President Obama says he remains confident the US taxpayer will recoup more than the US$50bn invested in the General Motors rescue.
Speaking from the White House following GM’s return to Wall Street yesterday, the US President cited GM’s rescue as evidence of the American auto industry’s robust position, which has seen manufacturers now in their strongest period of job growth in more than a decade.
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“Since GM and Chrysler emerged from bankruptcy, the industry has created more than 75,000 new jobs, said Obama. “For the first time in six years, Ford, GM and Chrysler are all operating at a profit.
“In fact last week, GM announced its best quarter in over 11 years. And most importantly, American workers are back at the assembly line manufacturing the high-quality, fuel-efficient, American-made cars of tomorrow, capable of going toe to toe with any other manufacturer in the world.”
Following GM’s huge IPO yesterday – which is reportedly one of the largest ever at up to US$23bn – GM’s shares reportedly touched almost US$36 following a launch price of US$33.
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