Expect the Chevrolet Volt to be available in the Chicago area by mid-2012, when General Motors rolls out its extended range electric car across the country. Get the full story »
General Motors
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GM’s Chevy Volt named green car of the year
(Bill Pugliano/Getty Images)
The Chevrolet Volt plug-in electric car, the centerpiece of a revitalized General Motors, was named 2011 Green Car of the Year on Thursday.
The highly anticipated Volt received the industry’s top environmental honor the same day GM shares began trading on the New York and Toronto stock exchanges.
The Volt edged out the Nissan Leaf, Ford’s Fiesta, the Hyundai Sonata Hybrid and the Lincoln MKZ Hybrid to win the award. Get the full story »
GM IPO raises $20.1 billion, biggest ever in U.S.
General Motors raised $20.1 billion in the biggest U.S. initial public offering in history, pricing the shares at the top of the proposed range in response to huge investor demand.
GM sold 478 common shares at $33 each, raising $15.77 billion, as well as $4.35 billion in preferred shares, more than the initially planned $4 billion. Get the full story »
GM offering may leave out many small investors
When General Motors finally offers stock to the public later this week, small investors will probably be left out in the cold.
Pension funds, mutual funds and other big institutions all want a piece of the rehabilitated GM. That means the three dozen banks divvying up the new shares may not have much left for individual investors.
And being left out of the initial public offering can mean being left out of some big profits: Shares of newly public companies sometimes jump 10 percent or more on the first day of trading, handing easy money to those lucky enough to get access at the offering price.
GM IPO could raise $22.7B, most ever in U.S.
General Motors Co. Wednesday set the final terms for a landmark initial public offering that could raise up to $22.7 billion after a surge of investor interest in an automaker that had fallen from blue-chip status to government bailout.
At the high end of its price range, the IPO could be the largest ever in the United States — and a major first step toward break-even for a $50 billion U.S. government bailout of the 102-year-old company. GM plans to sell 478 million common shares for $32 to $33 each and $4 billion worth of preferred shares, according to an amended filing with U.S. securities regulators Wednesday. Get the full story »
Citing strong demand, GM steps up Volt production
A model stands next to Chevrolet's new Volt at the Orange County Auto Show on Oct. 7, 2010. (Mark Ralston/AFP/Getty Images)
General Motors is stepping up production of its new Chevrolet Volt electric vehicle to try to meet “huge demand,” a top executive said on Tuesday.
Speaking at an event where the Volt was named Motor Trend magazine’s 2011 Car of the Year, GM product chief Tom Stephens said: “If you look at where we were originally, in terms of what we thought the volume would be, we have stepped it up.”
Stephens declined to give a new production forecast. Most recently, GM, the world’s No. 2 automaker, had said it planned to build 10,000 Volts in 2011 and 45,000 in 2012. Get the full story »
GM adds shares, hikes IPO price
A confident General Motors has added 20 million shares of preferred stock to its initial public offering, and it raised the estimated price range for common shares by about 14 percent to $32 to $33.
The Detroit automaker, just 16 months out of bankruptcy protection, will now sell 80 million shares of preferred stock for $50 each when its offering takes place on Thursday. Common shares will be sold by the U.S. government and two other owners, who inherited the stock for helping GM get through a painful restructuring last year.
Execs return to private planes as economy improves
Private planes at Teterboro Airport in Teterboro, N.J. (AP Photo/Jeff Zelevansky)
U.S. executives, including those at government-owned General Motors, are getting back on corporate planes as the economy slowly recovers.
While airlines still account for the majority of corporate travel, many businesses are gradually returning to private planes. They are eager to avoid airport hassles, flight delays and other potential logistical snags associated with commercial flying. For some companies, corporate jets are also a better value.
“We appear to be off the bottom,” said Dan Hubbard of the National Business Aviation Association trade group that represents companies that own and charter planes. “We seem to be seeing things stabilize at this point.” Get the full story »
China’s SAIC agrees to take 1% stake in GM IPO
China’s SAIC Motor Corp. Ltd has agreed to take a stake in General Motors Co if Chinese regulators approve a deal to deepen an existing alliance between the two automakers, four people familiar with the matter said.
The potential investment from SAIC is part of a surge in investor interest in GM that is expected to push the pricing of its shares to $29 or above in the the U.S. automaker’s initial public offering, one of the sources said. Get the full story »
GE to buy 25,000 electric cars, including GM Volts
A 2011 Chevrolet Volt charges at a station in Rochester, Mich., , October 10, 2010. (Rashaun Rucker/Detroit Free Press/MCT)
General Electric Co. plans to buy 25,000 electric vehicles from makers including General Motors over the next five years, in a move it said could spark demand for the charging equipment it sells.
The largest U.S. conglomerate aims to swap out half its fleet of 30,000 cars — used by sales people and technicians, for instance — with electric vehicles and to start shifting customers who lease fleets of vehicles over as well.
GE, which over the past five years has made a major push into green businesses, said Thursday it hopes the move will speed acceptance of electric cars by getting more of them on road more quickly and prompting investment in the equipment that users will need to charge them. Get the full story »
GM recalls cars due to power steering fluid leak
General Motors will recall 13,780 Cadillac DTS and Buick Lucerne luxury sedans because of possible power steering fluid leaks that could cause a loss of steering or an engine fire. Get the full story »
E-mail leak cost UBS a slice of GM IPO, SEC told
Swiss bank UBS is no longer working on General Motors’ initial public stock offering because a bank employee leaked information about the sale in an unauthorized e-mail, a person briefed on the matter said Wednesday.
GM disclosed the e-mail in a filing with the Securities and Exchange Commission. UBS had been listed as a proposed underwriter in GM’s IPO until Nov. 3, when it was dropped without explanation. Get the full story »
GM: ‘Unauthorized’ e-mail cost UBS an IPO spot
General Motors confirmed on Wednesday that it has dropped one of the proposed underwriters of its initial public offering due to an “unauthorized” e-mail sent by an employee of the bank. Get the full story »
As IPO approaches, GM posts $2 billion profit
General Motors posted a $2 billion third-quarter profit Wednesday, driven by an accelerating turnaround in North America as it rushes to complete an initial public offering of stock set for next week. The quarterly profit was the largest for GM since it emerged from bankruptcy in July 2009 and provides the last piece of financial data for investors evaluating the automaker’s $13 billion IPO.
GM said it expected to post solidly profitable results for 2010, its first full-year profit since 2004.
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