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GM Comeback: IPO And Showcase Of Chevy Volt At LA Auto Show 2010
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by NowPublic Staff | November 17, 2010 at 03:48 pm
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General Motors 2010 Comeback: GM IPO And LA Auto Show 2010 - Showcases Chevy Volt Cross Country Trip on 1 Gallon Of Gas
General Motors is on a roll pulling off an attention getting coup during the LA Auto Show by showcasing a dusty Chevorlet Volt on the LA Auto Shows preview day. The Chevy Volt, an electric, went on a cross country road trip from GM's headquarters in Detroit to Los Angeles for the LA Auto Show, driven by the Vice President of Marketing for GM, Joel Ewanick.
- LA Auto Show: November 19-28, Including Thanksgiving
Ewanik's personal Volt logged 1,100 miles this year and only used one gallon of gasoline. He actually laughed the first time he had to fill it in Gary, Ind.
“I didn't even know where the button is,” he chuckled.
GM's Chevy Volts was named Motor Trend and Automobile Magazine's Car of the Year for 2010.
The Volt begins production this month at the Detroit-Hamtramck Assembly Plant. California is one of the Volt launch markets, along with New York City and Austin, Texas. California customers will be among the first to receive their Volts, taking delivery in December.
The LA Auto Show is an institution in the Los Angeles area, in existence in some form since 1907 and reports say GM made a splash as the grungy Chevy Volt was driven into the LA Auto show preview day.
About 50 electric or alternative fuel vehicles will be on display at the LA Auto Show.
The LA Auto Show was the only good news for GM on Wednesday. The GM IPO on Wednesday saw a GM share price of $33 per share.
Investment banks led by JPMorgan on Wednesday priced GM's 478 million common-share offering at $33 apiece, raising $15.8 billion. The once-bankrupt car company also sold $4.3 billion of preferred shares, bringing its take to $20.1 billion.
Indeed, GM at least on the surface seems to be rallying with new better vehicles and an injection of cash.
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at 19:50 on November 18th, 2010
I do not agree with the premise of the Editor Pick title in this posting - GM shines ...
First off, where does GM come off initiating an IPO before the Government and its Union partner divests itself of the ownership. Isn't an IPO nothing more that monetizing taxpayer debt - it is the same in principle as the 600 Billion dollar QE2 Bond buy back without any protections to the investor. Look, the Government booted investors from the first to be bought off to the bottom (against American business law precedent) during the last bankruptcy, just where does one think investors will be in the NEXT bankruptcy.
The Volt is a 300 mile per tank conventional fuel car that has a 40 mile per charge extended rang on electric power! Big deal - 2010 Green Car of the Year - just how much carbon is thrown into the air by the electric power plant that creates the power to deliver that 40 mile range?
GM is now being courted by the Chinese as a potential car company to own ... what a sad potential fate to a once stellar American car manufacturing power house and group of Brands.