Big Three Automakers Make Green Promises In Return For Bailout

Last month when executives from General Motors, Ford and Chrysler went to Washington to seek a $25 billion public bailout, they traveled in luxury private jets. On the second trip, with the big three automakers asking for a $34 billion bailout, they have greened their travel habits and have outlined the green initiatives they will pursue if they get the money.

Ford CEO Alan Mulally drove to Washington in a Ford Escape hybrid, GM CEO Rich Wagoner arrived in a Malibu hybrid, and both GM and Ford announced that they would sell their fleet of luxury jets, NYDailyNews.com reports.

The Wall Street Journal reports that GM, Ford and Chrysler have all included green initiatives in their requests for federal aid. (In November, seven state attorney generals wrote to Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid, urging them to require the Big Three automakers to produce more fuel-efficient cars and cut GHG emissions in order to receive any federal aid.)

GM pledges to invest $2.9 billion in alternative fuels and technologies through 2012 and announced it would offer 15 hybrid models by 2012. Its Chevy Volt is scheduled to be produced in 2010. Will also launch predominately high mileage, energy-efficient cars and crossovers.

Ford said it will invest $14 billion on advanced technologies during the next seven years and that it will introduce a battery-powered commercial van in 2010, a battery powered sedan in 2011, and a plug-in hybrid by 2012. Will improve the fuel economy of its fleet an average of 14% for 2009 models, 26% for 2012 models and 36% for 2015 models compared to 2005 models.

Chrysler said it will introduce its first full-function electric-drive model in two years and will produce more than 500,000 electric vehicles by 2013. 73% of the 2009 models will have better fuel efficiency than previous models.

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Comments

By stepping outside of the authority granted to them by the Constitution, meddling in private industry, and in a large part causing the economic problems that have adversely affected the domestic auto industry, the federal and state governments have made every taxpayer liable should they fail. This money should be in the form of a settlement instead of a loan.

By doing the same thing in the banking industry, they have also made us liable for bank failures. By then supporting the banks in their illegal and predatory loan activities the government is complicit and we are now liable to every home owner who’s property is foreclosed on and every business that has been forced to close because of banking practices.

http://ewebsmith.com/gov/WrongBusiness.html

Web Smith December 4th, 2008

They want $34B. Ford and GM are going to spend $17B of this on research? Why don’t they work TOGETHER and enlist MIT or other major thinkers and spend only say $2B…

Iain December 5th, 2008