General Motors Corp. (GM) is starting to stand on its own feet -- sort of.
The no. 1 North American automaker does not need $2 billion in loans it sought for March because its cost cutting is starting to take hold, Chief Financial Officer Ray Young told the Associated Press. Shares of the Detroit automaker rose 7.5 percent to $2 in early afternoon trading on the news. Even so, the stock is still cheaper than a gallon of gas in some U.S. states.