GM shifting tiny Chevy Beat car to U.S.
NEW YORK (MarketWatch) - General Motors will shift its Chevrolet Beat concept car to the U.S. market as the ailing car maker attempts to lift its fortunes from its lowest stock price since the Eisenhower administration, according to a report Thursday. The perky two-door, which packs a gas-sipping 1.2 liter turbocharged engine, had been targeted for the Asian and Latin American markets, gets about 40 miles to the gallon.
GM shares skidded to a multi-year low of $9.98 a share on Wednesday, on a key downgrade from Merrill Lynch. See full story.
Consensus is growing on Wall Street that GM may have to float debt or issue stock to cope with its rising cash burn rate. The Detroit auto maker may be on the hook for as much as $15 billion, according to reports.
GM handed in an 18% drop in monthly vehicle sales on Tuesday, sideswiped by plunging consumer confidence and record-high gas prices. The stock moved up slightly on the news as Wall Street had expected an even more severe decline. See full story
