Governor Jennifer M. Granholm issued the following statement on the third quarter reports released today by Ford Motor Company and General Motors:
"Today's earnings and sales reports paint a sober picture of an auto industry in distress as it struggles to overcome the impact of a credit crisis and dramatic drop in consumer confidence. Unfortunately, our nation's current and unprecedented economic challenges come at a time when the domestic auto industry has undertaken billions of dollars in investments to retool and accelerate new technology initiatives to transform its business and to strengthen its competitiveness. These third quarter results make it increasingly clear that under these extraordinary conditions, the industry cannot continue its progress alone. We must support a historic pillar of our nation's economy and help the industry bridge this period until our economy stabilizes. Our nation's competitive strength and the economic health of families, communities, and states throughout our country are at stake, which requires us to act now to support our nation's automakers."
Granholm issued this statement in advance of a meeting with President-elect Barack Obama's Transition Economic Advisory Board, of which Granholm is a member.