3 Auto Stocks Going Places: GM’s New Debt, Toyota’s Hybrids Roll On, Tesla Gets a Push from Wedbush

General Motors (NYSE:GM): General Motors stated that it will act to lower its cost of capital and strengthen its balance sheet after it raised $4.5 billion through its first major private sale of debt since its emergence from bankruptcy, Seeking Alpha reports. GM will allocate $3.2 billion of the proceeds from the sale to repurchase 120 million preferred shares held by the United Auto Workers. Another $1.2 billion will prepay in full the company’s 7 percent notes held by the Canadian Auto Workers’s Union Health Care Trust.