Back in 2009, General Motors applied to the Department of Energy for $14.4 billion in loans to help it manufacture more fuel-efficient vehicles. Today, with the automaker making big strides in turning around its business, GM said it no longer needs or wants the money.
General Motors unveiled plans Thursday to build a new compact Buick sedan at an idled plant in Michigan that once built Pontiacs. The automaker will invest $145 million to retool the Orion Assembly plant, which will build the new Buick Verano sedan as well as a yet-unnamed small Chevrolet car, GM said during a press briefing at the plant, about 40 miles north of Detroit.
The thrifty new small car replaces the underwhelming Chevy Cobalt, a model that had a hard time competing with the likes of Toyota's Corolla and Ford's Focus, new versions of which are due in coming months. A manual transmission model will have a 40-mpg highway rating.