GM: 'We're Not There Yet' on IPO
DETROIT (
) -- Expectations for a
General Motors
IPO this year may be premature.
"We're not there yet," CEO Ed Whitacre said Thursday as he discussed the timing of the automaker's return to the public markets, according to the
Wall Street Journal
. "I don't know when, I don't know how."
Ed Whitacre, CEO of GM |
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Whitacre made the comments before speaking at the Center for Automotive Research's annual auto industry conference in Traverse City, Mich.
Because the auto industry appears to be recovering -- and because GM has substantially reduced its costs --
is eagerly awaited. In particular, the federal government, which is the company's biggest investor, would get a chance to cash in a portion of its investment.
GM is expected to file a registration for an offering this month.
Shares in GM rival
Ford
(F) - Get Ford Motor Company Report
rose 335% in 2009 and have added 27% this year.
-- Written by Ted Reed in Charlotte, N.C.
