Joe Biden says US government won its gamble on the US auto industry

Article by Anita Panait, on January 19, 2014

United States Vice President Joe Biden said the government has won its gamble on the US auto industry. "We bet on American ingenuity, we bet on you and we won," he remarked at the Detroit auto show. Biden's visit to the show came as the U.S. Treasury recently completed selling its entire stake in General Motors Co., thereby ending so-called "Government Motors" era that followed when the federal bailed out the carmaker.

Chrysler was also a beneficiary of the bailout. According to Biden, the vehicles exhibited at the 2014 show reflect the sacrifices made during the auto industry's restructuring in the recession, Biden said. Truly, the 2014 Detroit Auto Show today is a different place than five years ago when the Detroit 3 – GM, Ford and Chrysler – were struggling to survive.

Back then, GM and Chrysler had to be bailed out by the federal government and undergo bankruptcy reorganization. Ford, on the other, barely escaped bankruptcy but had to undergo a painful restructuring.

"What a difference five years makes," Biden remarked at the show. "Everything from the mood here at this auto show in 2009 to what you faced back then -- literally the likely collapse of the automobile industry."

After his speech, Biden had a tour of the show floor, meeting with new GM chief executive Mary Barra, Ford Motor Co. Executive Chairman Bill Ford and Chrysler-Fiat CEO Sergio Marchionne. Biden then sat in a redesigned Chrysler 200 mid-size sedan and in a Ford F-150 and smiled at the new Ford Mustang.

If you liked the article, share on:

Topics: united states



We are expecting to see American brands like Chevrolet and Ford at the upcoming 2018 Detroit Auto Show, but Japanese automaker Infiniti plans to reveal something of their own. Reports...
by - September 25, 2017
As you probably have noticed, the Ram 1500 Rebel is the meaner and more aggressive version of the Ram 1500. But there is a version of the Ram 1500 Rebel...
by - January 24, 2017
Months from now, Volkswagen will commence sales of its new Atlas SUV (2018 model year) in the United States. But as early as now, the German carmaker is making sure...
by - January 19, 2017
The 2017 Detroit Auto Show is getting hotter by the minute. Samsung SDI recently announced that it’s going to unleash its new and awesome lithium battery within the next 3...
by - January 18, 2017
Tobias Moers has been the chief executive of Mercedes-AMG – the performance division of German premium carmaker Mercedes-Benz -- since October 2013. With him at the helm, AMG went on...
by - January 16, 2017

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Subscribe to our newsletter!