Former President Bill Clinton on Monday blasted Republican presidential candidate Mitt Romney over a misleading advertisement his campaign recently released.

"Now it turns out that Jeep is reopening in China because they made so much money here they can afford to do it and they are going on with their plans here," he said at a campaign event in Youngstown, Ohio. "They put out a statement today saying that it was the biggest load of bull in the world that they would consider shutting down their American operation."

"They are roaring in America thanks to people like the people of Ohio. So in keeping with that, here is what I want to say I think this election is about. I support Barack Obama because I think he has got a better jobs plan, and a better jobs record, a better budget plan, a better education plan, a better health care plan than his opponent Governor Romney."

Citing a Bloomberg News report, the ad suggests that Chrysler is moving Jeep production from North America to China and blames Obama for taking the car maker into bankruptcy. The President forced Chrysler into federal bankruptcy protection in 2009 and the company is now operated by Italian car maker Fiat.

However, Chrysler is not actually shifting Jeep production from North America to China. Instead, it is looking to expand production in China -- the world’s largest auto market -- while still maintaining production in the U.S. The company announced Monday that it nearly doubled its profit in the July through September period.

Watch video, uploaded to YouTube, below: