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General Motors Co has begun to work on the U.S. regulatory filing needed for an initial public offering but does not expect to have that ready in the next two weeks, Chief Executive Ed Whitacre said on Thursday.
General Motors said its U.S. sales in May jumped 32% for the four brands the company kept after its restructuring thanks to continued strong demand for crossover vehicles and cars.
The U.S. Treasury and General Motors Co may select a lead underwriter for an initial public offering for the automaker as early as next week, Bloomberg News reported on Saturday.
General Motors Co. rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years, drawing the company closer to a stock offering that would repay at least part of its government aid....
General Motors said its domestic sales in April rose 20% for the four brands the company is keeping thanks to continued strength in crossover vehicles and cars.
"The company has shed dead weight, cut down its debt and slimmed its dealer network in order to be a more healthy business, but those moves have officially knocked The General from the top 10 of Fortune Magazine's fabled 500 list."
U.S. safety regulators are investigating a potential for brake failure in General Motors Co vehicles that could affect up to 6 million trucks and SUVs sold from the model years 1999 through 2003.
General Motors says it will proceed with the shutdown of the HUMMER brand, but TheCarConnection has confirmed that an American company has twice expressed interest in a HUMMER deal--both before and after a failed bid from a Chinese company.