Billionaire investor Kirk Kerkorian has sold his remaining shares in Ford Motor Co., according to a spokeswoman for his investment company Tracinda Corp.
Kerkorian’s jettisoning of Ford comes just six months after Tracinda boosted its stake in the Dearborn, Michigan-based automaker to 6.49 percent. The move was announced shortly after Kerkorian met with Ford Chief Executive Alan Mulally and Executive Chairman Bill Ford to discuss the company’s turnaround plan.
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In its effort to rescue GMAC from collapse, the U.S. Treasury announced Monday evening it would make a $5 billion investment in the struggling financial company. The decision comes just days after GMAC was granted “bank” status, enabling it to take part in the Troubled Asset Relief Program (TARP), which is technically authorized to help banks only.
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Gov. Jennifer Granholm and lawmakers hope generous tax incentives will help make Michigan the center of efforts to research and manufacture advanced batteries used in hybrid and electric vehicles.
Legislators say the United States today has no large-scale production plant for the lithium-ion battery, the technology General Motors Corp. expects to power its touted Chevrolet Volt. Most battery technology is being developed in Asia.
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