The President made an agreement with auto manufacturers to improve the overall fuel economy of the nation’s passenger auto fleet to 54.5 miles per gallon by 2025—nearly twice the 27.5 miles per gallon standard that was in place when he took office.
The Obama administration’s groundbreaking standards for cars and light trucks will save families roughly $8,200 at the pump per vehicle by 2025. The standards will also cut in half vehicles’ greenhouse gas pollution, reducing a major cause of climate change.
President Obama made the tough and politically unpopular decision to extend emergency rescue loans to the American auto industry, saving more than 1 million jobs and preventing the loss of over $96 billion in personal income—and the collapse of manufacturing in the Midwest. GM and Chrysler were required to cut labor costs and overhaul their business models in exchange for emergency loans, guaranteeing their accountability to taxpayers—and both repaid their outstanding loans years ahead of schedule.
Today, the Big Three (Chrysler, GM, and Ford) are all profitable for the first time in years, adding shifts and facilities across the country. The industry has added 230,000 jobs since June 2009, and GM is once again the top-selling automaker in the world—posting its largest-ever annual profit in 2011.
Check out the interactive version for an in-depth look at the numbers that have put our automakers back on firm financial footing.