- Dow-Jones, “Manufacturers Call On Congress To Approve Loans To Auto Cos“: “WASHINGTON -(Dow Jones)- The National Association of Manufacturers Wednesday urged the U.S. Congress to approve a federal loan program that would provide up to $50 billion to the bruised automotive industry…’Now is the time for Congress to keep their promise to provide these loans,’ NAM President John Engler said in a prepared statement.”
- The Detroit News, “Groups back auto industry loans“: “WASHINGTON — Direct loans to the auto industry drew additional support Wednesday from two influential groups, the United Auto Workers and the National Association of Manufacturers. “
- Detroit Free Press, “Federal cash to aid electric R&D“: “A top Chrysler executive Wednesday said multibillion-dollar loans to the U.S. auto industry would help automakers, such as Chrysler, come to the market quicker with electric cars…’I think it will allow everybody to bring electric cars, plug-in hybrids, hybrid cars, even range-extended hybrids. All of those vehicles will be accelerated,’ Jim Press, a Chrysler president and vice chairman, said after a speech to the Automotive Press Association in Detroit.”
NAM President and John Engler’s statement follows:
Manufacturing is the mainstay of the U.S. economy, providing a primary impetus for economic growth, and accounting for 75 percent of export growth this year. The automobile industry is a key to U.S. manufacturing; it is imperative to our nation’s economic future that this vital sector be strong and competitive.
Last year, the NAM supported an increase in Corporate Average Fuel Economy (CAFE) standards in the Energy Independence and Security Act in part because Congress promised access to low interest federal loans for the auto industry to help them meet these expensive new standards. The loans are to be a source of lower cost capital for automakers and suppliers. Their purpose is to help accelerate the retooling and transformation of U.S. manufacturing plants so they can design and produce the next generation of fuel efficient cars and trucks.
The urgency is clear. Now is the time for Congress to keep their promise to provide these loans. The challenges facing the auto industry to transition to more fuel efficient vehicles will be costly and difficult. The NAM believes the federal loans are in the nation’s interest and require prompt action by Congress.
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