The U.S. government now holds about a 4% stake in General Motors after selling off more stock in October.

The U.S. government’s steady sale of its remaining shares of General Motors stock continued last month, according to the Treasury Department, as it sold $1.2 billion of its holdings.

The government is still on track to lose about $9.7 billion on the shares, which it acquired in 2009 as part of the automaker’s bankruptcy restructuring. The final number won’t be known until all of the shares are sold, but the Detroit-based maker’s stock price would have to jump to more than $175 per share now for the government to break even.

The Treasury has said it plans to divest the rest of its holdings by next spring and has been selling the stock in bits and pieces since this summer.

Last month, GM’s stock traded in the range of $33 to $38 a share, which means the government sold about 30 million shares. In September, Treasury reported it had about 100 million shares remaining.

That would leave the government with roughly 70 million shares, or about 4% of GM.

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GM’s bailout was different than Chrysler’s as the Obama administration did not require GM to repay the vast majority of its $49.5 billion bailout. Treasury has now recovered $37.2 billion of its bailout of GM, Treasury said.

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The government agreed to take a combination of cash, preferred stock and common stock to cover the debt. GM repaid the cash element, which was a $6.7 billion loan, within 18 months. Treasury opted to not require GM to repay $40.7 billion of the debt. Canada gave GM a separate $10 billion bailout.