General Motors Withdraws Federal Loan Application

General Motors GM today announced it is withdrawing its $14.4 billion application for direct loans from the U.S. Department of Energy. The Advanced Technology Vehicles Manufacturing Loan Program (Section 136 of the Energy Independence and Security Act passed in December 2007) authorized $25 billion in direct DOE loans to companies toward retooling U.S. factories to make vehicles and components that improve fuel economy.