Big Shift: Poll says just 25% of Americans now favor automaker aid
While the majority of people surveyed are not in favor of additional government loans, 51% believe that all three automakers will survive this tumultuous time. Without additional loans, GM and Chrysler say that they will be forced to declare bankruptcy, which both caution is a very risky endeavor. While Chrysler and GM are getting the lion's share of attention, Ford's cash hoard isn't likely to last too much longer if the industry continues to deteriorate. Himanshu Patel, an auto analyst at JPMorgan Chase, feels that the Blue Oval is only 9-12 months behind GM in the race to insolvency. Patel feels Ford's cash on hand will fall to $9 billion by year's end, the minimum it needs to stay in business.
[Source: USA Today | Image: Darren Hauck/Getty]
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