When President Obama took office, the American auto industry faced collapse and millions of jobs were on the line. Despite Mitt Romney’s calls to “let Detroit go bankrupt,” the President made the decision to rescue General Motors and Chrysler, saving more than a million jobs up and down the supply chain. Now, these American companies are making a steady comeback—they’ve repaid their outstanding loans, posted record profits, and added thousands of jobs, regaining their place as leaders in the industry.
Four years after the auto rescue, here’s a snapshot of where GM, Chrysler, and Ford Motor Company stand today:
Chrysler: This August marked Chrysler’s best August in five years, with sales beating analysts’ expectations by 14 percent. It also marks the automaker’s 29th consecutive month of year over year gains. This year also marked the first time the company posted a profit since 2005.
General Motors: GM saw sales go up 10% over last August and increased its sales to retail customers by 11 percent, making this August its “best retail month of the year.” All four GM brands posted higher total and retail sales and GM reported its highest-ever annual profits this year.
Ford Motor Company: Ford’s total sales in the U.S. increased 12.6% from what it sold last August.
In fact, 2011 marked “the first time in years that Chrysler, Ford, and GM have all been profitable at the same time.”
Take a look at why President Obama’s decision was so vital to American autoworkers like Brian Slagle and learn more about what it has meant for our economy.