GM sold about 478 million shares Wednesday at $33 each, a price higher than the company and its bankers thought was possible just days ago. An additional 71.7 million shares are expected to be sold by GM's bankers as part of an "overallotment" allowed when sales are stronger than expected. And it sold $4.35 billion in preferred shares.

Wednesday afternoon at the Manhattan headquarters of one of the lead bankers, Morgan Stanley, GM executives were greeted by traders and bankers standing and cheering while wearing blue GM T-shirts over their shirts and ties.

Buyers of the GM shares included giant pension and hedge funds as well as GM factory workers and retirees. Among foreign buyers will be China's largest car maker, SAIC Motor Corp., which is GM's biggest partner in the world's largest auto market. SAIC will buy about $500 million of shares for a GM stake of close to 1%, people familiar with the matter said.

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