After briefly plunging into bankruptcy in 2009, General Motors and Chrysler entered 2010 with a burst of enthusiasm and soon found themselves on the path to recovery.
Back from the abyss
General Motors CEO Dan Akerson celebrated GM's surprisingly hot initial public offering at the New York Stock Exchange in November. The IPO reduced the U.S. Treasury's stake to about 33 percent, from 61 percent. GM executives posed for photos ringing the bell at the Stock Exchange and honking the horn of a Corvette convertible down on Wall Street.
At the Los Angeles Auto Show in November, Chrysler Group showed off a new dealership concept. The company will use the store, Motor Village of Los Angeles, as a laboratory for new retailing methods. The store features a tower that will show off new vehicles to motorists passing on the nearby Harbor Freeway.
In July, President Barack Obama visited Chrysler's Jefferson North Assembly Plant in Detroit, touting the plant's resurgence as proof that his administration's auto industry bailout was working. Obama received a thundering round of applause from roughly 1,500 workers at the plant. He was joined by Chrysler CEO Sergio Marchionne. Chrysler makes the 2011 Jeep Grand Cherokee and Dodge Durango at Jefferson North.
Marchionne pauses during his keynote speech at the Automotive News World Congress in January.
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