General Motors will invest $257 million in plants in Detroit and Kansas for the next-generation Chevrolet Malibu and has paid off $5.8 billion in loans from the U.S. and Canadian governments, the automaker said today.
GM CEO Ed Whitacre said the moves were “a sign that our plan for building a new GM is working.”
“Nobody was happy that GM needed government loans—not the governments, not the taxpayers and, quite frankly, not the company,” Whitacre said in an opinion piece in The Wall Street Journal.
“We believe we can best thank the citizens of the U.S. and Canada by making sure that their investments are hard at work every day, building high quality, fuel-efficient vehicles our customers can count on.”
The U.S. government still holds 61% of GM’s equity. Whitacre and the Obama administration have said ending the government’s ownership of GM was a top priority.
Source: www.freep.com.
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