GM looks to sell UK operations

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The company's European division has retained real estate agent Jones Lang LaSalle to help identify potential buyers. The company has the potential to raise about 257 million dollars (£167 million).

"Investigations are under way as to what would be viable," said Denis Chick, spokesman for GM's United Kingdom and Ireland division in an email.

According to Mr Chick, properties in the UK that could be sold include its headquarters in Luton, a parts warehouse in Luton and an engineering site in Millbrook, Bedfordshire.

GM has also delayed multiple projects, including new vehicles and engines, in order to cut costs. Earlier this month the company said it would sell its 3.02% stake in Suzuki Motors for 230 million dollars (£149 million).

The company is burning through cash more rapidly than it is making money, and may be at its minimum cash levels by the end of the year. GM is banking on swift congressional approval of taxpayer-backed bridge loans. Company executives are currently preparing a viability plan to present to Congress by Tuesday.

Shares of GM rose 43 cents, or 8.9%, to close at 5.24 dollars on Friday.