Renault/Nissan CEO Ghosn supports Detroit 3 bailout
During his speech at the 2008 LA Auto Show, Renault/Nissan CEO Carlos Ghosn said he supports aid for automakers by world governments including a U.S. government bailout of the Detroit Big 3. Ghosn said that he is no longer interested in any mergers or expanding its product sharing with company’s like Chrysler due to his company’s tight credit condition.
“The likelihood of some companies going bankrupt in 2009 is very high,” he said. “The year looks really bad.”
Ghosn said that governments should provide financial aid to struggling automakers to help them come out of their current conditions and build more fuel-efficient vehicles.
“If we want to transform this industry, in a radical way, we are going to need a lot of investment. You cannot take an existing car and retrofit it and say, ‘It’s electric.’ You have to start from zero,” Ghosn said.
Source: Automotive News (Subscription Required)