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General Motors Co. has withdrawn its application for $14 billion in subsidized loans from the Department of Energy, saying it has the financial strength to fund investment in more fuel-efficient and electric vehicles on its own.
The move could provide a public-relations boost to GM, which has struggled to distance itself from a $50 billion bailout and the stigma of having become ”Government Motors” after being restructured in bankruptcy. Get the full story »
Chrysler, the once-bankrupt U.S. automaker that received billions in government aid last year, will soon get new federal loans to help retool factories to make more fuel efficient vehicles, according to sources familiar with the matter.
The timing of the Energy Department award to Chrysler is fluid, but sources with knowledge of the financing and the industry say the automaker will likely receive approval for new credit before General Motors Co. Get the full story »
