The White House rejected turnaround plans from General Motors Corp. and Chrysler on Monday, warning that more concessions were needed from unions and creditors before they could be approved. Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments made the market even more uneasy about the industry.
Another CEO bites the dust. Carmakers are going to have to get seriously small and forget about double-digit topline growth if they want any kind of future.
Nota bene: Anthony J. Alfidi holds no position in any automaker.