Energy Secretary: innovate or be overtaken
U.S. Energy Secretary Steven Chu says now that domestic carmakers weathered the storm, they need to innovate to stay competitive.
Secretary Chu says the government rescue of Chrysler and General Motors has paid off, but there’s hard work ahead.
"And our choice is very clear. We have to continue to innovate, or we’ll be overtaken," he told the Detroit Economic Club.
Chu says innovation is more than just discovery and invention. It’s figuring out how to make things like batteries at low cost and high volume.
Secretary Chu says U.S. automakers also need to adjust to the fact that foreign markets like China, India and Brazil are where the growth is.
Chu is one of four cabinet members in the Obama administration who toured the Detroit auto show this week.