That said, we continue to favor GM over Ford due to the former's more favorable 2006 product cycle and its more aggressive restructuring approach.

We see a $US2 billion cash injection as meaningful, even in light of GM's robust corporate liquidity. This sale was largely unanticipated by the market.

That said, we continue to favour GM over Ford due to the former's more favourable 2006 product cycle and its more aggressive restructuring approach.

While tire pricing remains strong, high raw material prices and potentially weak high-margin markets (North American and European replacement truck tire markets) could provide offsets.

We see a $2 billion cash injection as meaningful, even in light of GM's robust corporate liquidity. This sale was largely unanticipated by the market.

We think GM will see it as more of an opportunity than a risk to assist in a Delphi bailout, as it will likely be able to extract sizable UAW health care concessions in return,