GM will invest $190 million at the Cadillac plant, in Lansing, Michigan, to launch production of a new small luxury car.
All signs point towards the upcoming General Motors IPO, but the planned General Motors stock offering remains shrouded in secrecy.
Though GM announced plans to reduce its debt by $11 billion on Wednesday (Click Here for more) chief executive Dan Akerson pointedly ducked questions on speculation GM will wrap up its initial public offering of stock by mid-November.
Akerson remained “on message,” as his public relations handlers might have described it, focusing on the announcement of a new Cadillac model and refusing to talk not only about the IPO but also about GM’s third quarter financial report.
Nonetheless, the maker’s anticipated July – September profit, which would be its third quarterly earnings report to show black ink, is widely anticipated to be the finally piece of the jigsaw puzzle that will trigger GM’s long-awaited return as a publicly-traded company.
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Former Obama administration auto czar Steve Rattner, in the midst of a tour to promote his book on last year’s GM and Chrysler bailouts, said recently that he expects GM to launch the IPO on November 17.
“I’m not going to comment on the IPO,” said Akerson, while surrounded by reporters following the announcement GM plans to spend $190 million for new tooling and equipment for a new small car project at the Grand River Assembly plant in Lansing, Michigan.