ThomasNet News Logo
Sign Up | Log In | ThomasNet Home | Promote Your Business

NAM President stresses importance of stable auto industry.

Print | 
Email |  Comment   Share  
November 10, 2008 - John Engler, NAM President and CEO, reiterated need to provide immediate support to automotive industry. Financial and market instability, ongoing credit squeeze, and closed capital markets have drained liquidity from automakers' operations. Department of Energy has begun processing applications for direct auto loan program, and NAM has been working closely with Administration to expedite this process and views this move as a positive first step.

NAM President Stresses Importance of Stable Auto Industry In Economic Recovery

(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)

National Association Of Manufacturers (NAM)
1331 Pennsylvania Ave. N.W.
Washington, DC, 20004

Press release date: November 7, 2008

Department of Energy's Filing of the Interim Rule on the Auto Loan is Promising First Step

WASHINGTON, D.C., November 7, 2008 - National Association of Manufacturers (NAM) President and CEO John Engler today reiterated the need to provide immediate support to the automotive industry. In a statement, he said:

The automotive sector is the country's largest manufacturing industry, and it accounts for approximately 20 percent of our manufacturing GDP. Automakers are actively restructuring and modernizing to become more competitive while at the same time meeting new standards imposed by Congress. But the fact is that this evolution takes time and money that the automakers just don't have right now.

Financial and market instability, an ongoing credit squeeze, and closed capital markets have drained the liquidity from automakers' operations. Auto sales have plummeted along with consumer demand and confidence, really cutting back on automakers' revenue. A partial or total failure of a major auto manufacturer would have a massive economic ripple effect on the entire U.S. economy. And the serious economic troubles affect far more than just the major auto companies. It's the manufacturers, the suppliers, the dealers and all the way down the chain.

The auto industry in America cannot be sustained under these extraordinary economic conditions without additional support.

The Department of Energy (DOE) this week began processing applications for the direct auto loan program. The NAM has been working closely with the Administration to expedite this process and we view this move as a positive first step. That said, it's clear from the automakers' earnings reports that the situation is dire. Automakers need immediate funding to stay on track during this difficult time.

We're talking about close to a million jobs in America - we're talking about a lasting impact on our industrial production in the United States. We simply cannot afford to let the auto industry fail.

The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at for more information about manufacturing and the economy.
Print | 
Email |  Comment   Share  
Contacts: View detailed contact information.


Post a comment about this story

(your e-mail address will not be posted)
Comment title:
To submit comment, enter the security code shown below and press 'Post Comment'.

 See related product stories
More .....
 See more product news in:
| Featured Manufacturing Jobs
 Other News from this company:
NACD and Associquim Sign Memorandum of Understanding
Good News on ACA Implementation - Kind of
Participate in Manufacturing Day - Mark Your Calendars for October 4!
Business Group Praises Bipartisan Introduction of Bill Preventing Costly and Unnecessary Regulation of Main Street Risk Management
Manufacturers Win in Fight Against NLRB Overreach
More ....
 Tools for you
Watch Company 
View Company Profile
Company web site
More news from this company
E-mail this story to a friend
Save Story
Search for suppliers of
Trade Associations

Home  |  My ThomasNet News®  |  Industry Market Trends®  |  Submit Release  |  Advertise  |  Contact News  |  About Us
Brought to you by        Browse ThomasNet Directory

Copyright © 2014 Thomas Publishing Company. All Rights Reserved.
Terms of Use - Privacy Policy

Error close

Please enter a valid email address