The US auto industry needs a “fundamental restructuring,” but it is too soon to gauge how a government review of restructuring plans will turn out, a top White House official has said.
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“I don’t think there’s any question … that the auto industry, given what has happened, is going to require some quite fundamental restructuring and there’s going to be a need for all the major stakeholders to take a role,” National Economic Council director Lawrence Summers said on US public television’s The NewsHour With Jim Lehrer, according to Reuters.
When asked if the process could end up with automakers in bankruptcy, he said: “Beyond that, I don’t think it would be prudent or responsible to try to predict where this is going to go until the careful analysis has been done.”
