Chrysler says that it is in advanced stages of securing an additional $3 billion in low-interest loans from the United States Treasury. The automaker received $4 billion out of the $17.4 billion the Treasury granted to Chrysler and General Motors. GM says it’s not asking for money and Ford has apparently abandoned its line of credit idea.
Previously, Ford had said it would request a $9 billion line of credit from the government should auto sales weaken later this year.
“We are making good progress to qualify for a total of $7 billion, which puts us in a really good financial position,” Chrysler Vice Chairman and President Jim Press told the Detroit News.
The Treasury didn’t make any comment regarding the talks, though it did confirm to the paper that it is in regular contact with the automakers.
