Chrysler abandons plan seeking more federal loans
Instead, Chrysler will use its own funds for capital improvements. The report says the company has nearly $11 billion in liquidity, though that figure includes $1.3 billion in an undrawn private loan.
Chrysler isn't the only automaker to walk away from DOE loans. General Motors pulled its application for a $14.4 billion loan last January. The funds would have gone toward retooling. The DOE and the Obama Administration have been hesitant to hand out more government money after the solar panel company Solyndra LLC received around $528 million loans before going bankrupt.
- Great used cars for less than $10,000
- Owners say these cars aren't very good deals
- New Car Buying Guides
- Cheapest new automobiles in America
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models