GM PAYS BACK GOVERNMENT LOANS IN FULL
This article is from our archives and has not been updated and integrated with our "new" site yet... Even so, it's still awesome - so keep reading!
Published on Wed, Apr 21, 2010
By: The LACar Editorial Staff
GM's Ed Whitacre makes the announcement General Motors Chairman and CEO Ed Whitacre announced today that GM has made its final payment of $5.8 billion to the U.S. Treasury and Export Development Canada, paying back its government loans in full and ahead of schedule. “GM is able to repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying vehicles like the Chevrolet Malibu and Buick LaCrosse,” said Whitacre. “We are now building some of the best cars, trucks, and crossovers we have ever built, and customers are taking note. Our dealers are increasing their sales, we are investing in our plants, and we are restoring and creating jobs.” “GM’s ability to pay back the loans ahead of schedule is a sign that our plan is working, and that we are on the right track. It is also an important first step toward allowing our stockholders to reduce their equity investments in GM,” said Whitacre. “We still have much hard work ahead of us, but we are making progress toward our vision of designing, building, and selling the world’s best vehicles. “We appreciate the support the taxpayers have given GM, and our great new products are tangible results of that support.” GM reports that sales for its four brands are up 36 percent through March versus the same period in 2009, and some newly introduced cars and crossovers – including Chevy Equinox, Camaro and Traverse; GMC Terrain and Acadia; Buick LaCrosse; and Cadillac SRX – remain in short supply at GM dealers. Since the launch of the “new” GM last July, the company has announced investments of more than $1.5 billion at 20 facilities in the U.S. and Canada. According to GM, these investments restored or created more than 7,500 jobs.