Following numerous tales of downturn and struggles within the U.S motor industry, the White House may finally be offering hope to car manufacturers.
“Congress will have a chance to meet next week, and if they decide to move forward with something additional [for carmakers], we will be able to listen to their ideas,” said Dana Perino, White House press secretary told the Financial Times.
Meanwhile the America’s largest carmaker, General Motors (GM) woke to find their shares had dropped to a 62 year low according The Guardian. GM shares fell by a $1 to close yesterday at $3.36, after falling at one point to $3.02.
“Even if GM succeeds in averting a bankruptcy, we believe that the company’s future path is likely to be bankruptcy-like,” Motor industry analyst Rod Lache told the national newspaper.
The big Detroit three, Ford, GM and Chrysler would benefit from state intervention, potentially averting massive job losses and limiting wider economic damage.
