Jaguar and Land Rover refuse government bailout
tryme submitted on 1/24/2009 Official Bell & Ross Timestamp: 7:04:40 AM
17 user comments | Category: Misc News | Source: | SOURCE: www.4wheelsnews.com
The auto industry is experiencing one of the hardest economic times in many years and rebuilding trust and returning sales to levels of profitability will not be an easy feat.
In spite of this dire circumstance, the CEO of one of the struggling car manufacturers however has refused a government funded bailout. David Smith, CEO of Jaguar Land Rover, said that although he did not want to face the current crisis alone, he wanted to get credit flowing again either from direct lending or state-backed loans instead of a bailout. The crisis is aggravated because consumers are not spending or lending. Representatives of the car industry will meet officials of the British government to talk about what they can do to protect jobs and increase demand.
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