U.S. Says GM Buys Back Preferred Shares
WASHINGTON — The U.S. Treasury said Wednesday that General Motors Co. had completed the repurchase of preferred stock issued to the government as part of the car maker's U.S. bailout last year.
In late October, the Obama administration announced that GM would buy back $2.1 billion in preferred stock held by the Treasury, reported The Wall Street Journal.
The stock had been issued under the Troubled Asset Relief Program, which was created in 2008 to support companies stung by the financial crisis.
In its release announcing the completion of the repurchase, the Treasury said the total amount of funds taxpayers have received in return for their investment in GM exceeds $23 billion, including proceeds of the company's initial public stock offering last month.
The Treasury said it invested $49.5 billion in GM. Its remaining stake in the auto maker consists of 500 million shares of common stock.
More Industry
Charger Network Growth Slows
Despite a projected increase in public EV chargers in 2026, charging infrastructure remains a top concern for consumers as the gap between the most and least EV-friendly places remains substantial.
Read More →
Lenders, Consumers Take on More Auto Loan Risk
September records loosened credit access the most in over a decade as buyers took advantage of the conditions to afford trading, though loan applications fell.
Read More →
Next-Gen Hybrids in Sight
Dealerships can expect to see revamped hybrids from Honda next year as the company rolls out a new system and model lineup.
Read More →
Gem State Stores Change Hands
A larger auto group founded in the industry’s early years sold two franchises to a neighbor group that's on a growth spurt.
Read More →
Charging In Motion
Honda has been researching wireless in-motion charging for electric vehicles since 2025, and new technology developments have put it a step closer to a final product.
Read More →
Twin Cities Stores Sell
Minnesota-based Walser Automotive Group made what it called the most significant acquisition in its history with a three-rooftop deal in Minneapolis.
Read More →
U.S. Auto Sales Still Below Prepandemic Levels
Mobility Global industry observers don’t expect the market to return to the higher volumes that became routine before Covid but to stay well below its potential.
Read More →
The Powertrain Shift
Electric-vehicle owners are backpedaling, according to new data, with product availability driving many to shift back to gas-powered engines.
Read More →
Achromatic Autos
The shades that dominate the U.S. car market don’t call attention to themselves, though grayscale may have plateaued after a 30-year upswing, research shows.
Read More →
Used-Vehicle Affordability Worsens
Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.
Read More →