The US government has said it has no wish to run a North American automaker even though it could end up with a controlling interest in General Motors.
Go deeper with GlobalData
“We strongly back an auto industry that we believe can and should be self reliant,” White House spokesman Robert Gibbs told Reuters last night. “It is not our desire to either own or run one of the auto companies.”
Separately, GM’s chief financial officer said the Obama administration has shown no signs it wants to run the automaker’s day-to-day operations if it held a majority stake under the latest restructuring plan.
“I know the government does not want to get involved in the day-by-day operations of GM,” Ray Young said in an interview with Dow Jones Newswires shortly after the latest plan was unveiled. “We don’t get any…signals” that the government wants to run the company, he added.
Young told the news agency the revamped company’s management team would be chosen by the board of directors, ostensibly preventing politics from becoming a factor in management decisions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUnder the restructuring plan, the US treasury would hold a majority of GM shares and have the right to appoint directors, Dow Jones added.
