U.S. auto industry crisis of 2008–2010
E15986
The U.S. auto industry crisis of 2008–2010 was a severe financial and operational downturn that nearly bankrupted major American car manufacturers, prompting large-scale government bailouts and restructuring of the sector.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
automotive industry crisis
ⓘ
economic crisis ⓘ |
| affectedCompany |
Chrysler
ⓘ
Ford Motor Company ⓘ General Motors ⓘ |
| cause |
2008 United States housing and financial crisis
ⓘ
surface form:
Great Recession
collapse in auto sales ⓘ global financial crisis of 2007–2008 ⓘ high legacy labor and pension costs ⓘ overcapacity in auto manufacturing ⓘ shift in consumer demand away from large vehicles ⓘ tightening of credit markets ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| endTime | 2010 ⓘ |
| governmentAgencyInvolved |
Presidential Task Force on the Auto Industry
ⓘ
United States Department of the Treasury ⓘ
surface form:
U.S. Department of the Treasury
|
| governmentResponse |
federal bailout of Chrysler
ⓘ
federal bailout of General Motors ⓘ loans to auto finance arms ⓘ |
| impact |
decline in auto production
ⓘ
financial losses for automakers ⓘ loss of auto industry jobs ⓘ pressure for technological and product restructuring ⓘ |
| location |
Detroit
ⓘ
Midwestern United States ⓘ |
| mainIndustry | automotive industry ⓘ |
| policyDebate |
impact of labor costs on competitiveness
ⓘ
industrial policy in the United States ⓘ role of government in rescuing private firms ⓘ |
| programUsed |
Automotive Industry Financing Program
ⓘ
Troubled Asset Relief Program ⓘ |
| relatedTo |
2008 United States housing and financial crisis
ⓘ
surface form:
Great Recession in the United States
U.S. manufacturing decline ⓘ United Auto Workers ⓘ |
| result |
bankruptcy of Chrysler
ⓘ
bankruptcy of General Motors ⓘ changes in management at major automakers ⓘ increased government ownership stakes in automakers ⓘ mass layoffs in the auto sector ⓘ plant closures ⓘ reduction of dealer networks ⓘ renegotiation of union contracts ⓘ restructuring of Chrysler ⓘ restructuring of General Motors ⓘ shift toward smaller and more fuel-efficient vehicles ⓘ |
| sector | manufacturing ⓘ |
| startTime | 2008 ⓘ |
| timePeriod | late 2000s ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.