F&I Management & Training

US carmaker General Motors has said it will not need the $2bn (£1.45bn) of funding it had previously requested for March from the government. GM said the development reflected the acceleration of its efforts to cut costs. It had delayed spending planned for January and February, it added. GM has already received $13.4bn in aid, and has requested another $16.6bn. In December the company warned it could run out of cash in a matter of weeks if money were not made available. GM said the $2bn requested for March would not be needed "at this time". However, it did not indicate whether it would need the funds at a later date or if it planned to change its request for the $16.6bn asked for last month. "GM will remain in regular contact with the Presidential Task Force on the auto industry on the status of GM's restructuring actions, its liquidity position, timing of future funding requests, and other relevant topics of mutual concern," said Ray Young, GM vice president and chief financial officer.

DATED: 16.03.09

FEED: AW