During the financial crisis of 2008, also known as the crisis of credit; companies that relied on credit suffered deeply so as a part of a global financial shutdown the automotive industry suffered a crisis from 2008-2010.
Before the crisis the automotive industry was weakened since 2003 because of the increase on automotive fuels and energy crisis that discouraged consumers on buying vehicles that required a lot of fuel. Even though the crisis of 2008 affected the European and Asian automotive industry, the American industry was affected the most because the financial crisis was originated in the United States, so the "Big Three" automakers, GM, Chrysler and Ford asked the Congress for a bank bailout and warned that GM and Chrysler were facing bankruptcy.
Ford wanted to be included so the company wouldn't suffer but the Treasury Department lent money and bought stocks from GM and Chrysler, the U.S. government spent $80.7 billion in the bailout of the automotive industry.
