General Motors is one of the big three U.S. automakers to come forward and re-submit their bid for bailout money. Testifying before the Senate Banking Committee on December 4, 2008, General Motors CEO Rick Wagoner stated that their business plan has transformed and is solid, yet asked for considerable sums of money.

General Motors pledged to focus their efforts on creating green cars – electric and hybrid – as well as cutting back executive salaries and travel perks such as private jet travel. Along with electric car production, GM’s plans include reducing dealerships and limiting brand lines. Larger vehicles such as SUV’s and the Hummer will be reduced or eliminated in the long run. Even so, many industry insiders and financial critics feel that GM’s financial and restructuring proposition is not far-reaching enough and is only delivering what the bailout committee wants to hear.

Many insiders are disappointed that no changes in management are proposed. While the other two of the big three automakers are open to some changes in management structure in conjunction with a focus on hybrid cars, some are asking of GM ‘is this the right team to revitalize the company?’

Relying on the heritage of a company is never a strong way to move forward, and there is no doubt that all of the big three need to restructure to more efficient, modern and consumer-driven companies in order to thrive and even survive.

The companies seemed to focus on the financial crisis as the cause of the problems they are facing, rather than issues such as not being in touch with the demands of the consumer and with environmental issues. Some experts cite that the adverse impact of a big three automaker going bankrupt could be as high as $1 trillion.

Focusing on green electric and hybrid car technology is just the tip of the iceberg if GM is to thrive in the new economy. Hybrid cars will go a long way to helping the company thrive by providing the consumer with more cost-efficient, environmentally options, as well as instilling consumer confidence in the U.S. automakers. Additionally, electric, plug-in and hybrid cars help address the issue of energy independence, of growing concern for all in North America. General Motors has pledged to re-double its’ efforts in the hybrid car arena and to be at the forefront of the industry going forward.