General Motors GM - Ford F - 12/03/08 - Stock Report

Today, 12/03/08, General Motors ( GM ) and Ford ( F ) stocks are mixed in pre market trading. After, closing at $4.85 yesterday, GM stock is set to open lower at $4.63 per share. Ford ( F ) also looks to be opening higher around $2.77 after hitting $2.60 yesterday at one point. Thursday and Friday, the CEO's of the big three automakers will be speaking to congress.


After reporting sales down 31% yesterday, Ford ( F ) said it wants a temporary $9 billion bridge loan from the federal government only if the economic crisis worsens or if a major competitor declares bankruptcy. In that event, Mullaly's salary would fall to $1, down from $21.7 million in 2007.

Chrysler LLC's plan for a government rescue includes a proposal that the auto makers and federal government establish "an independent joint venture" to develop improved energy technology, such as batteries for electric and hybrid vehicles. At the same time, Cerberus, its private-equity owner, is offering concessions to secure a $7 billion bridge loan.

Finally, after reporting sales down 41% for November, General Motors ( GM ) says it needs 4 Billion now to avoid Bankruptcy by the end of December. General Motors has asked lawmakers for up to $18 billion to avoid collapse, promising in return to slash executive pay sell poorly performing brands.

Together, the Big Three U.S. automakers are asking Congress for $34 billion in low-cost government loans -- $9 billion more than the roughly $25 billion the automakers had sought just last month.

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