After nearly a decade of grit and grind, the American auto industry has quite a story to tell.
At the start of the century, U.S. automakers were leading global competitors in the industry, producing and selling cars at impressive rates. But the Great Recession hit our auto companies hard — sales plummeted, the industry was losing 40,000 jobs a month, and suddenly these giants of American manufacturing were teetering on the brink of collapse when President Obama took office in 2009. That March, the President had to make a tough decision: Let national icons go bankrupt, or rescue the American auto industry.
Thanks to six years of grit and resilience — and one decision to stand by American companies — here’s the moral of the story: The American auto industry’s resurgence is real.
Today, the President is headed to Detroit to highlight the progress that American automakers, manufacturers, and the economy have made since the recession. See how American auto companies have roared back to life, creating jobs, generating profits, expanding business, and helping to strengthen the economy: