Sample Essay
Car manufacturers were also saved from bankruptcy by governments around the world like President Obama’s initiative for saving the automobile industry giants like GM and Chrysler through an auto-task force.
The German government supported Magna for recovery; plans of Russian Sberbank to buy Opel/Vauxhall from General Motors and the probability of Volvo being sold to China’s largest private car manufacturer Geely indicate the role of governments to save the international automobile industry. The article indicates that although car manufacturers in America have suspended some of their plants European car manufacturers have not shutdown any car manufacturing facilities. This phenomenon is not fresh as companies started cutting down production of cars almost immediately after the financial crisis hit international markets[1].
[1] Millward, D. “Financial crisis: Car Production Slashed as Economic Crisis Bites”. September 30, 2008. September 27, 2009 <http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3111281/Financial-crisis-Car-production-slashed-as-economic-crisis-bites.html>
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