Detroit, Michigan – General Motors has advised the U.S. government that it will not need US$2 billion in funding that it had previously requested for March.

The automaker said that this reflects the acceleration of its company-wide cost reduction efforts, as well as pro-active deferrals of spending previously anticipated in January and February.

Ray Young, GM executive vice-president and chief financial officer, said that the company will remain in regular contact with the Presidential Task Force on the Auto Industry on the state of its restructuring actions, its liquidity position, the timing of future funding requests, and other relevant topics of mutual concern.

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