The global financial crisis that began in the US in 2007 – the worst since 1929’s Wall Street Crash – had serious and far-reaching implications for the whole of society. The car industry was no exception, with US firms hit particularly hard.
Of the ‘big three’, Ford had to take dramatic measures to avoid going under; Chrysler went bankrupt in April 2009 with debts of close to $7bn; and General Motors followed suit in June, a staggering $173bn in the red. Newly elected US president Barack Obama had to act quickly to avoid a total catastrophe.