Republicans take notice. It’s time to give President Barack “Wall Street” Obama some credit. The federal bailout of General Motors is now a crowning jewel in Obama’s re-election ambitions.
General Motors (GM) reclaimed the position from Toyota, its main rival that has had multiple problems with vehicle quality, an earthquake, tsunami and a nuclear crisis. Toyota’s sales fell an estimated 6% in 2011 to 7.9m.
GM has bounced back from bankruptcy less than three years ago. A spokesperson said on Thursday that it sold 9.026m vehicles last year, up 7.6% from 2010, with its all-American Chevrolet brand setting a sales record of 4.76m. Go Chevy!
The Detroit-based carmaker’s return to the top comes after its 2009 taxpayer-funded bankruptcy restructuring allowed it to cut spiralling legacy costs.