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Automakers

U.S. Treasury cuts stake in GM to 7.3%

GM, which likes to tout its "fortress balance sheet," is focusing on product development, ensuring it has enough money to fix problems like its money-losing European unit, reducing its exposure to pension obligations and making acquisitions. (Gary Malerba/Bloomberg)
September 18, 2013 05:00 AM

DETROIT (Reuters) -- The U.S. Treasury has sold another block of shares in General Motors Co., reducing its stake to 7.3 percent as it moves toward exiting its holdings in the automaker by the end of March.

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