The CEO of General Motors Co. announced on Wednesday that his company has repaid in full the loans it received from U.S. and Canadian taxpayers. The announcement was made by CEO Ed Whitacre at a company assembly plant in Kansas City, Kan. The U.S. government still owns 61% of the company through different stock options. The Canadian government owns about 12% of the company through stock options. Both governments hope to sell their ownership of the company through a public sell within the next two years.

Recent media polls have shown that for the first time in years American consumers rate domestic cars as better than Asian manufactured automobiles. Part of this change in consumers’ attitude toward American cars is the recent trouble Toyota has experienced because of several high profile recalls and charges of a cover up over safety violations that may have caused serious injuries and even death in highly publicized accidents.

GM is expected to announced billions of dollars in profits for the last quarter of 2009 and CEO Whitacre said that the repayment of the government loans is a sign that the company is on the road to full recovery. The company is gearing up to manufacture its new Chevy Volt electric car.

GM Repays Billions To Government