General Motors Co. Treasurer Walter Borst said Monday the auto maker expects billions in additional Energy Department funding now that the auto maker is "viable."
GM has applied for more than $10 billion in Department of Energy funds, according to a spokesman for the company. The spokesman said GM expects to receive most, but not all of that funding if the DOE approves GM's loan request.
Such loans would further extend the taxpayer commitment to GM's reorganization. The Treasury Department has already committed at least $50 billion in direct bailout funds to GM, and billions more to its affiliates, such as supplier Delphi Corp. and lender GMAC LLC.
The DOE has thus far withheld putting funds into GM because of the auto maker's bankruptcy and financial troubles.
Mr. Borst, speaking to a congressional oversight committee for the Troubled Asset Relief Program in Detroit, said securing those funds are a component of GM's shorter-term liquidity assumptions. He pointed to those funds as one of the sources of liquidity GM is factoring into its plans in order to meet its capital requirements in the future.
The DOE has offered as much as $25 billion in assistance to auto makers trying to build and develop more fuel-efficient products. Ford Motor Co. and other auto makers have been granted such funds, even though GM and Chrysler have not due to concerns related to those companies' viability.