SAN ANTONIO -- In a rare sit-down interview, San Antonio business icon Ed Whitacre shared his enthusiasm and his concern for the job ahead rebuilding what was once the largest automaker in the world.

Just a week out from his first crucial meetings with GM’s Board of Directors since bankruptcy was granted, Whitacre expressed optimism that the company will emerge a leader once again.

With his deliberate Texas drawl, Whitacre said, “You and I and all the taxpayers own General Motors. We were all nice enough to loan it a lot of money and we’ve got to pay that back. It’s going to be interesting.”

This coming from a man who has shaken hands with world leaders and taken the smallest of Baby Bells and transformed it into the world’s telecom leader, AT&T. During the transformation from Southwestern Bell to AT&T, he developed a reputation for business savvy, union negotiations and a love of all things South Texas. Whitacre even moved the company from St. Louis to San Antonio in 1993. He retired from AT&T two years ago, saying he would look forward to playing golf, fishing and raising Brahma cattle at his ranch in Pearsall.

Now he will be splitting his time between his home in San Antonio and his new job’s needs in Detroit and Washington.

“This is our home. We’ve been here a long time. We are not leaving,” he says when asked if he’ll move to Detroit full time.

That does not mean that he doesn’t fully understand the huge task he has now undertaken. And he’s on a learning curve, especially after admitting that he did not have any technical knowlege about cars. “I had to tell the truth on that,” he says now. “I mean, I know a little about them. I can turn them on, change the oil and things like that. I used to know something about them. But technology has come so far.”

There is no doubt about that today. On Tuesday, General Motors announced its new Chevy Volt hybrid electric car would be capable of more than 230 mpg, the highest fuel efficiency rating of any car rated by the Environmental Protection Agency. The agency has publicly stated it has not yet rated the Volt itself. The vehicle, which is expected to hit the market late next year, is a favorite of the chairman, who says, “The Volt is an interesting car. I’ve driven it. It’s new technology and you’d be amazed at how powerful and smooth it is.” The Volt has a hybrid battery that recharges using a regular electrical plug. It is touted to be capable of traveling 40 miles on one charge without using gasoline.

Another new aspect for Whitacre is the fact that he is navigating through the car industry with a company that has the U.S. government as part owner. He said he agreed to the job with the understanding that the federal government would not interfere with his management, and said so far it has not. When pressed as to whether he gets regular phone calls from the White House, he said, “They are true to their word.” And, he added, “I like that.”

So why at the age of 67 would Whitacre leave a comfortable retirement for such a challenge? He explains it this way. “It’s a company that should not go away. This country needs a manufacturing company with such a rich tradition. Plus there’s the jobs… the country certainly needs the jobs.”

One of the top priorities of the new G.M. will be changing the image of the company’s cars. Pointing to success stories such as the Buick Enclave, Whitacre explains, “We rank high in J.D. Powers with some models. We have some cars of the year, Motortrend, etcetera… We have to change that image, and change that image by letting people know in every possible way,” he says.

An indicator that there is much work to be done in regard to image may be found in preliminary reports from the government’s Cash for Clunker’s program, which gives the general public a chance to trade in their old gas guzzler for a more fuel efficient vehicle and receive a $4,500 rebate in the process.

“I don’t know about the politics of it, but it’s certainly selling more cars, and I hope they are General Motors cars,” says Whitacre.

However according to the U.S. Department of Transportation’s initial list released Friday, GM enjoyed only one car in the top ten. The Chevrolet Cobalt came in at No. 10 after vehicles from Toyota, Ford, Honda, Hyundai, and Dodge. While Whitacre is looking forward to seeing a more complete analysis of the program, he acknowledges “That would be disappointing if that is true.”

Still, seeing so many American cars on the list might please the Ennis, Texas native. While behind the wheel of his black 2009 Chevy Tahoe, an SUV he bought long before he was tapped to be the chairman at the troubled automaker, he points out it’s smooth ride free of rattles. In describing himself, he says “I’m sort of a pickup guy. SUV guy. I have a Tahoe. I have a Yukon XL, and I have a pickup truck.”

That truck may not be getting much work these days while the chairman sets about rebuilding G.M. Whitacre admits he no longer has time for golf, or for his beloved ranch in Pearsall, Texas. He says thoughtfully, “It’s a getaway for me. I like it. But I’m going to give this the required effort and I’m going to do the best I can. And the ranch will still be there.”