NOTE TO EDITOR: Following the announcement by the US government, the Canadian and Ontario governments today confirmed the granting of emergency loans to GM Canada and Chrysler Canada. The following statements can be attributed to David Mondragon, president and CEO, Ford Motor Company of Canada, Limited.
OAKVILLE, ON, Dec. 20 /CNW/ - "At Ford of Canada, we are well on our way to transforming our company and do not need immediate access to government
loans. Instead, we have asked the government for a "stand-by" line of credit to be used only if the current economic crisis worsens.
We applaud the swift and coordinated action by the governments of Canada and Ontario. The auto industry is vital to the economy. In fact, one in seven
jobs in Canada is dependent upon the auto sector.
We also welcome the government's plan to support the auto credit market. Canadian consumers deserve access to affordable loans and leases when shopping
for a new vehicle as more than one million Canadian vehicle buyers rely on
financing each year.
There is still much that needs to be done. We look forward to continuing to work with the government on initiatives that will provide long-term, sustainable growth for Canada's auto industry."
