The auto industry is “necessary,” says an Obama advisor. After initially saying he was going to put one guy in charge of the auto industry’s restructuring, Barack Obama thanks a staff is necessary, an official says. The task force would be overseen by Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers. Tomorrow is GM and Chrysler’s deadline for submitting their company’s plans to restructure. source
General Motors could fold into a new company. The plan, which the Wall Street Journal reported about yesterday, would have the automaker file for Chapter 11 bankruptcy and reform as a new company. They’re under a lot of pressure to act right now – they got a massive bailout from the government and, along with Chrysler, have until Tuesday to show the government how they plan to restructure. source
We feel we’ve weathered one hell of a storm, and we’re cautiously optimistic as we move into ’09 that we can stabilize and grow again.
Mike DiGiovanni • General Motors sales analyst, on sales prospects for 2009. GM recently lost the title of top automaker to Toyota, although, considering the economy and bailout-tinged circumstances, neither are all that excited about that. • source