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GM Withdraws $14.4B DoE Loan Request
General Motors is dropping its request for $14.4 billion in government loans due to its improved cash position.
General Motors (GM) is dropping its request for $14.4 billion in government loans due to its improved cash position, The Wall Street Journal reports. The loans, which GM requested in 2009, are part of a Department of Energy’s $25 billion program designed to help auto makers build more fuel-efficient vehicles.
The projects that were to be funded by the government loans will now be funded by the car maker’s available cash. Since 2008, the energy department has provided nearly $8.5 billion in loans, which includes $5.9 billion to Ford and $1.4 billion to Nissan Motor and Chrysler Group.
Click here for the story from The Wall Street Journal.Click here for additional coverage from Reuters.