Under the plan, the money will be used to bail out the debts that creditors automobile manufacturers suppliers, especially suppliers to the two giants General Motors (GM) and Chrysler. In statement to support this plan, the Finance Ministry said the U.S., the parts supplier will be paying their debts that automobile manufacturers, whether "something happened to that car company."
We support industry has about 1,500 American auto company, using 500,000 workers in this country. In recent weeks, the situation of this industry has become ever more urgent. Officials in charge of automotive rescue of the White House has consistently been the car companies, consulting firms and major parts companies about the shortage of credit could make around 500 suppliers applying for bankruptcy protection within two months.
A survey by global consultancy firm AT Kearney predicts, half of its subsidiary in the U.S. auto industry in 2009 will be bankrupt if the Government does not support them.
The most worried is the sudden disruption of so many vendors, such as the breakup of American firms axle, Lear and Visteon, manufacturers can make cars GM and Chrysler, Ford and even, fall into financial difficulties are more serious. Because of this disruption will lead to disruption of its production cars, while also forcing many car assembly plants in the U.S. is foreign customers of these suppliers to dismiss workers .
Since mid last year to now, the situation of the automobile ancillary industry more difficult at every American. Because sales of U.S. car market declining, car manufacturers have shut down many production lines, reduce the consumption of spare parts, and difficult to pay suppliers.
The American auto ancillary companies usually calculate their profits based on annual revenue of the country's car market, around 13-15 million units. However, the U.S. car market within the first years on sales amounted to just under 10 million vehicles, making already-thin profit of a carrier as being more abrasive.
In 2008, sales of American car market declined 18%. Worse, in two months of the year, sales continue to fall further 39% over the same period last year.
Observers have long said that the parallel crisis of the automobile manufacturers is the crisis of industry support.
Meanwhile, GM and Chrysler - two carmakers account for 2 / 3 American auto industry - is still flooded out of danger. The two companies have received 17.4 billion dollars from government aid and are applying for more lending another $ 21.6 billion.
However, on 31 / 3 This is the deadline for GM and Chrysler with the White House to prove that they are implementing reform plans and data plans that effectively enough to help them avoid the risk of bankruptcy. It also considered the conditions for the U.S. government is considering this vehicle for firms to borrow more money or not.
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