17 December 2009 | Sarah Campbell
The chairman of carmaker Ford has praised the way US president Barack Obama shored up the automotive industry and its supply base during a tumultuous year.
In a meeting with Obama at the White House, Bill Ford complimented the president for bailing out Chrysler and General Motors (GM), saving the supply chain from breaking down – which in turn helped Ford Motor Company.
The US Treasury made $5 billion (£3 billion) available in April
to help GM and Chrysler guarantee payments to suppliers and speed up time taken to settle invoices.
It also provided $30 billion (£18.5 billion) in return for a stake in GM
and loaned $4.5 billion (£2.7 billion) to Chrysler
to support suppliers and allow the firm to continue operating.
Ford told reporters at a press conference: “The way Obama stepped in with General Motors and Chrysler, preventing the collapse of the supply base, was [done] swiftly and it worked.”