General Motors and Ford have approached Sweden’s government about financial aid for their lossmaking Saab and Volvo brands, reports the FT. The two US automakers want to bolster the marques’ finances with a view to selling them as they grapple with a severe cash crunch. Stephen Odell, Volvo’s chief executive, and Saab’s managing director Jan-Ake Jonsson have spoken to Sweden’s industry minister and other officials about securing funds. After their initial requests for bail-out funds were rebuffed last month, Ford and GM will tell the US Congress this week they intend to dispose of the brands when they present detailed plans to support their request for $25bn of emergency funding. Some US lawmakers are likely to seek assurances that taxpayers’ money will not go to subsidising the automakers’ overseas operations. Separately, Reuters reports that GM’s board met Sunday to review a restructuring plan intended to cut costs and win support for up to $12bn in federal emergency funding.
