King Richards Auto Center in Rhode IslandOn the occasion of GM relaunching itself as a public company and harkening back to the federal government bailout two years ago, President Obama said the tough decision to inject cash into the auto industry has led to a major success.

“The American auto industry—an industry that’s been the proud symbol of America’s manufacturing might for a century and that helped to build our middle class—is once again on the rise.”

“What’s more,” continued Obama on Thursday, “American taxpayers are now positioned to recover more (money) than my administration invested in GM.”

“The automakers are in the midst of their strongest period of job growth in more than a decade (and) for the first time in six years, Ford, GM and Chrysler are all operating at a profit.”


GM recently announced its best quarter in over 11 years.

WATCH the video from the White House below (4:14)

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