Thursday, November 18, 2010
Payback (And IPO) Time For GM As Chevy Volt Wins Industry Accolades
The 102-year-old car company General Motors (GM) is set to go public on Thursday after a government-forced bankruptcy and bailout in November 2008. The bailout cost taxpayers about $50 billion. Analysts estimate the stock price would need to hit $53 dollars before the government can recoup its investment. GM plans to sell about half-a-billion shares for $33 each in its IPO. The company's overall valuation stands at $20.1 billion to $23.1 billion. ...In other company news, GM unveiled its 2011 Chevrolet Camaro Convertible at the Los Angeles auto show today. Earlier in the week its new, electric vehicle (EV) the 2011 Chevy Volt won the title of car of the year from two trade magazines, Motor Trend and Automobile magazines.