The three ailing American auto giants -- General Motors, Chrysler and Ford -- are seeking a financial aid to the tune of $34 billion to improve their battered fortunes.
Faced with worsening financial turmoil and falling sales, the auto majors' business has taken a severe beating and for the past few weeks, who have asked for Federal government assistance.
According to the bailout proposals submitted to the US Congress on Tuesday which includes future strategies to make a turnaround, the auto makers have sought financial assistance to the tune of $34 billion.
General Motors has requested for a loan of $12 billion stating that it might need another $6 billion. Ford has asked for $9 billion, whereas one of the worst hit, Chrysler is looking for aid to the tune of $7 billion.
The companies have also come up with plans to cut costs, bring down debt levels and also make investments in green technologies.
Moreover, the chief executives of the auto giants are also willing to take a deep cut in their salaries. The head of General Motors and Ford are even ready to work for just $1 per year.
"The chief executives of Ford and GM have even offered to work for $1 a year if Congress approves the emergency aid," the BBC said in a report published online today.
As part of its bailout plan, General Motors said it would term loans of up to $12 billion to provide adequate liquidity levels through December 31, 2009.
The company would immediately need $4 billion this month.
