WASHINGTON -- Chrysler LLC's plan for a government rescue includes a proposal that the auto makers and federal government establish "an independent joint venture" to develop improved energy technology, such as batteries for electric and hybrid vehicles. At the same time, Cerberus, its private-equity owner, is offering concessions to secure a $7 billion bridge loan.
In his testimony before Congress later this week, Chrysler Chief Executive Bob Nardelli will suggest that part of the $25 billion energy-security fund be put into this new entity, rather than having each of the Big Three try to develop the same critical component. "Then each company would take the technology and add its own branding and styling" and other features for its own models, a Chrysler executive said.....More
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