OBAMA REPS TO TEST DRIVE VOLT

Obama auto task force members to drive GM's Volt
Ken Thomas and Tom Krisher, March 8, 2009 (AP)

"Members of the Obama administration's autos task force will test drive the Chevrolet Volt rechargeable electric car and tour a Chrysler LLC pickup truck factory when they visit the Detroit area on Monday…Task force members, led by Wall Street financier Steven Rattner and Steelworkers union official Ron Bloom, also will meet with United Auto Workers President Ron Gettelfinger and other top union officials, and they will sit down with senior General Motors Corp. and Chrysler executives…

"GM and Chrysler are living on $17.4 billion in government loans approved by the Bush administration last year, and they have asked for a total of $39 billion. Obama appointed the task force to review the automakers' viability plans and decide if they should get additional aid."

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"Task force members apparently will begin their day with a tour of GM's sprawling tech center in suburban Warren, Mich., followed by a tour of Chrysler's nearby Warren Truck plant, where the new Dodge Ram pickup is put together…

"The Volt, a battery powered plug-in electric vehicle, is being tested at the tech center, where GM has a studio dedicated to developing what the company is betting will be the car of the future…Struggling GM has promised to have the car in showrooms late next year…For Chrysler, the revamped Ram is an important product that executives hope will lead the company to profitability …"

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"The White House said Friday it was trying to determine "how to be the best partner" for the struggling auto industry…Cabinet-level members of the panel, led by Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers, met at the White House for 90 minutes to review restructuring plans from GM and Chrysler…
Many suppliers are nearly out of cash and could go into bankruptcy protection soon
without government aid…

"GM and Chrysler are seeking $21.6 billion in additional financing to execute turnaround plans submitted last month…Last week GM said in its annual report that auditors raised serious doubt about the Detroit automaker's ability to continue operating…Some Republican senators… want the automaker to seek bankruptcy protection, which would allow for reorganization…GM has said the restructuring can be accomplished without bankruptcy and said Chapter 11 would scare off customers…"