GM's Whitacre says 2010 "great year" for IPO
AUSTIN, Texas (Reuters) - General Motors Co GM.UL Chief Executive Ed Whitacre said on Thursday that despite low consumer confidence levels, 2010 is a "great year" for a GM initial public offering.
"We're aiming for it as soon as we can get there," Whitacre told reporters. "We have some things we have yet to do. I can't have a date but I think this is a good year to do it if we can get everything done. I think it's a great year."
Whitacre spoke to reporters after an appearance in the Texas capital in which he promoted the new Chevy Volt extended-range electric car to go on sale in limited U.S. markets late this year.
Whitacre earlier this week in Michigan kicked off GM's first presentation to analysts and investors since it filed for bankruptcy last year. He touted a revamped GM that is expanding operations in emerging markets including the top market China and keeping U.S. vehicle inventories lower than had GM's previous administration.
The GM IPO is expected to be one of the biggest ever.
Whitacre in a prepared speech in Austin said that the Volt will be sold by late this year in the New York City area and Austin. GM had already announced that the Volt will be available in California, Michigan, and Washington D.C. in limited numbers by the end of the year.
The Volt is expected to retail near $40,000.
(Reporting by Bernie Woodall, editing by Matthew Lewis)
NEW YORK - Stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.