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Unformatted text preview: and $121 million in its Detroit-Hamtramck plant, which will provide additional production at times of peak demand. GM has already begun manufacturing the Chevrolet Volt electric car in Hamtramck, where it also makes the Buick Lucerne and Cadillac DTS large cars. On Tuesday night, the automaker wired $4.7 billion to the U.S. Treasury Department and $1.1 billion to Canada. "GM's ability to pay back our loans ahead of schedule is a sign that our plan is working," Whitacre said. But the loan money is only a fraction of the financial support that the federal government gave to GM over the past 12 months to stop it from going out of business. Overall, GM received $50 billion in federal help. In return, the government got $2 billion in preferred stock and 61% of the company's privately held common shares....
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This note was uploaded on 07/04/2011 for the course MGMT 3125 taught by Professor Aminekhayati during the Spring '10 term at SPSU.
- Spring '10