The United States government has taken its first steps in divesting its 61 per cent stake in General Motors by announcing at a hearing in Detroit today that it intends to sell off the manufacturer in stages.
US Treasury Department senior adviser - and newly appointed car czar - Ron Bloom (pictured above left) said of the move that "it is is GM's best interest to be sold off in parcels over a period of time rather than all at once".
Mr Bloom went on to say that he feared that a short period sale of the majority share would push the stock price down and limit the taxpayers’ return on their investment in GM.
The hearing continues. CarAdvice will keep you posted on any developments.