DETROIT -- United Auto Workers union President Ron Gettelfinger said today that General Motors and Chrysler may not need additional federal loans beyond the $17.4 billion approved by the White House.
If we can get by without more money, thats what we want to do, Gettelfinger told Automotive News in an interview at Solidarity House here.
He said how well the money holds out will depend on sales volume this year. Gettelfinger said he hopes sales will not dip more than 1 million units below 2008s depressed 13.2 million.
The $13.4 billion earmarked for GM may be sufficient, said a source close to the company.
When asked directly whether GM plans to ask for money beyond the $13.4 billion, the source answered, no.
Weve got enough money from the loan, the source said, in terms of what our downside scenario is for U.S. sales this year.