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General Motors announced today that it has filed for an initial public offering of common stock with the U.S. Securities and Exchange Commission (SEC).

“The amount of securities offered will be determined by market conditions and other factors at the time of the offering,” GM said in a statement. “The number of shares to be offered and the price range for the offering have not yet been determined.”

According to a report by Reuters, GM filed for an IPO of up to $100 million. The filing does not represent the full amount that GM aims to raise, which could be up to $20 billion in its IPO, sources familiar with the matter said.

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After reporting a second consecutive quarter of profits, General Motors CEO Edward E. Whitacre said that he will step down as CEO of the automaker on September 1, 2010. Whitacre said he will remain chairman of the board but will give that up by the end of the year as well, having successfully led the company’s return to profitability.
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According to Mark Reuss, head of GM North America it appears that the company has finally found the solution to do business in style: the new GM is spending less and making more than the old GM.

How come? Well, according to the same Reuss, the average transaction prices have risen $3,000 per vehicle and average discounts have fallen $1,200. Due to this fact GM sales are more impressive, despite the fact that it lost four brands: Saturn, Pontiac, Hummer and Saab, which was sold to Spyker. “Our products are highly desired,” Reuss said. GM’s breakeven also has fallen to a “record low,” he said. “We have never operated at this level.”

The Wall Street Journal revealed that General Motors Co. is expanding the launch of the Chevrolet Volt hybrid car to markets in the New York region and Austin, Texas.

It is expected that GM Chairman and Chief Executive Edward E. Whitacre Jr. will present this plan on Thursday in a speech to the Austin Chamber of Commerce. However, GM has yet to confirm this report. The Volt, an extended range electric vehicle that has a gasoline engine, is designed for drivers and commuters that travel up to 40 miles a day. When the battery runs out, the gasoline engine takes over and allows the Volt to run 300 miles more. A conventional household electrical outlet can be used to recharge the vehicle.

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When General Motors sold off control of GMAC, it lost more than its in-house financing arm. It lost the ability to offer loans to a broad range of consumers, particularly subprime borrowers. As a result, GM also lost market share. Now, the automaker is chatting up two major Wall Street players — Chase and Wells Fargo — to remedy that situation.

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