The magazine quoted Neil Kirk, chairman of the American Association of Original Equipment Suppliers, as saying that auto parts suppliers have asked the US Treasury to allocate $10 billion in direct loans. At the same time, auto parts manufacturers also asked the Ministry of Finance to allocate $10.5 billion in loans to automakers so that automakers could pay for the goods within 10 days of receiving the goods. According to traditional practices, automakers often pay for goods after 45 days.
Affected by the high oil prices and the current economic crisis, the three major auto giants in the United States have cut jobs and cut production. The auto industry has suffered from the cold winter that has not happened for many years. The crisis of automakers has also spread to its upstream parts suppliers, and experts expect many parts suppliers in the US to face bankruptcy this year.
Three major car manufacturers have difficulty in rectification
US car sales in January were 37% lower than the same period last year, only 657,000 units, with seasonal adjustments and annual sales of 9.6 million units. In the past 10 years, the average annual sales of cars in the United States has exceeded 16 million.
Jim Hessach, an analyst at AutoPacific, a researcher at the US auto market research consultancy, told Bloomberg News that the reality is that the market has not yet reached the bottom. "Nobody knows how much the market is falling, no one knows when the bottom will appear, What is it like?" Jessie Toprak, head of industry analysis at Edmunds.com, another automotive market research organization, believes that if the market shrinks at its current rate, the US auto giants simply cannot survive.
The US government announced in December last year that it would allocate $17.4 billion to rescue GM and Chrysler, provided that the two companies must come up with a rectification plan that could turn a profit before February 17 this year. But analysts believe that from the market situation in January, the automaker's sales prospects are unpredictable, GM and Chrysler have made it difficult to formulate the rectification plan, and Ford, who has always claimed that it does not need help, may turn to the government for assistance.
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