GM execs on the floor of the NYSE -Associated Press
The auto giant almost disappeared completely in 2008 in wake of International economic turmoil before the U.S. and Canadian tax-payers bailed it out, saving thousands of jobs both north and south of the 49th-parallel.
GM is 102 years-old, making it a pioneer and icon in North American automotive history. The complete turn-around of the company was completely unexpected in the eyes of many.
The Canadian and U.S. governments are reducing their holdings of the company from 74.2 percent to 46.3 percent, taking back in around US $15.6 Billion. The number could increase by the billion if they let go more of the preferred shares.
The Detroit-based company currently employs around 9,000 in Southern Ontario in Oshawa, Ingersoll and St. Catherines; a reduction from the 48,000 previously across Ontario and Quebec.
Before the IPO, GM closed down several brands including Saturn and Pontiac. Business is said to be bouncing back for the remaining brands in the GM portfolio.
The return of General Motors to public trading couldn't be timed better while many analysts view the currently economic climate in Canada and the U.S. as improving with increasing demand by consumers for automobiles.