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General Motors Corp. (GM), which had said it needed $2 billion to avoid running out of cash by the end of March, said Thursday it can survive for now without the loan.

GM still needs the money, just not as quickly as anticipated, a company spokeswoman said Thursday. The auto maker is working to get up to $16.6 billion in additional loans, which includes a cash infusion of $2.6 billion in April.

Cost-cutting moves and spending deferrals in January and February improved GM's immediate cash position, allowing the company to put off the aid request, the auto maker said in a statement.

"This development reflects the acceleration of GM's company-wide cost reduction efforts as well as pro-active deferrals of spending previously anticipated in January and February," GM Chief Financial Officer Ray Young said in a statement.

The Treasury Department confirmed that GM had notified the administration's auto task force on the loan issue, though officials declined to say when. One official said GM's delay on the need for more federal assistance "doesn't change our timeline or approach" on how to rescue GM and Chrysler.

Shares of GM were up 12.4% to $2.09 in recent trading. Shares of Ford Motor Co. (F), which hasn't requested federal loans, were up 6.6% to $2.09.

Chrysler LLC, subsiding on a $4 billion federal loan, said it needs another $5 billion and could run out of money if it doesn't get additional loans by the end of March. The auto maker had no comment on whether it too would delay any financial aid request. In a statement, Chrysler said its restructuring plans remain "on target" toward being completed by March 31.

GM, struggling to avoid bankruptcy amid a global sales slump, has been surviving on a $13.4 billion federal loan since December. An automotive task force appointed by President Barack Obama faces a March 31 deadline to decide whether to give GM additional loans.

GM's ability to last without an immediate infusion relieves some pressure on the task force to make a decision. Key elements of GM's restructuring plan - namely concessions from the United Auto Workers and bondholders - remain unresolved as GM negotiates with both groups.

The Thursday announcement comes following approval of a new labor contract by the Canadian Auto Workers, announced late Wednesday.

The Canadian labor deal freezes wages for active workers and pension payments for retirees. Workers will get less time off and forgo cost-of-living pay increases. In addition, retirees for the first time will make co-payments for health care.

The new deal is part of GM's efforts to restructure operations in all regions as it seeks billions in aid from other governments.

The Canadian government said any loan to GM is contingent on the auto maker's ability to get concessions from workers.

The deal will "quickly reduce costs in Canada by significantly closing the competitive gap with U.S. transplant automakers on active employee labor costs," GM's Young said in a statement.

He said GM is in talks with the CAW and Canadian government over creating a company-funded health care trust that would be run by the union to cover retiree medical costs, similar to what the company negotiated with the United Auto Workers in 2007.

-By Sharon Terlep, 248-204-5532; sharon.terlep@dowjones.com.

(John Stoll and Neil King contributed to this story.)