WASHINGTON — General Motors co., in another sign of progress guided since Government bankruptcy, said Thursday it is withdrawing its application for $14.4 billion in federal loans, you had sought to help build more fuel efficient cars.
GM, which since its booking 2009 bankruptcy, said straight profitable financial three quarters, it needs no more loans because of the company's cash position has improved. GM to build to modernize requested loans in 2009, plants, fuel-efficient vehicles.
"This decision based on our confidence in the overall progress of the GM and strong, global business performance," said Chris Liddell, GM Vice Chairman and chief financial officer. Liddell was withdrawing the application "consistent with our goal to take minimal debt on our balance sheet."
Analysts another positive step for the company said the decision which was applied for bankruptcy protection in 2009 and accepted nearly $50 billion in State aid. New GM had initial public offering stock in November allows the Treasury Department to sell a significant portion of your investment in the car of company. US taxpayers still own 33% of GM.
"I think it is a signal to the market and the consumers who look, this company running things on your own", said Citi Investment Research Analyst Itay car Michaeli. Avoid low-interest loans would help to improve GM brand image because it disassociates the Detroit companies from the bailout and the dependency on the Federal Government, he said.
GM made the announcement at the Washington Auto show, where car companies often green technology vehicles lawmakers and administration officials show. GM officials at the show said that to increase production of the Chevrolet Volt rechargeable electric cars would opportunities and would make available by end of year dealer in 50 States the Volt.
The $25 billion low-interest loan program is managed by the Energy Department. It was created by a law 2007 retool to help auto companies that build older factories, green cars.
GM could decision to withdraw and apply several automakers and car suppliers from the federal energy program for loan type other automakers and suppliers a better chance of accessing the loan money.
Ford Motor Co. agreed to $5.9 billion in loans, several vehicles of factories to finally 13 fuel produce update. Nissan has been approved for a $1.6 billion-loans to retool its plant in Smyrna, Tennessee, to build electric vehicles and a battery to construct the production site. Tesla Motors Inc. got $ 465 million in loans to build electric vehicles and electric drives drives in California.
Chrysler CEO Sergio Marchionne said the company about $3 billion in loans from the Department of energy was looking last week. The automaker had hoped to get the loan at the end of last year but the Government is still trying to work Marchionne said assets with Chrysler.
Marchionne said the loans would be used to develop engines, transmissions, framework and other components.
Energy Department spokeswoman Stephanie Mueller said GM decision allow the Department to "Support a number of other innovative automobile technologies." The Department has committed or closed five loans totalling almost $8.5 billion.
"We continue with a number of companies up and down the supply chain to work and will support on the market need still ahead with these innovative technologies to get", Muller said.
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