GM repays U.S. and Canada $5.8 billion, announces plant investments
General Motors Co., upon repaying the U.S. and Canadian governments for loans that helped with its bailout, will update plants in Detroit and Kansas to build the next-generation Chevrolet Malibu.
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GM, which emerged from bankruptcy in July 2009, had pledged two weeks ago to repay the remaining $5.8 billion in loans from the U.S. Treasury and Export Development Canada "in full by June at the latest." "Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working," GM CEO Ed Whitacre said, announcing the repayment in an opinion piece posted on the Wall Street Journal's Web site. Whitacre also said GM would invest $257 million to update its Detroit-Hamtramck and Kansas City, Kan., factories to build the next-generation Malibu, due for introduction some time next year. Kansas City will be the main production site for the Malibu, Whitacre said in a speech at the plant today, and will receive $136 million of the investment. |
