GM's Akerson: Taxpayer Payback Will Take Several Years
DETROIT - General Motors Co. results "over the next several years" will determine how quickly the U.S. government bailout that saved it last year is paid back, GM CEO Dan Akerson said.
Paying back the government all at once would be "unrealistic," Akerson told Reuters and other reporters in a meeting at GM headquarters in downtown Detroit.
Akerson, who was named as GM's fourth CEO in an 18-month period during a shake-up in August, said he was not contemplating more management changes at the automaker.
GM filed plans for a public stock offering within a week of the announcement that Akerson would replace CEO Ed Whitacre at the top of the company. Akerson became CEO on September 1, and is expected to become chairman at year's end.
Akerson declined to discuss the IPO.
Akerson was named to GM's board in July 2009 after the automaker emerged from a government-funded bankruptcy that left the Treasury holding a nearly 61 percent stake.
The IPO, which is expected in November, would allow the government to begin to shed its stake and for GM to move away from its "government motors" image.
More Industry

Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →