Industry Headlines

NAM Stresses Importance of a Stable Auto Industry

WASHINGTON, D.C., November 7-National Association of Manufacturers (NAM) President and CEO John Engler stressed the need to provide immediate support to the automotive industry. In a statement, Engler said:
    The automotive sector is the country’s largest manufacturing industry, and it accounts for approximately 20% 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.

Did you enjoy this article? Click here to subscribe to Quality Magazine. 

You must login or register in order to post a comment.

Multimedia

Videos

Podcasts

Karen Spencer, Clinkenbeard's quality manager, discusses what makes the plant stand out, advice for other plants, and looks to the future.
More Podcasts

Quality Magazine

CoverImage

2015 May

The May 2015 edition of Quality Magazine includes articles on cloud technologies, depth gages, ISO 9001, digital inspection and cool new products.

Table Of Contents Subscribe

Topics to Talk About

What topics would you like to see Quality cover more?
View Results Poll Archive

Clear Seas Research

qcast_ClearSeas_logo.gifWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

Facebook2015_40 twitter_40px.png  youtube_40px.pnglinkedin_40px.png  GooglePlus_40

eNewsletters