Fri, November 19, 2010
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GM takes the high road

2010-11-19 05:48:02 GMT2010-11-19 13:48:02 (Beijing Time)  SINA.com

The closing bell at the New York Stock Exchange signaled a successful debut for the new General Motors- the biggest US IPO ever.

Shares of the company had priced at $33 a share, but were soon trading as much as 9 percent higher, closing with a three and a half percent gain.

President Obama's Auto Czar Ron Bloom:

SOUNDBITE: RON BLOOM, CHIEF ADVISER TO THE TREASURY DEPARTMENT ON THE AUTO INDUSTRY, (ENGLISH) SAYING:

"A year ago people said you have no exit, you have no strategy. This company is not fixed and I think yesterday investors voted $20 billion of private capital said that they want to be part of General Motors so I think the contrast with the year ago or a year and a half ago is extraordinary and I think it's a very good sign."

A sign that things have changed- but will have to continue to change at the 102 year old auto giant if it wants to get rid of the moniker "Government Motors" it got when taxpayers bailed it out and took it through bankruptcy.

George Magliano of IHS Automotive:

SOUNDBITE: GEORGE MAGLIANO, SENIOR ECONOMIST FOR THE AMERICAS, IHS AUTOMOTIVE, (ENGLISH) SAYING:

"They've got to keep that attitude- ok. That tough quick moving attitude. You can't go back to where you were two years ago in Detroit saying ok we are moving at the pace, you know we are doing what we want to do and we are on the right track, but we are going to take our time. The time line in this business has been shortened up for everybody and particularly for a guy like General Motors and they have got to continue to move and move very rapidly"

While GM is on track for its first full-year profit since 2004- market watchers say it will have to continue to deliver on product and value for consumers if the company wants to stay on course.

(Reuters)

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