Photo Credit: Detroit Free Press
The Detroit Free Press reports today that all three of the U.S. auto companies, after being in serious trouble during the first part of the recession that began in December 2007, are reporting profits, saving and adding hundreds of thousands of jobs, and planning for a brighter, although leaner, future.
According to the article:
On Wednesday, General Motors reported a third-quarter profit of $2 billion, bringing the combined profits of the Detroit Three and publicly traded local suppliers to more than $11 billion so far this year.
While challenges remain, some are celebrating the results. “GM’s third-quarter earnings … are, again, proof positive that the federal government’s investment in the company has yielded wonderful results,” U.S. Rep. John Dingell, a Dearborn Democrat, said in an e-mail to the Free Press.
Leaders at GM and Chrysler, which is still making progress toward profitability, say they’ve made changes for long-term success. Thousands of jobs also were saved. Chrysler CEO Sergio Marchionne said workers have a different look on their faces these days: “I sincerely hope that what I see is indicative of how the whole population feels.”
Meanwhile, Ford Motor, which restructured without taxpayer aid and has posted a $6.4-billion profit through September, “will be hiring,” though prudently, Bill Ford said Wednesday on CNBC.
A quick political reminder: at the end of 2008 and into 2009, a certain U.S. political party (The Party of “NO!”) wanted all of the U.S. auto companies to fail and cause the loss of hundreds of thousands of jobs in plants, factories, and supplier companies throughout America. It was President Obama and the Democrats who loaned (not bailed out) the auto companies the funds they needed to re-structure and re-build. Most of those loans are already paid back.
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