Washington - The struggling US car industry will be given one last chance to restructure operations or lose the government's support, President Barack Obama announced Monday, declaring that General Motors Corp and Chrysler LLC had so far failed to prove that they can survive.
In a dramatic government intervention in the industry, Obama called for a series of changes in the two companies' outdated business models and forced out long-time GM chief executive Rick Wagoner, who will be replaced by the company's president Fritz Henderson.