Biden: Motor sector gamble has paid off

US vice president Joe Biden says the US government’s wager on the motor industry has paid off.

“We bet on American ingenuity, we bet on you, and we won,” he said.

Biden’s visit to the North American International Auto Show follows the US Treasury’s sale last month from its remaining stake in General Motors. The exit ended the so-called ‘Government Motors’ era that followed the US government’s $50bn bailout and reorganisation of the company.