President Barack Obama has praised General Motors and Chrysler for emerging from bankruptcy ”in record time” in the past few weeks.

”Now, today, after a painful period of soul-searching and sacrifice, both GM and Chrysler have emerged from bankruptcy,” he said in a speech in Warren, Michigan.

”They’ve gotten it done already, in record time, far faster than some thought possible,” Obama said.

”They’ve got a leaner structure. They’ve got new management, and a viable vision of how to compete and win in the 21st century.”

Obama had initially expected the entire process to take about 60-90 days but a new GM had emerged in around 40 days since it filed for Chapter 11 on 1 June in the biggest failure of a US manufacturing company in history.

Chrysler filed for Chapter 11 at the end of April and completed the sale of its assets to Fiat within about 40 days.