Obama Addresses American Business, Car Industry

The president talks to the nation in his weekly address.
3:00 | 10/13/12

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Transcript for Obama Addresses American Business, Car Industry
Hi everybody. Every year around this time American car companies start rolling out their newest -- as models hoping to entice you into buying. -- Detroit's chance to show you what they've been working on the latest and greatest and this year is no exception. They've got some pretty good looking cars coming -- But something's different this time around and it starts with the auto companies themselves. Just a few years ago auto industry wasn't just struggle it was flat line. GM Chrysler on the verge of collapse. Suppliers and distributors were at risk of going -- More than a million jobs across the country Rommel and not just auto jobs but. The jobs of teachers small business -- and everyone in communities that depend on this great Americans. But we refused to throw in the towel -- We refuse to let four go bankrupt. I bet on American workers and American ingenuity and three years later that that is paying off the big. Today auto sales are the highest they've been more than four years. GM is back Ford Chrysler -- growing again. Together -- auto industries created nearly a quarter million new jobs right here in America. And we're not just making more cars and trucks were making better ones. After thirty years of inaction we raise fuel standards -- that by the middle the next decade cars and light trucks average almost 55 miles per gallon. Nearly double what they get today. That means you only have to fill up every two weeks instead of every week it's -- while it's good for our economy and it's good for the empire. The technology that makes it happen will also help America stay on the cutting edge for decades to come. Just this week GM announced they planned higher. 15100 workers for a new research center in Michigan to help make sure the high tech cars of tomorrow are designed and built right here America. Have also signed new bipartisan trade agreements -- law because I want to see more cars on the road in places like South Korea imported from Detroit. And Toledo and Chicago. All of this is something the American people can and should be product. It's a reminder that when the American people put their mind to something there's nothing we can do. So the next time you -- one of those brand new 2013. Models on TV or on the lot. Think about how far we've come together. Think about how thanks to -- hard work and can do spirit of the American people. More of those cars and trucks are being manufactured by American workers and American companies in communities all across the country. And they're gonna save you more money at the pump. That's what America's all about. We get knocked out we get back up we come back strong as long as I'm president that's what we'll keep you. Banks and have a great weekend.

This transcript has been automatically generated and may not be 100% accurate.

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