Chrysler, GM Seek Billions More in Government Loans

General Motors Corp. and Chrysler have asked the U.S. government to more than double their combined $17.4 billion in loans to about $39 billion, the Associated Press reported.

The companies also said they will also cut about 50,000 more jobs worldwide, eliminate vehicle models and take other cost-cutting measures, the plans said.

GM said it would close five factories in the U.S., but it did not identify the factories, AP reported. In addition to Chrysler’s job cuts, the company plans to cut three vehicle models.

GM asked that its Treasury Department loans be increased to $30 billion, from the $18 billion currently estimated. Chrysler asked for an additional $5 billion on top of the $4 billion it was given in December, AP said.

The job cuts would mean elimination of about 19% of GM’s workforce, while Chrysler’s cuts would eliminate 6% of its workforce.