Auto Knight

GM And Ford Shares Up Slightly

by Darren

General Motors and Ford shares were up slightly on news that the companies may end up being bailed out by the US government. The proposed bailout had already been shot down by the Senate, but the White House indicated they’d do something to keep the struggling auto makers alive.

“An abrupt bankruptcy for autos could be devastating for the economy,” Bush said. “We’re now in the process of working with the stakeholders on a way forward. We’re not quite ready to announce that yet.”

Right now, any proposal by the Bush Administration is lacking details.

In related news, GM announced their idling three plants in Mexico until January.

The auto maker’s plants in San Luis Potosi and Ramon Arizpe will stop from Dec. 22 to Jan. 4, while its plant in Silao will close from Dec. 22 until Jan. 7, General Motors de Mexico said in a press release.

The company said the idling was necessary for plant improvements.