GRANHOLM - Governor Granholm Statement on General Motors, Chrysler Plans

LANSING - Governor Jennifer M. Granholm today issued the following statement on plans filed by General Motors and Chrysler on their progress toward long-term viability as required by the Auto Industry Emergency Bridge Loan Act:

"The General Motors and Chrysler filings are a milestone in the process but certainly not the final word in defining their success or failure. They have made tremendous progress, and in the weeks to come, we will see a continuation of the stakeholders' work to ensure that this proud industry has a future as distinguished as its heritage.

"These shared sacrifices will not be easy, and I fully expect more taxpayer dollars will be needed. However, these are wise investments in the future of our country as well as a critical industry essential to our national economic recovery. I also believe that President Obama values this industry, having witnessed his willingness to work with all stakeholders to ensure that this restructuring is managed well and his willingness to invest precious resources to facilitate this process.

"Ultimately, I believe we will see a domestic auto industry that is financially viable that keeps thousands of employees on the job in state-of-the-art engineering, design, manufacturing, sales, and other positions in our state and throughout the world. I believe we will see well-managed companies that create products that meet the needs of customers around the world, particularly as we migrate into new, alternative fuel drive-train technologies. And, I firmly believe that the entrepreneurial spirit that defined this industry for the past 100 years in Michigan will succeed in redefining it for the next 100 years."

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