GM repays all government loans

US auto major General Motors (GM), according to its chief executive officer, has repaid all its government loans and is making ''great progress.''

Ed Whitacre said at a press conference on Wednesday that he was pleased to announce that GM had repaid in full and with interest the loans made last July by the US Treasury and Export Development of Canada to help launch the new GM.

"We are able to repay the taxpayers ahead of schedule because we are designing, building and selling the best cars and trucks GM has ever produced," he said.

He noted that the repayment had been completed five years ahead of the original loan schedule and two months ahead an earlier announced target.

According to a GM spokesman the loans were repaid on Tuesday.

"Yes, we still have a lot of hard work ahead of us even with the repayment of the loan," Whitacre said.