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03:44 p.m. EDT, December 03, 2008
From driving to Washington in hybrid vehicles to selling the corporate jets, canceling executive bonuses, and agreeing to work for $1 a year, the executives of the Detroit Big Three are back in the nation's capital presenting their business plans to lawmakers and hoping to walk away with substantial federal loans for their ailing companies.
Their appearance before Congress coincides with the release of sales figures for November that are the worst in 26 years. General Motors was down 41.3 percent for the month, Ford 30.5 percent, and Chrysler 47.1 percent. Total U.S vehicle sales dropped 36.7 percent and are 16.3 percent lower for the first 11 months of the year as compared to 2007.
In a symbolic act that signals contrition for previously traveling to Washington aboard corporate planes while also showcasing their progressive technologies, GM's Rick Wagoner, Ford's Alan Mulally, and Chrysler's Robert L. Nardelli drove to D.C. this time in hybrids; a Chevrolet Malibu, Hybrid Escape, and a Chrysler hybrid SUV respectively.
The move comes in response to sharp criticism like that leveled by Gary L. Ackerman, Democrat-New York, who scolded the executives in November for their means of transportation. "Couldn't you all have downgraded to first class or jet-pooled, or something, to get here? It would have at least sent a message that you do get it."
Whether or not a bailout will be forthcoming and whether it will help remains to be seen. Commenting on the dismal November sales figures for Automotive News, Ron Pinelli, president of MotorIntelligence.com, said, "This isn't a Detroit issue; the whole industry is certainly suffering. It's not a question of what the automakers can do, it's a question of consumer confidence. You can't induce someone to buy something if they don't feel good about the purchase - if it's just not the right time to buy or they can't get financing for it."




