General Motors is seeking a line of credit of at least $5 billion from banks to enable it to repay debt and prepare for another decline in U.S. auto sales, said a person familiar with the talks. GM had $23.3 billion of cash and about $14 billion of debt as of March 31, according to its first-quarter financial report. Although the automaker repaid the final $5.8 billion of government loans in April, the federal government still owns a 61% stake. A public stock offering, expected to begin later this year, would enable the government to sell at least some of its shares in GM.... The automaker is restructuring unprofitable European operations, but growing in China, Russia, India and Brazil, where most of the auto industry's growth is to occur in the next decade. GM sold more cars in China in the first half of 2010 (1.21 million) than in the U.S. (1.08 million). It also has given stock valued at $6.66 million to 14 top managers, including $1.33 million worth to Chairman and CEO Ed Whitacre, according to a filing with the Securities and Exchange Commission. Read more...
GM had $23.3 billion of cash and about $14 billion of debt as of March 31, according to its first-quarter financial report. Although the automaker repaid the final $5.8 billion of government loans in April, the federal government still owns a 61% stake. A public stock offering, expected to begin later this year, would enable the government to sell at least some of its shares in GM....
The automaker is restructuring unprofitable European operations, but growing in China, Russia, India and Brazil, where most of the auto industry's growth is to occur in the next decade. GM sold more cars in China in the first half of 2010 (1.21 million) than in the U.S. (1.08 million).
It also has given stock valued at $6.66 million to 14 top managers, including $1.33 million worth to Chairman and CEO Ed Whitacre, according to a filing with the Securities and Exchange Commission.
Read more...
Diversity is the key to economic and political evolution.
Or should I write GROWTH!!!1!!eleventyone!!11!!!
Selling one product in the first year and five products in the second year is 500% growth. And it also means you've sold 6 products over those two years.
Dippy-whoop.
And there's also the sad fact the planet doesn't have enough oil or even enough power production capability for China to achieve the same car ownership percentage as the US.
Or even Europe.
The whole thing is a Marketing Fantasy.
