Washington, D.C. – Citing significant improvements in its business performance, General Motors has withdrawn its US$14.4 billion application for direct loans from the U.S. Department of Energy (DOE).

The Advanced Technology Vehicles Manufacturing Loan Program authorized $25 billion in direct DOE loans to companies toward retooling U.S. factories to make vehicles and components that improve fuel economy.

“This decision is based on our confidence in GM’s overall progress and strong global business performance,” said Chris Liddell, GM vice-chairman and chief financial officer. “Withdrawing our DOE loan application is consistent with our goal to carry minimal debt on our balance sheet.”

The U.S. Congress appropriated funding for the DOE loan program in the fall of 2008. GM submitted its current application in October 2009.

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