General Motors has repaid the $4.7 billion in loans extended to it by the U.S. Treasury and 1.1 billion Canadian loaned by Canada, the company’s CEO Ed Whitacre announced today during a ceremony in Kansas City to highlight the firm’s $257 million assembly plant. The speech had been rumored by the Wall Street Journal on Monday.
GM is able to repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying vehicles like the Chevrolet Malibu and Buick LaCrosse we build here in Fairfax,� said Whitacre. �We are now building some of the best cars, trucks, and crossovers we have ever built, and customers are taking note. Our dealers are increasing their sales, we are investing in our plants, and we are restoring and creating jobs.�
�We appreciate the support the taxpayers have given GM, and our great new products are tangible results of that support.�
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