GM plans to "go green" without government help

Jan 27, 2011

The new GM has been turning a corner of late. It posted three profitable quarters last year:

  • $865 million in the first quarter
  • $1.6 billion in the second quarter
  • $2.1 billion in the third quarter

(still waiting on fourth quarter numbers)

Now, in another sign of financial health, the auto company says it will no longer seek government loans to help it modernize factories:

From the Associated Press:

General Motors, in another sign of its progress since a government-led bankruptcy, said Thursday it is withdrawing its application for $14.4 billion in federal loans it had sought to help build more fuel-efficient cars.

The U.S. Energy Department made the low-interest loans available to help the auto companies retool their old factories.

The AP reports that Ford, Chrysler, and Nissan have all applied for the loans to help them retool.