GM, Chrysler buy a bit of time

How much is a matter of debate, though:

U.S. automakers are calling on the government to provide even more funding to ensure the survival of General Motors Corp. and Chrysler LLC.

General Motors on Tuesday said it could need up to $30 billion from the U.S. Treasury Department to continue operating.

Included in that amount is $13.4 billion the company has already received. Previously, GM had said it could need as much as $18 billion.

GM said it could run out of money by March without the new funds from the government.

From the CBC. So they're staving off bankruptcy for the time being, though they're cutting things to the bone. For instance, check out what's happening at GM:

A total 26,000 of the cuts will come from outside the U.S. as GM downsizes its global operations. It is not yet clear what the impact will be in Canada. The cuts are expected to be made by the end of 2009.

The company may be eliminating its Hummer brand and said it will make a final decision by March 31.

GM is also considering selling its Pontiac and Saab brands and the Saturn brand is being phased out, officials said. The Saturn plant will remain in operation until the end of its current life cycle in 2011, officials said.

The changes will see GM focusing its efforts on Chevrolet, Cadillac, GMC and Buick.

Kind of a shame about Saturn actually; I kind of liked some of their lineup (though Phil Edmonston and others question their quality control). I know my friends in Waterloo who are on their third Saturn will be disappointed. Saab might well get taken over by the Swedish government (which wouldn't be a bad outcome actually). As for Hummer, good riddance. Meanwhile, at Chrysler they're doing the same:

It plans to cut 3,000 jobs and three models — the PT Cruiser, Dodge Durango and Chrysler Aspen — as part of its restructuring plan. None of Chrysler's job cuts are expected to impact its Canadian operations.

No great loss lineup-wise, though it's a bit of a surprise that the PT Cruiser is on the list given the number of the things I see on the streets. Maybe sales have fallen off more dramatically than other vehicles in their lineup, or maybe they never sold as well in their core markets as they have in Canada.

Speaking of the PT Cruiser, one of my disreputable friends once told me she had an idea to get a black PT Cruiser and tell people it was a hearse for midgets. Her original idea was to say it was a hearse for babies, but she figured that would annoy too many people.