WASHINGTON, D.C. — Parts makers have collectively appealed to Washington for financial help in the form of a loan guarantee program through the Troubled Asset Relief Program or a comparable initiative.
Represented by the Motor and Equipment Manufactures Association (MEMA, which also includes the Heavy-Duty Manufacturers Association), parts and component manufacturers told President George Bush that “motor vehicle parts suppliers need continued support of supplier participation in the Advanced Technology Vehicle Manufacturing Incentive loan program and establishment of a loan guarantee program through the Troubled Asset Relief Program (TARP) or other mechanism specifically for the supplier industry.”
The group said the industry employed 722,600 US workers, but by June 2008 that number had fallen to 590,000.
“That is a loss of more than 130,000 good paying American jobs in less than two years and does not take into account reduction in employment in the aftermarket and heavy-duty sectors,” the letter said. “Addressing the concerns of the domestic automobile manufacturers alone will not stem the tide of these job losses.”
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