Myth - GM is looking for a government bailout
We are not asking for a bailout, or a handout. The program under discussion – part of major energy legislation signed in December 2007 — is intended to lower borrowing costs for carmakers and suppliers who are investing in energy-saving technologies. This would be done through direct loans, which must be repaid in full, with interest.
GM is already investing billions in energy saving technologies, which help drivers use less fuel and reduce our dependence on petroleum. We making our mainstream vehicles more efficient, expanding availability of hybrid and flex-fuel vehicles, and preparing to build the Chevy Volt.
GM and other U.S. based companies are literally reinventing the automobile. This federal direct-loan program is a powerful and appropriate incentive to help spur this transformation, which is vital to our industry, and to the country as a whole.