In an interview with CNBC, FoMoCo’s Bill Ford said that the supplier base was saved from collapse by the U.S. government and their loans to Chrysler LLC and General Motors. Co-chairman of the National Summit that began in Detroit today, Ford said that the loans to the two automakers directly helped suppliers pay their bills.
“It would have been so catastrophic to have a supply-base meltdown because it would have brought down all the auto manufacturers and frankly some other industries as well,” Ford said.
Ford went on to say that he was very impressed with Obama’s auto task force and their ability to quickly figure out the dynamics of the auto industry. “I think they really did a very nice job.”
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– By: Omar Rana