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General Motors withdraws $14.4B federal loan request

General Motors withdraws $14.4B federal loan request

Old 01-31-2011, 11:02 AM
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Arrow General Motors withdraws $14.4B federal loan request

Earlier today, General Motors announced that it is withdrawing its request for $14.4 billion in direct loans from the Department of Energy’s (DOE) $25-billion program aimed at retooling factories for the production of fuel-efficient vehicles. GM’s chief financial officer Chris Liddel, outlined the automaker’s choice to cancel its loan request, stating:

This decision is based on our confidence in GM’s overall progress and strong, global business performance. Withdrawing our DOE loan application is consistent with our goal to carry minimal debt on our balance sheet.

Speaking at the DC Auto Show, GM’s Ed Welburn said, “This decision will not affect the strong investment we are making in new technologies and design.”

For the past several months, The General had debated canceling its request for DOE loans, which the automaker first submitted in late 2008. The DOE has been having a tough time distributing the loans in a timely manner anyway, so last week GM’s board of directors approved the decision to withdraw the application. However, GM’s ongoing commitment to develop and produce fuel-efficient automobiles can be seen in vehicles like the plug-in hybrid Chevrolet Volt and the 40-plus miles per gallon Cruze Eco.

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