UPDATE 1-GM drops US loan application after turnaround

Newswire

WASHINGTON, Jan 27 (Reuters) - General Motors Co has withdrawn its application for $14 billion in subsidized loans from the U.S. Department of Energy, saying it has the financial strength to fund investment in more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. "This decision is based on our confidence in GM's overall progress and strong, global business performance," said Ed Welburn, GM design chief, said in a speech. "Withdrawing our DOE loan application is consistent with our goal to carry ...

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