President Obama may be forced to dig deeper into taxpayer pockets to bail out the American car industry after General Motors and Ford admitted to the lowest vehicle sales for 26 years.
General Motors, America's biggest car maker, said that it had sold 49 per cent fewer new vehicles in January, compared with the same period the year before while Ford admitted that new car sales had fallen by 40 per cent last month. Chrysler, which is a private company owned by the private equity firm Cerberus, is believed to have suffered a 49 per cent decline.