GM Drops U.S. Loan Application After Turnaround

WASHINGTON (Reuters) – General Motors Co has withdrawn its application for $14 billion in subsidized loans from the U.S. Department of Energy, saying it has the financial strength to fund investment in more fuel-efficient and electric vehicl…

WASHINGTON (Reuters) – General Motors Co has withdrawn its application for $14 billion in subsidized loans from the U.S. Department of Energy, saying it has the financial strength to fund investment in more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 the controversy of a $50 billion bailout and the stigma of having become “Government Motors” after being restructured in bankruptcy.

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