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Federal lawmakers are making a bipartisan push to bail out the auto industry as the coronavirus crisis causes car sales to plummet, a new report says. Midwestern representatives are circulating a letter to convince their colleagues to throw auto manufacturers and suppliers a financial lifeline in a future relief package, The Washington Post reported Wednesday. …
Federal lawmakers are making a bipartisan push to bail out the auto industry as the coronavirus crisis causes car sales to plummet, a new report says.
Midwestern representatives are circulating a letter to convince their colleagues to throw auto manufacturers and suppliers a financial lifeline in a future relief package, The Washington Post reported Wednesday.
The lawmakers — including Reps. Debbie Dingell (D-Mich.), Fred Upton (R-Mich.) and Marcy Kaptur (D-Ohio) — said the industry is facing challenges that in some cases “exceed those of the 2008 financial meltdown,” which led to a roughly $80 billion bailout for the sector, according to the paper.
Lawmakers and industry figures have reportedly discussed setting up a federal program to encourage Americans to buy new cars. That comes amid a 48 percent plunge in retail auto sales in mid-April compared to the levels forecast before the virus hit, according to research firm JD Power.
“It is conceivable, given where we are today, and depending on the extent to which the industry remains at these very low levels, that we might need to see some priming of the pump,” John Bozzella of the Alliance for Automotive Innovation told the Washington Post.
The reported bailout push came as General Motors posted a $294 million profit for the first quarter on Wednesday despite shutting down plants because of the coronavirus. The Detroit automaker also reported adjusted earnings of 62 cents per share, beating Wall Street’s expectations of 30 cents per share.
With Post wires