General Motors to announce Q2 results this week
According to the General Motors, company will generate $16 billion in earnings before interest, taxes, depreciation and amortization for 2011. GM is preparing a stock offering, expected to be the largest ever for the U.S. market, in 2011.
GENERAL MOTORS Co, now 61 percent-owned by the U.S. government, stated that its second-quarter results will show higher earnings than the first quarter's $865 million profit. Ed Whitacre, GM's Chief Executive, who was appointed by the Obama administration, said this is General Motors' first quarterly profit since 2007. Last month GM announced its long awaited model Chevy Volt on $41,000.
According to the General Motors, company will generate $16 billion in earnings before interest, taxes, depreciation and amortization for 2011. GM is preparing a stock offering, expected to be the largest ever for the U.S. market, in 2011.
Earlier, the U.S. government converted to equity stake of the $43 billion of aid through a 2009 bankruptcy process of GM that allowed the automaker to slash costs and return to profit even at sharply reduced sales rates. In the second quarter General Motors Co gained 27 percent in U.S. sales compared to the first quarter.
Earlier, the U.S. government converted to equity stake of the $43 billion of aid through a 2009 bankruptcy process of GM that allowed the automaker to slash costs and return to profit even at sharply reduced sales rates. In the second quarter General Motors Co gained 27 percent in U.S. sales compared to the first quarter.
The auto sales in the country had seen a great decline in the last few months. many companies went on to give some attractive deals like zero financing, free iPads, discounts on certain models etc. to attract customers. With some new cars, some of them hybrids, the auto industry is looking up. Let's hope the condition become good for the customers as well as the manufacturers.
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