After Many Tuneups, A Historic Overhaul
A Global Industry Is Transformed In Race to Reinvent U.S. Automakers
By Steven Mufson
In the space of five head-spinning months, the economic downturn and a few strong-willed financial officials in the Obama administration have done what legions of car executives, consultants and policymakers had failed to do in three decades: overhaul the U.S. car industry.
This weekend marks a major turning point for two U.S. giants — General Motors and Chrysler — with the federal government, having already replaced their top executives, now set to take majority share positions in both companies. Chrysler, seeking to emerge from a quick trip through bankruptcy, will learn Monday whether a judge will bless a shotgun cross-national marriage that would wed the company with Fiat technology, models and management.
On the same day, GM is expected to file for the bankruptcy protection it long swore it would avoid, with its reorganization already well underway.
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