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General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.
Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.
According to a Bloomberg report, GM hopes to generate $16 billion by the IPO, selling off roughly a fifth of the stock currently owned by the U.S. Treasury. This would then make the government a minority shareholder in General Motors and is likely to be followed by continued sell-offs until GM is entirely out of government hands. Currently the U.S. government owns a 61 percent stake in GM.
GM has already paid back the $6.7 billion in loans it received from the U.S. and Canadian governments, however, that amount is only a small portion of the almost $50 billion bailout GM received.
For 2010 the New York Auto Show has a bit of everything and continues to deliver with a concentrated presence of luxury vehicles. But this year the luxury fits into numerous niche segments. On one end, there's the world premiere of the 2011 Infiniti QX56 SUV, while on the other there's the North American debut of the Lexus CT200h hybrid hatchback. Luxury will even take wagon form, with Acura announcing the TSX Sport Wagon, while rumors suggest Cadillac will unveil a CTS-V SportWagon. Heck, Hyundai even has a flagship luxury sedan, called the Equus, that is designed to compete with cars like the Mercedes S-Class. Aston Martin is showing its four-door Rapide and Porsche has on display its Cayenne S Hybrid SUV.
In more traditional luxury, BMW is unveiling the all-new 2011 5 Series for the first time in North America, flanked by the facelifted 3 Series, 335is, 2011 X5 and Alpina B7.
Outside the luxury sphere there are exciting vehicles, including crossovers like the Nissan Juke, Mitsubishi Outlander Sport,... [Read More]
In an effort to provide better customer support and head off problems before they get out of control, General Motors has created a new "task force" aimed at monitoring social media sites for complaints about GM vehicles and looking to find solutions.
A report in the Detroit Free Press highlights the story of one woman, Melissa Walker, whose complaints about her 2001 Cadillac DeVille on Twitter were picked up by GM's new team of customer service agents. GM wasn't able to solve the problem, but Walker was left with a positive feeling about the experience, and Tweeted to say as much – exactly what GM is looking for.
Last July GM set up a team of 50 customer service agents to chat online with people about sales incentives and vehicle options. In November, five social media agents were added to hunt out complaints online and that team is set to be doubled in April.
Now if GM's task force is doing its job, someone from the team will likely be reading this story. If they are, might be suggest they not only scour Facebook and... [Read More]
The last of the major auto shows for this season, the New York Auto Show marks the return of Spring, when those who don't live in warmer climates can stop looking at cars and start driving them again.
Last but certainly not least, the NY show allows many automakers to deliver high performance versions of existing models and introduce less conventional vehicles. Plus, it's also an important venue for luxury brands to debut their wares in front of one of the wealthiest audiences in the world. As a result automakers like BMW and Mercedes-Benz often show some impressive hardware, although so far both have been quiet on debut announcements.
Important premieres set for this year's show include the Nissan Juke, Infiniti QX56, MINI Countryman, Hyundai Sonata V6 and Hyundai Sonata Hybrid, Hyundai Equus, Lexus CT200h, Acura TSX Sport Wagon, BMW 335is, Suzuki Kizashi V6, 2011 Kia Optima, 2011 Kia Sportage, Mitsubishi Outlander Sport, Porsche 911 Turbo S, 2011 Porsche Cayenne and the Aston Martin Rapide. Several rumors have also... [Read More]
You knew it would only take time before General Motors took on Ford and its EcoBoost engine, and that time has just about come reports GMInsideNews. According to GMI's sources inside General Motors, the automaker is currently in development of a 3.0-liter V6 with twin-turbochargers. There's no word on actual output, but the same sources say it should rival the larger (3.5-liter) Ford powerplant. Ford's EcoBoost engine makes 365-hp in the SHO and was designed as a V8 replacement.
The engine's code is LF3, in direct reference to the LF1 direct-injection 3.0L V6 currently offered in several GM products.
Currently GM offers a turbocharged 2.8-liter V6 in the Cadillac SRX (above), which makes 300-hp and 295 ft-lbs of torque, so a reasonable bump over that output is certain.
This new twin-turbo V6 is expected in the flagship Cadillac XTS around 2012 and is likely to be used in several other GM products, including the upcoming 3 Series fighter, the ATS. In addition, there's even a strong possibility that such a motor could find... [Read More]
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