Bailed out U. S. auto companies Chrysler and General Motors were on the "road to recovery," white House economic adviser Lawrence Summers said on Wednesday

He said in a statement that with General Motors Co.'s early payback of $6.7 billion in government loans, five years ahead of schedule and Chrysler Group's recently released financial report, "The distance these companies and the auto industry have traveled over the past year is a bright spot on the road to recovery."

With the exclusion of one-time charges, it would have made a profit in the first three months of the year, Chrysler's report released on Wednesday said.

Summers said that in addition, U. S. automakers shed 400,000 positions in 2008 and the industry was headed toward an estimated reduction of 1 million jobs had GM and Chrysler gone under.

Summers also said, "That didn't happen. Instead, over the past nine months ... the industry has actually added 45,000 jobs." (With Inputs from Agencies)