(MENAFN- Kuwait News Agency (KUNA)) President Barack Obama talked on Saturday about his decision to rescue the American auto industry from collapse, affirming that this industry is now leading the world again and auto sales are the highest they have been in more than four years.
"Every year around this time, American car companies start rolling out their newest, shiniest models, hoping to entice you into buying one. It is Detroit's chance to show you what they have been working on - the latest and greatest. And this year is no exception. They have got some pretty good-looking cars coming out," said Obama in his weekly address.
"But something is different this time around - and it starts with the auto companies themselves," he added.
Obama reminded that just a few years ago, GM and Chrysler were "on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line - and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry." "But we refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way," he added.
Obama noted that today auto sales are "the highest they have been in more than four years. GM is back. Ford and Chrysler are growing again. Together, our auto industry has created nearly a quarter of a million new jobs right here in America." "And we are not just making more cars and trucks - we are making better ones," he concluded.
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