DETROIT -- The U.S. auto supply base was saved from collapse by the government's rescue of Chrysler and General Motors but remains fragile, Ford Motor Co.'s William Clay Ford Jr. said.
Ford, co-chairman of the National Summit that began in Detroit today, told CNBC that some U.S. auto bailout funds should be fed directly to suppliers to help them pay their bills.
"It would have been so catastrophic to have a supply-base meltdown because it would have brought down all the auto manufacturers and frankly some other industries as well," Ford, the automaker's executive chairman, told the TV network.
He said he was impressed with the U.S. auto task force's ability to figure out the dynamics of the industry quickly. "I think they really did a very nice job."