(December 10, 2013) DETROIT — The U.S. Treasury on Monday (Dec. 9) sold its last shares of General Motors stock, ending more than four years of government ownership in the nation’s largest automaker at a loss of about $10.5 billion to U.S. taxpayers.

The government said in a statement that it recouped $39 billion of its original $49.5 billion investment into GM. Company executives and dealers say that the stigma of federal ownership, which earned GM the derisive nickname “Government Motors,” has hurt sales.

“The U.S. Treasury’s ownership exit closes just one chapter in GM’s ongoing turnaround story. We will always be grateful for the second chance extended to us and we are doing our best to make the most of it. Today is not dramatically different from the hundreds of preceding days during which we have worked to make GM a company our country can be proud of again," said GM CEO Dan Akerson in a statement.

“Continued investments, innovation, and job creation are just some of the “returns” of a healthy GM and domestic auto industry.  Our work continues uninterrupted, and we will keep our sights squarely on our customers and transforming the way we do business.”

Treasury Secretary Jack Lew told reporters on a conference call: "This marks one of the final chapters in the administration’s efforts to protect the broader economy by providing support to the automobile industry."

Lew said that the automotive industry has created more than 370,000 new automotive jobs since GM exited bankruptcy in the summer of 2009. “All three U.S. automakers are profitable, competitive, and growing,” he said.

GM shares on Monday hit their highest level since they began trading publicly three years ago, rising to $41.16 before closing at $40.90.

Sources: General Motors, Automotive News