GM: 'We're Not There Yet' on IPO

General Motors CEO Ed Whitacre indicated Thursday that the timing of the company's IPO is far from certain.
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DETROIT (

TheStreet

) -- 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

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 --

GM's IPO

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 Report

rose 335% in 2009 and have added 27% this year.

-- Written by Ted Reed in Charlotte, N.C.