As the old GM is phased out and the “New” GM rises from the ashes of Chapter 11 bankruptcy, many investors are wondering where to turn.

At this time, it is not possible to buy into shares of the old GM. The old GM (GMGMQ), which is now listed on the pink sheets, has no relation to the "New" GM.

The New GM will need to have an IPO, but this could be months away. GM Chief Financial Officer Ray Young said it likely wouldn't be until the second half of 2010 at the earliest.

David Silver, an auto analyst at Wall Street Strategies, told FOX Business that nothing has really changed yet with the New GM.

“They’re coming out of bankruptcy with much less debt, fewer brands, but they’re still facing a lot of the same problems,” said Silver.

GM is currently $127 billion less in debt that it was before the Chapter 11 process began.

“They have very large monkeys off their backs, but they still have to be able to sell cars. They’ve lost their dominance, they have a below 20% market share right now and I expect it to continue to fall," Silver said.

Silver said GM’s four key core brands are not as competitive as they once were, and that 60% of GM’s sales come from Chevy. Silver said that although there was a lot of talk and “hype” surrounding the new Chevy Volt, the new fuel-efficient car had yet to live up to the claims. “It’s just not that good yet,” he said. “And the price tag continues to go up.”

GM still faces many questions ahead, Silver said. “They’re not out of the woods yet.”

On a positive note, GM is one of the strongest companies in China today, Silver said. GM expects to sell approximately 10.4 million to 10.7 million vehicles to be sold in China before the end of 2009.

“That’s a big, big jump for them and that’s where they’re really staking their future,” Silver said.

GM’s new Chairman Ed Whitacre, who was previously led AT&T, has been called into question given his lack of experience in the automotive industry.

“He’s going to keep everybody in line. He’s going to be the master of all realms, and make sure that Fritz Henderson follows through on his promises. They don’t need the chairman to have much car experience. He’s just overseeing all of his underlings right now,” Silver said of Whitacre.

Currently, the The new GM is 60% owned by the US government, 12.5% owned by the Canadian Government, and 17.5% owned by the UAW. The holders of GM’s unsecured bonds also own 10%.

The bad assets in the old GM have not simply disappeared. They will remain under the bankruptcy umbrella and be sold piece by piece over time to fulfill claims of creditors and accident victims.

GM expects to have 68,500 employees worldwide by the end of the year.