GM withdrawing government loan application (AP)
WASHINGTON – General Motors says it is withdrawing its covering for $14.4 1000000000 in federal government loans it had wanted to support renew plants to physique fuel-efficient cars.
GM says it doesn't requirement the loans now, because the company's cash function has reinforced and it can clear for the improvements. GM practical for the loans in 2008 to renew plants to physique fuel-efficient vehicles.
The $25 1000000000 low-interest give information is administered by the Energy Department. It was created in a 2007 forcefulness accumulation to support car companies reorganise older factories to physique naif cars.
Ford, Nissan and Tesla have benefited from the program. Chrysler is hunt loans low the program.
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