Obama: U.S. Cannot Let Auto Workers Unemployed
Geely Automobile reported that the US President Barack Obama told workers on August 5th that the U.S. government will continue to assist the automotive industry as an important part of the U.S. economy.
Obama said: "I will not be indifferent to auto companies and auto workers. Without assistance to GM and Chrysler, hundreds of thousands of workers will lose their jobs and cause more serious social problems. Aided car companies are investing in American workers. ."
Obama also announced that Ford will receive a $250 million loan guarantee from the U.S. Export-Import Bank. This guarantee will help Ford get a $3.1 billion revolving credit loan to develop car exports.
Ford was the only American carmaker that did not apply for financial aid from the U.S. government during the economic crisis. Ford plans to export 200,000 cars to Canada and Mexico, including the new Explorer model.
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