General Motors Company (NASDAQ:GM) the market leader in the automobile industry announced on Sept. 17, 2013 that it will be re entering the electric vehicle market with the launch of its own EV model very soon. Some top officials from GM revealed that the model will be priced around $30,000 and will be efficient enough to run 200 miles on a single charge. This approach from GM will pose a competitive threat for Tesla Motors, Inc. (NASDAQ:TSLA) which is currently operating its own Tesla Model S. This electric sports vehicle can although run for 265 miles on a single charge but the price is much higher at $70,000. The stock prices of GM following the announcement didn’t fluctuate much and it ended with a meager growth of 0.03% when markets closed on Tuesday.
On Sept. 18, 2013, the United States in the process of ending ownership in General Motors slashed its stake in the company by 7.3%. The US Treasury Department has confirmed the news. This means that the United States government will no longer remain a direct owner of GM after a few months time. As of June 12, 2013 the United States owned 13.8 % of GM’s stock. In the month of August, it has sold $811.1 million valued GM stock.
Four years back, when General Motors filed for bankruptcy, it was the US taxpayers and the government who helped the company from bailing out from the critical financial situation. Reports confirm that during the past few years, the US government faced huge amount of losses but the good thing is that the bailout remained successful.
The treasury department also revealed that it had sold around 111 million shares of the automobile major over the past 4 months for a total value close to $4 billion at an average price of $34.65 per share and it has recovered around 75% of the amount which helped GM to come out of the financial crisis four years back.
Another company on our news radar today is Building Turbines (OTCMKTS:BLDW)
Building Turbines (OTCMKTS:BLDW) Completed Fourth LED Lighting Installation
Building Turbines (OTCMKTS:BLDW) today announced that it has completed Fourth LED Lighting Installation, for one of America’s largest and recognizable out of a Potential 450+ Locations for Houston based in Texas Hospitality, Fine Dining, Gaming Chain and Entertainment, through fully owned subsidiary of Building Turbines, Inc. – Green CityPlanet. This project is expected to bolster the revenue of the company.
John Graham Sr, CEO of Building Turbines said “We reasonably expect that our deliveries to this customer will be very significant to our results this year, and that we are in prime position to contract for this customer’s other locations.”
The future looks promising for Building Turbines (PINKSHEETS:BLDW) as it plans to sink five million dollars in an ambitious LED lighting business for the target yield of eight billion dollars. Building Turbines has entered this deal with Sirius Green Solutions through its fully owned business unit Green City Planet, the company announced Tuesday, Sep 17.
Building Turbines has recently seen tremendous expansion in its contacts in solar, wind turbines and led lighting projects. These promising indicators are what drive the company to pursue the goal of setting itself as a one-stop-shop business model for green energy solutions.
Expectedly, through the funds, the company seeks to increase its current sales and distribution of led lighting, wind turbines and solar. Through this line of credit, Building Turbines has just received the much needed working capital which is a short in the arm for its future operations. This working capital will be necessary for meeting orders already entered with government agencies, municipal entities and commercial clients.
In the pursuit of the $8 billion market, Building Turbines is already in advanced stages of bids estimated at $16 million. This target so far covers planned contacts with government and municipal. The company has announced that many more of such contacts are in the offing.
In what is seen as the company positioning itself for the envisioned massive contracts, Building Turbines has secured a number of Approved Vendor standings. These span State of Texas, The City of Houston, Harry County and the Federal Government. The company has also announced underway Approved Vendor submission process to other states, cities and companies. These are intended to boost the company’s future submittals.
To cap it all, the company sought to reaffirm to its general shareholder base the intent and efforts it is harboring and making to become what each of them desires – a leader in the green energy solutions in urban areas.