The election of Barack Obama as the next President of the United States comes as good news for the Detroit 3. Barack says he is very interested in helping the American automakers out.
Even before his inauguration in January, he says he wants to meet with the CEOs of General Motors, Chrysler, and Ford. Obama voted in favor of the $25 billion low-interest loans to help the automakers pass the upcoming CAFE regulations by investing in new fuel-efficient technology (my hint to Obama, rewrite the CAFE laws entirely). He also supports an additional $25 billion of federal aid to the American auto industry.
Along with Obama’s pledge to support the American auto industry comes his idea to regulate businesses more, install a fee on greenhouse gas emissions to fund clean energy programs, and rethink free trade policies. Obama’s ideas may put a strain on the traditional views of executives who want less government interaction.
GM issued a statement this morning saying that it welcomes Obama’s “pledge to support our nation’s domestic auto industry in its ongoing efforts to transform its business and develop new technologies.” Let’s hope that the American automakers really do transform their business and keep bringing us better vehicles and technology like the Volt and the two-mode-hybrid.
Source: Automotive News