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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: GM, Chrysler should come back 'leaner, meaner': Obama AFP - Sunday, May 24 WASHINGTON (AFP) - - President Barack Obama said Saturday he hopes General Motors and Chrysler emerge "leaner, meaner, more competitive" when the US economy recovers, but he steered clear of mentioning a possible GM bankruptcy. ADVERTISEMENT Obama talked about the health of the auto industry in an interview with C-Span television the day after the US Treasury pumped an additional four billion dollars into GM, raising the total in bailout loans to more than 19 billion dollars. "My hope is that we will see both GM and Chrysler having emerged from this restructuring process leaner, meaner, more competitive with a set of product lines that appeal to consumers -- good cars that are fuel efficient and that look at the markets of tomorrow," Obama said. Although total US auto sales this year were projected at 10 million vehicles, the market should expand to as much as 14 or 15 million when the economy recovers and consumers look to replace "the old clunker," he said. "You are looking at a substantial market that is going to be available for US automakers if they've made some good decisions now, and if they are building the kinds of fuel efficient, high performance cars that American consumers are hungry for," he said. "I think GM and Chrysler can do that." GM is due to present the government with a restructuring plan by the end of the month, but the company's chief executive has said it is likely to require taking the company into bankruptcy. Chrysler filed for bankruptcy protection April 30. Obama made no mention of the bankruptcy option, but expressed concern about the fall-out in job losses by autoworkers. "We're confident that they (GM and Chrysler) can emerge and take advantage of that new market and actually be very profitable and thrive, but it means going through some pain now," he said. "The thing I worry about most is that so much of that pain is borne by workers and communities that have historically been the backbone of the auto industry and so we're going to have to work intensely with those communities. "If some of those auto jobs don't come back, then what we're going to have to do is make sure that those workers are effectively retrained," he said. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Obama's Presidency GM, Chrysler should come back 'leaner, meaner': ObamaAFP - Sunday, May 24 Obama in fresh overture to Cuba on immigrationAP - Sunday, May 24 Bush-era officials reject Cheney security stanceAFP - Saturday, May 23 Obama to name black former astronaut to lead NASAAFP - Saturday, May 23 Enlarge Photo A General Motors made GMC vehicle waits for a buyer at a dealership in Los Angeles. President Barack Obama said Saturday he hopes General Motors and Chrysler emerge "leaner, meaner, more competitive" when the US economy recovers, but he steered clear of mentioning a possible GM bankruptcy. Related Photos Slideshow US elections 2008 Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? All Full Coverage Most Popular – Top Stories Viewed Obama signs credit card reforms Smokers duped by light cigarettes: US court Vitamin D boosts brain power in middle-aged men Popular cereal is a drug, US food watchdog says Health chiefs warn against 'sneaky' flu virus View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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