WASHINGTON — President Barack Obama said Thursday his administration will help Detroit’s struggling automakers only if the companies and their stakeholders make “pretty drastic changes” to reshape their industry.
Obama, responding to a question during an online town-hall meeting, said the current business model for U.S. carmakers was unsustainable and the Big Three would need to change their ways.
The president said he planned to announce decisions on the future of the industry in coming days.
General Motors and Chrysler have received $17.4 billion in federal loans since December and are seeking billions more. An Obama task force has been meeting with industry officials and studying plans submitted by the companies in an attempt to put GM and Chrysler on the path to long-term profitability through tough concessions.
