Fueled by strong investor demand, General Motors is setting a higher share price for Thursday’s initial public stock offering. The increase boosts the automaker’s market value to $50 billion and moves its largest owner, the U.S. government, closer to recouping all the money it spent saving GM from ruin.
Meanwhile, a new report by the Center for Automotive Research shows that the government’s bailout program of automotive firms like GM and Chrysler saved more than 1.4 million jobs in 2009-10. (Detroit News)
GM has made profits for three straight quarters and thinks earnings could increase even more if the U.S. auto market rebounds from a 30-year low last year.
(READ the story in Business Week)