The CEOs of
and the head of the United Auto Workers plan to meet with House Speaker Nancy Pelosi Thursday to discuss access to government funding for the auto industry, according to reports.
Auto sales in the U.S. last month plunged to the lowest level since 1983 and GM has posted almost $70 billion in losses since the end of 2004, according to a
U.S. President-elect Barack Obama made it clear during his campaign that he understood the automakers' problems and would work to preserve the industry, Sen. Carl Levin (D-Mich.,) said Wednesday, the
Levin said Obama expressed support for doubling an Energy Department loan program for automakers to develop fuel-saving technology to $50 billion from $25 billion.
GM and Ford are expected to post billions of dollars of losses when the companies report earnings Friday, and more job cuts and plant closings could be disclosed, the
GM is in negotiations to acquire Chrysler with Chrysler's majority owner Cerberus Capital.
This article was written by a staff member of TheStreet.com.