The Big Three are looking for $25 billion USD from the federal government in order to keep afloat for the foreseeable future. The Detroit auto giants were chastised for coming before Congress without a well thought out plan for recovery and arriving in three separate private jets. The Big Three are now doing their best to placate lawmakers who seem to be turning a deaf ear.
GM [DOC], Ford [PDF], and Chrysler [PDF] have all submitted their plans to Congress which detail the steps that will be taken to eliminate unprofitable brands and produce efficient cars the people actually want to purchase. After being smacked around for arriving in private jets a few weeks ago, Ford CEO Alan Mulally is said to be making the trek to Washington in an Escape Hybrid. Chrysler CEO Robert Nardelli is reported to be making the same trip via a commercial air flight. However, GM CEO Rick Wagoner is looking to make the most commotion by arriving in Washington via a prototype Chevrolet Volt.
According to Autoblog, Wagoner was originally expected to make the complete trip from Detroit to Washington in a Chevrolet Malibu Hybrid. While the Malibu Hybrid definitely plays up GM's commitment to hybrid vehicles, it is not exactly a mileage-competitive offering compared to its Japanese rivals. The Malibu Hybrid is rated at 24/32 MPG city/highway while the Nissan Altima Hybrid and Toyota Camry Hybrid are rated at 35/32 MPG city/highway and 33/34 MPG city/highway respectively.
Wagoner will still use the Malibu Hybrid for at least part of the trip to Washington, but he will switch to a prototype Volt once he gets closer to Washington (and the cameras). The Detroit Free Press reports that the prototype Volt and its running gear will be covered with the bodywork of another upcoming GM model: the Chevrolet Cruze. The Volt and the Cruze are both built on GM's next generation Delta platform.
GM is also said to be trucking in a non-functioning Volt display model to show off as well.
The Chevrolet Volt can travel 40 miles on a single charge thanks to its onboard lithium-ion battery pack. This battery pack in turn powers a 150 HP, 273 lb-ft electric motor to provide forward momentum. Once the battery pack has reached a preset minimum charge level, a 1.4-liter gasoline engine kicks in to recharge the battery pack and provide an additional range of about 320 miles.
Customers who purchase a Volt will be eligible for a $7,500 tax credit thanks to a provision in the $700 billion USD Wall Street bailout package. The $7,500 should make a sizeable dent in the estimated $40,000 price tag of the Volt.
GM is asking for $18 billion USD in emergency loans from the government -- $4 billion USD of which the company direly needs before 2009 arrives and at least another $12 billion by April of next year.