General Motors Company Chairman and CEO Ed Whitacre Wednesday announced that GM has made its final payment of $5.8 billion to the U.S. Treasury and Export Development Canada, paying back its government loans in full, ahead of schedule.
"GM is able to repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying vehicles," said Whitacre.
The U.S., Canadian, and Ontario governments, as part of the launch of the new GM, provided loans of $8.4 billion and took equity stakes in the new company. Today's payment of $5.8 billion ($4.7 billion to the U.S. Treasury and $C1.1 billion to Export Development Canada) completes the payback of these loans.