 billion from the
Reporting by Soyoung Kim