The president’s latest plan goes out to the carmakers, who he says are going to have to make some “pretty drastic changes,” in order to survive. “We will provide them some help,” he pledged. “But… if they’re not willing to make the changes and the restructurings that are necessary, then I’m not willing to have taxpayer money chase after bad money.”
U.S. auto sales sunk 41% in February, as nearly every vehicle model by the country’s six-largest automakers posted at least a 10% drop in year-over-year sales. “It implies we have not reached the bottom, and pushes that bottom out to some point yet to be determined,” Emily Kolinski Morris, senior U.S. economist for Ford Motor Co. (F), told CNNMoney.com.