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GM, Ford, and Chrysler almost died a decade ago during the financial crisis - here's how the auto giants have changed since

Posted On: Sep 16, 2018   |   Posted By: Business Insider

GM, Ford, and Chrysler almost died a decade ago during the financial crisis - here's how the auto giants have changed since

Ten years ago, amidst the worst financial crises since the Great Depression, the American auto industry almost died.
The "Big Three" U.S. car companies of General Motors, Chrysler , and Ford faced potential insolvency.
But a decade later, thanks to the $80 billion dollar lifeline provided by the Troubled Asset Relief Program engineered by the Bush and Obama Administrations, the U.S. auto industry has recovered.
Each of the major automakers experienced its own story out of the recovery, with lessons to be learned.
Ten years ago, amidst the worst financial crises since the Great Depression, the American auto industry almost died. By Fall 2008, the "Big Three" US car companies of General Motors, Chrysler, and Ford faced potential insolvency, and without swift government intervention, their futures were in doubt.
"There is no plan B," said Fritz Henderson, GM's president and chief operating officer, at the time.
These iconic car companies were led to that point by a combination of poor decisions made by industry...

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