General Motors Co. has repaid the $1.4 billion in loans it received from the Canadian and Ontario governments, a move its CEO says is a sign the automaker is on the road to recovery.
GM has also repaid $6.7 billion in loans it received from the U.S. government.
"On behalf of the men and women of GM, the [United Auto Workers] and the [Canadian Auto Workers], I'm very pleased to announce that as of today GM has repaid in full and with interest the loans made last July by the U.S. treasury and Export Development Canada," Ed Whitacre, GM's chief executive officer, said Wednesday.
Whitacre made the announcement at the company's Fairfax Assembly Plant in Kansas City, Kan., where he also announced that GM is investing $257 million in that factory and the Detroit-Hamtramck plant, both of which will build the next generation of the midsize Chevrolet Malibu.
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