Car-makers drink in last chance saloon

GM and Chrysler released their plans for recovery - but revealed they'd need up to £21bn to carry them out. But what they really need, they can't get: car-buyers.

General Motors and Chrysler aren't just "drinking in the last chance saloon", said Lex in the FT. They're also "patting their pockets and mumbling about how they definitely had wallets on them earlier". The two car giants released recovery plans this week, but said they would need up to $21.6bn to carry them out. That's on top of the $17bn emergency loans they've received so far. According to GM, it needs $2m by March and $2.6bn in April to avoid running out of cash.

Can they recover?

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.