The New General Motors has announced that it intends to register 3.5 billion shares of GM stock for a public offering, possibly as early as next year.
Although the automaker has not announced a definite date for the public offering, it has indicated that 2.5 billion shares would be common stock with preferred stock making up the remaining 1 billion shares.
The automaker also announced that it will release three- and nine-month earnings reports by the end of September but will not report its second quarter earnings.
GM has also stated that the three- and nine-month reports will be issued after the close of the third quarter and says that neither will comply with generally accepted accounting principles used by most U.S. corporations. Reports that meet those standards, GM says, will be filed in 2010.
On Friday, the company also announced that it will reintroduce 0% financing to enhance incentives offered through the federally funded CARS program. GM’s no interest incentive will offer financing for up to 72 months on most models that qualify for the CARS rebate. Among the models qualifying for both the “Cash for Clunkers” rebate and no-interest financing are a number of 2009 and 2008 model year vehicles as well as a limited edition 2010 version of the Pontiac Vibe which was produced through a joint venture with Toyota.
No-interest financing will also be offered on selected models that don’t qualify for CARS program rebates. The models include the popular Chevy Cobalt, Malibu and Equinox, the Pontiac G3, G4 and G5 and the GMC Sierra, full-size and Canyon, mid-size pickups
According to GM’s executive director of global market and industry analysis, Mike DiGiovanni, the company decided to reinstate no-interest financing in response to Congress’ infusion of an additional $2 billion into the CARS program.
Commenting on the additional funding, DiGiovanni said, “This is going to give an even bigger boost to the Cash for Clunkers program, so we said you know things are going well, Cash for Clunkers, we need a big hook.”
Other automakers, including Chrysler and BMW, have introduced their own incentive programs in recent weeks as the CARS program has drawn throngs of new car buyers back to dealer showrooms.
DiGiovanni also said that GM and other domestic automakers are expecting to increase production for the first time in months.
GM’s 0% financing is scheduled to continue through the end of August.