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GM to start loan repayments early GM to start loan repayments early
(about 1 hour later)
US car company GM has said it will start paying back its US government loan earlier than expected. The US carmaker General Motors (GM) has said it will start paying back its government loans earlier than expected.
The first payment of $1.2bn will be made in December. It could fully repay the money by 2011, four years ahead of schedule. It will make its first payment of $1.2bn (£717bn) to the US government in December. GM had not been required to begin repaying the loan until 2015.
The news came as GM reported a third quarter net loss of $1.2bn. The news came as it reported a loss of $1.2bn from 10 July, when it emerged from bankruptcy, to 30 September.
GM chief executive Fritz Henderson said the firm had work to do but that the results provided "evidence of the solid foundation we're building". GM chief Fritz Henderson said the firm still had work to do but the results were evidence of a "solid foundation".
He said the firm had a healthier balance sheet with lower debt levels. He pointed out that GM had a healthier balance sheet with lower debt levels.
GM owes the US government $6.7bn and the Canadian government $1.4bn. Canada will also receive its first payment in December.GM owes the US government $6.7bn and the Canadian government $1.4bn. Canada will also receive its first payment in December.
In addition Germany will be repaid the outstanding 400m euros that it lent in support of GM's European business Opel. In addition Germany will be repaid the outstanding 400m euros (£358m) that it lent in support of GM's European business Opel.
GM changed its mind over the sale of Opel earlier this month.
It had been planning to sell it to a group led by the Canadian car parts maker Magna but decided instead to keep it as market conditions were picking up.
Sales in the US were boosted by the government-sponsored "cash for clunkers" incentive scheme.
GM said the market in China was proving to be a particularly strong contributor to its results.