subject: GM Michigan Automaker Continues Its Position as Sales Leader, IPO Coming Soon [print this page] GM Michigan Automaker Continues Its Position as Sales Leader, IPO Coming Soon
DETROIT, M.I. GM Michigan fans have more cause for celebration as Motor Intelligence indicates General Motors is at the front of the pack again, with a total sales volume for cars and light trucks ending the month of May at 223,410.
Occupying the No. 2 position was Ford with 196,671 representing a 22 percent change over May 2009. Toyota continued to hold its No. 3 position with 162,813, making a 6.7 percent gain over last year's May numbers. Surprisingly, BMW represented the only shocker of sales losses, with a 3.9 percent decline from last year's May total of 23,019.
GM's May totals represent a 17.5 percent change for the better as the automaker continues to make strides toward releasing its initial public offering.
According to Automobile Magazine a recent filing by General Motors with the Securities and Exchange Commission has estimated each share could be worth $53.98. More indications that GM Michigan stock buyers could see General Motors as an available option by the end of this year include GM's filing Monday (June 7, 2010) of a stock option payment plan for its executives.
Also, though the company is still committed to lessening the number of its dealers, and still involved in arbitrations, Mark Reuss, President of GM North America, told the Associated Press that the automaker will only reduce that number by approximately 1,000 instead of the 2,000 estimate initially stated when the automaker first entered bankruptcy.
A further indication the GM Michigan company is making a turnaround was the announcement of General Motors Ventures, LLC, a subsidiary and venture capital firm developed to enhance GM's ability to source innovative technologies and establish partnerships with other VC companies, the company said in a press release issued June 4, 2010.
GMV's initial investment funding is $100 million, and according to Stephen J. Girsky, GM vice chairman Corporate Strategy and New Business Development, will be used to "nurture these innovative technologies to help bring them to market, and to ensure our customers have access to the best technology available."
How close do you think GM is to releasing its IPO? Let us know!
