Business News Agency December 4th The US auto industry is in jeopardy. Ford Motors, General Motors and Chrysler and other big auto companies have gone to Congress to ask the government to bail out. They warned that if the government does not lend a helping hand, the US auto industry and the economy will face disaster.
The US government’s bail-out plan for the auto industry is not based on the lack of consensus between Congress and the White House on the sources of funds for bailouts. The Senate Banking Committee held a public hearing on the same day, and the chief executives of the three major US automakers reported the status of the auto industry to the parliamentarians.
According to reports, Bank of America CEO Kenneth Lewis also said on the same day that he opposed the use of financial funds to save car companies under the current circumstances. Lewis’s crisis in the US auto giant asked the government to provide relief. “The three companies have to save too much.” He believes that the rescue conditions should be the restructuring of companies through mergers and mass layoffs.
As Members questioned, the consequences of the US auto industry today are caused by its own management problems. These CEOs pointed out that it is the global financial crisis that now exposes the auto industry to the risk of bankruptcy.
Currently, Senate Democrats plan to raise $25 billion from the $700 billion bailout fund as a bailout for the auto industry. However, the White House and Republican lawmakers opposed it. They believe that the $25 billion Department of Energy loan program that Congress has previously approved to support the auto industry can provide assistance.
When US Treasury Secretary Henry Paulson attended the Public House hearing on the same day, he reiterated his opposition to the use of the $700 billion bailout to rescue the auto industry. He said that the purpose of the bail-out bill is to stabilize and strengthen the financial system.
Senate Majority Leader Rhett plans to vote on the test of the auto industry's bail-out case. It is generally expected that the vote will not be high.
The precarious automobile industry in the United States has also largely affected a number of plastics manufacturers and suppliers of plastic machinery and equipment that provide automotive parts. Some manufacturers of plastic molds, especially Ford and GM parts suppliers, have also received the impact of the US auto industry downturn, such as Japan's Ube Hing Machinery Co., Ltd., the company's large machinery is mostly dedicated to GM and other large What the company did, influenced by the financial turmoil and the US auto industry, has decided to cut the advertising expenses for millions next year.
The heavy machinery department of Ubexing Machinery Co., Ltd. mainly supplies equipment for the automotive industry, such as automobile engines, gearboxes, etc., as well as plastic interior parts, into bumpers, instrument panels and so on. Ube Industries is a well-known brand in the automotive industry. For example, Toyota uses basically all of Ube's equipment, including Ford, GM, and Volkswagen of the United States. The top auto companies in the world's auto industry use Ube. Produced products.
Japan Ube Hing Machinery Co., Ltd. was developed by Ube Shinagawa Iron Works Co., Ltd., which was founded in 1914. It has a long history of nearly 100 years in the machinery industry and has an absolute market share in the field of large injection molding machines. Products include die casting machines, injection molding machines, extruders, vertical mills, bridges and other mechanical equipment. We have established a number of production and sales branches in various regions in Japan and overseas, and have contributed to the development of industries around the world.