WASHINGTON – General Motors co withdrawn its application for $14 billion subsidized loans from the US Department of energy, saying it has the financial strength to finance investment in more fuel-efficient and electric vehicles on its own.
Separately, said GM's top car designer Ed Welburn that will accelerate automakers distribution of the Chevrolet Volt electric car so that U.S. State is sold in each end of this year. Welburn made his comments during a speech at Washington, D.C. auto show Thursday.
GM had previously Volt said through the $41,000 would eventually be sold next year in each State. Volt sales began in December in California, New York, New Jersey, Connecticut, Washington, D.C., and Texas. It has planned to go on sale in Michigan.
The Volt, up to 50 miles of battery-powered ride before a petrol engine driven costs $41,000 before accounting for tax credits in kicks. GM plans to make this year 10,000 volts. Welburn, said the automaker seeks the production and use of technology for ways to increase to expand.
GM has said it is volts, losing money on the first generation partially because of the cost of developing its ? 400, lithium-ion battery pack.
Chef Dan Akerson and other GM executives said they hope to reduce the cost of volts and push ahead in an area where you see an ahead of Toyota Motor Corp.
300,000 Consumer interested in purchasing a volt has registered as the automaker said Thursday.
GM is restructured loans to bankrupt a public relations boost to GM, move could form, with has struggled from the controversy over a 50-billion dollar bailout and the stigma of "Government motors" become to distance.
GM had initially seen bankruptcy by the Department of energy loan program as a possible source of financing, fend off in 2008 could be.
The automaker his application for a low-interest loans under the program written in October 2009 close to the depth of the sharp downturn in U.S. auto sales.
"This decision on our confidence in GM overall progress and strong, global business development is based,", said Welburn.
Story: Ford Recalling over 400,000 Windstar minivans"Withdrawing our loan application (Department of energy) is in line with our goal to take minimal debt on our balance sheet."
Shares of GM IPO have won 16 percent since November.
The associated press and Reuters contributed to this report.
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