US government plans to withdraw its stake from General Motors

US treasury stated that it plans to sell its remaining shares of General Motors by the end of this year. The withdrawal may relieve taxpayers of about $10 billion.

Treasury has reported today that it sold $70 million worth of GM shares which added to the rest sums to $38.4 billion from the total of $49.5 billion. It also revealed it would recoup another $1.2 billion from its remaining stake, bringing its total recovery to $39.6 billion.

“If average daily trading volumes continue at recent levels, Treasury anticipates that it will complete the sale of its remaining shares by the end of the year,” said the Treasury in a statement.

In a quarterly report to Congress in October, US government said it has already recorded a loss of $9.7 billion from the shares which were part of Chapter 11 bankruptcy failing and the following bailout.

“While the U.S. Treasurys equity stake draws to a close, our work to transform GM continues, GM said. “Were making great progress in our efforts to make the most of this second chance.

Meanwhile, the auto maker presented its Chevrolet Colorado midsize pickup truck yesterday at the 2013 LA Auto Show, the first in a long-term strategy designed to challenge Toyota and its Tacoma pickup, which has been a hit with young truck buyers since its introduction more than a decade ago.

It looks like a fierce competition is starting to build up between the three top pick-up truck brands in US. The ahead start of Toyota and Nissan is giving them the desired advantage over GM before new models have been compared by auto critics.

The 14 analysts asked by CNN Money offering 12-month price forecasts for General Motors Co have a median target of 48.50, with a high estimate of 56.00 and a low estimate of 39.00. The median estimate represents a 27.60% increase from the last price of 38.01. They have rated the car-maker’s stock as a “buy”.

Shares of GM have risen by more than 30% this year.