TORONTO (CP) -- A report says Canada's auto-parts makers need up to $1-billion in immediate short-term loans to help them survive during the liquidity crisis.
Otherwise, they warn the federal and Ontario governments, the country's largest manufacturing industry could disappear.
Gerry Fedchun, president of the Automotive Parts Manufacturers Association of Canada, says that it's difficult to assess the amount of money needed, but it could be as much as $1 billion.
He has sent a letter with the plea for help to federal Finance Minister Jim Flaherty and Ontario Finance Minister Dwight Duncan.
A spokesman for Industry Minister Jim Prentice said Monday that Fedchun's letter would be brought to the minister's attention.
Alicia Johnston, a spokeswoman for Duncan, says the Ontario government is open-minded about helping the sector.
Auto-parts companies and other Canadian exporters received one piece of good news Monday as the Canadian dollar fell almost a full cent to a four-year low of 77.59 cents U.S.
