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GENERAL MOTORS COMPANY

(GM)
  Report
Delayed Nyse  -  04:00:02 2023-03-24 pm EDT
33.71 USD   -0.09%
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General Motors Company : U.S. reports $9.7 billion loss on General Motors bailout

10/29/2013 | 11:08am EDT
GMC cars are displayed at the Peoria Pontiac GMC car dealership in Peoria, Arizona

DETROIT (Reuters) - The U.S. government has booked a loss of $9.7 billion (6 billion pounds) on the nearly $50 billion bailout of U.S. automaker General Motors Co, according to a quarterly report to Congress on Tuesday.

In 2009, the U.S. Treasury extended $49.5 billion in loans to GM in exchange for $2.1 billion in preferred stock and a 60.8 percent equity stake.

Treasury has since whittled down its stake in GM through a series of stock sales. Those sales have all taken place below the price Treasury needed to break even on its GM investment, resulting in the loss, according to Tuesday's report from the Special Inspector General overseeing the $700 billion Troubled Asset Relief Program.

Treasury has sold its preferred stock and reduced its equity stake to 7.3 percent. Treasury owns 101.3 million GM shares as of September 26, the most recent date available.

The U.S. government has said it plans to sell its remaining GM shares by April 2014. Some analysts said Treasury could even unwind its position by year end.

The exit of Treasury will eliminate the stigma of government ownership that has hovered over the automaker since the bailout, which prompted some critics to dub the company "Government Motors."

(Reporting by Deepa Seetharaman; editing by Matthew Lewis)


ę Reuters 2013
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Analyst Recommendations on GENERAL MOTORS COMPANY
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Financials (USD)
Sales 2023 161 B - -
Net income 2023 8 087 M - -
Net cash 2023 10 998 M - -
P/E ratio 2023 5,73x
Yield 2023 1,11%
Capitalization 47 013 M 47 013 M -
EV / Sales 2023 0,22x
EV / Sales 2024 0,21x
Nbr of Employees 167 000
Free-Float 96,8%
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Technical analysis trends GENERAL MOTORS COMPANY
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 33,71 $
Average target price 50,55 $
Spread / Average Target 49,9%
EPS Revisions
Managers and Directors
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Fred Killeen Chief Information Officer
Kent E. Helfrich CTO, Vice President-Global Research & Development
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