No, but it is in GM's interest.
There's a huge potential market for a new, lost-cost high-quality domestic manufacturer. The massive pension, health, etc. libailities of Ford and GM have created a huge opening in the market.
There's nothing really wrong with GM's cars. They're just not quite up to snuff. I have a 2003 Saturn SL-1, but I only bought it because a relative offered me a good deal on it when he bought a Civic Hybrid.
Neither Ford nor GM produces any cars that I can really imagine anyone buying simply because they want one. My SL-1 is an ok car, but I can think of nothing to recommend it over any other car.
Chrysler has the right idea. They're producing cars which people actually covet which are fairly reasonably priced - the PT Crusier, the 300C, the Crossfire, and the new Dodge Charger being the most obvious examples.
What do Ford and GM have in their present-year models which is economically priced?
I'd add their Jeep line to Chryslers list. The Wrangler and Liberty are great vehicles for what they were designed to do. The Liberty is a little heavy on the gas though.