GM pays back government loans in full
General Motors today announced the company has made its final payment of $5.8 billion to the U.S. Treasury and Export Development Canada. GM also is investing $257 million in the Fairfax and the Detroit Hamtramck assembly centers.
General Motors today announced the company 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, ahead of schedule.
Company Chairman and CEO Ed Whitacre made the announcement at GM's Fairfax, Kansas facility.
"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 and Buick LaCrosse we build here in Fairfax," 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 is investing $257 million in the Fairfax and the Detroit Hamtramck assembly centers. Fairfax will become the primary source for the next generation of the Malibu. Detroit Hamtramck, which builds the Buick Lucerne and Cadillac DTS, will be equipped to build the Malibu and the Chevy Volt electric vehicle.