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News Summary: 2 years after IPO, GM thriving
Friday - 11/16/2012, 4:33pm EST
(AP) - THE MILESTONE: General Motors is about to start its third year as a public company after returning to the stock markets on Nov. 18, 2010. GM briefly became a private company after its government-funded bankruptcy in 2009.
THE GOOD: GM has been profitable for 11 straight quarters and has piled up more than $16 billion in profits. The company has shifted from making most of its money on trucks to being profitable selling cars and car-based crossovers. GM makes strong profits in North America, fueled by U.S. sales, but it also makes good money in Asia. The company expects even stronger U.S. sales as it revamps 70 percent of its North American models by the end of next year.
THE BAD: GM's stock is trading about 30 percent below the IPO price of $33 per share. Its market share in the key U.S. market is shrinking and it now has the oldest model lineup in the industry. There has been some management turmoil, and GM's European operations are expected to lose up to $1.8 billion before taxes this year.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)