By 2020, car companies are likely to need $4 billion in government bailouts, according to the American Automobile Association.
The automaker industry has been in a crisis of its own making.
It has lost a record $20 billion in market value since its 2007 peak, according the AAA.
Its sales and profits have plummeted from a peak of $9.4 billion a year in 2010 to $4,300 in 2016.
Many automakers have been losing money on their own, which has forced them to slash capital spending.
Automakers will likely have to seek federal assistance, and there is no guarantee that Congress will approve the bailout request.
The auto industry will have to borrow money from the Treasury to help cover the costs of its debt.
The bailout would be the first of its kind in history.
The Obama administration has been pushing for government assistance to automakers for months.
The American Automotive Partnership (AAA) is the trade association for the car industry.
The AAA is part of the coalition that led the effort to save the auto industry.
President Donald Trump signed an executive order on Monday to provide $50 billion in loans to automakers to help them recover.
The $4 million bailout would come out of a $3 billion loan to the automakers and their suppliers.
The loan would be paid off by 2024, according an announcement from the White House.
Trump signed the executive order a week after the auto bailout was announced.
The administration wants to cut federal borrowing for automakers by $3.9 trillion over the next decade.
In 2020, the average cost of an automobile will be $26,700, the AAA estimates.
That includes the cost of the engine, transmissions, tires, and a variety of other components.