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President Barack Obama declared the “end of the road” for American auto giants GM and Chrysler yesterday, as he declined to continue infusing the companies with billions of dollars more in taxpayer cash without assurances the industry will restructure, reports the The Wall Street Journal.
It’s tough medicine, particularly for GM, whose chief executive, Rick Wagoner, was sacked in the company’s attempts to reorganize.Â The Los Angeles TimesÂ offers a primer of Obama’s plans to cope with Detroit’s problems.
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In Denver, meanwhile, consumers were sending a message to the beleaguered industry: Produce the kinds of cars Americans want to drive. That’s according to9News, which stopped in at theÂ Denver Auto ShowÂ , noting that people want affordable cars that get good mileage. Despite the economic slowdown, Colorado’s auto biz is doing well: Of 270 auto dealerships in the state, only five have gone under, according to one industry expert. (Lightning HybridsÂ is one of the innovative Colorado companies at the show this week.) If you’re wondering when you’ll be able to afford your next vehicle, maybe you should think about holding out for a flying car, as featured yesterday inÂ The Big Money.