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GM Sells First Green Bonds in Push to Challenge Tesla in EVs

  • The deal is second-largest ever from a US nonbank corporation
  • GM joins Ford, Toyota and Honda in issuing sustainable debt
GM Truck Plant Workers Hand Independent Union Historic Win
Photographer: Mauricio Palos/Bloomberg
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General Motors Co. sold environmentally friendly bonds for the first time ever, joining its competitors in tapping the sustainable debt market to fund the transition to electric vehicles to compete with Tesla Inc.

The automaker priced $2.25 billion of green bonds in two parts, according to a person with knowledge of the matter. The longest portion of the offering, a 10-year security, yields 2.95 percentage points above comparable Treasuries, after initial discussions of as much as 3.2 percentage points, said the person, who asked not to be identified as the details are private.