INSIDER
General Motors reports strong first-quarter profits as prices help offset small US sales dip
Read full article: General Motors reports strong first-quarter profits as prices help offset small US sales dipDespite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.
General Motors to move Detroit HQ to new downtown building, plans to redevelop Renaissance Center
Read full article: General Motors to move Detroit HQ to new downtown building, plans to redevelop Renaissance CenterGeneral Motors will move its Detroit headquarters to a new downtown office building next year and redevelop its iconic home along the Detroit River.
GM made $10B last year despite autoworkers strike, says it will bring back plug-in hybrids to US
Read full article: GM made $10B last year despite autoworkers strike, says it will bring back plug-in hybrids to USGeneral Motors’ net income rose 12% last year despite losing more than $1 billion when many of its plants were shut down by a six-week autoworkers’ strike.
GM says it can handle rising labor costs as it announces huge share buyback and dividend increase
Read full article: GM says it can handle rising labor costs as it announces huge share buyback and dividend increaseClearly frustrated with its languishing share price, General Motors is announcing a massive stock buyback plan, raised its dividend and told investors it can absorb increased labor costs from a six-week autoworkers strike.
Strikes trim profit at GM in an otherwise strong quarter; more losses likely if picketing spreads
Read full article: Strikes trim profit at GM in an otherwise strong quarter; more losses likely if picketing spreadsA strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that.
What's at stake as 13,000 workers go on strike at major US auto makers
Read full article: What's at stake as 13,000 workers go on strike at major US auto makersAbout 13,000 auto workers have walked off the job at three targeted factories after their union leaders couldn’t reach a deal with Detroit’s automakers.
General Motors Q2 profit up 52% on strong sales, company confirms new Chevy Bolt EV is coming
Read full article: General Motors Q2 profit up 52% on strong sales, company confirms new Chevy Bolt EV is comingGeneral Motors posted $2.54 billion in second-quarter net income, a 52% increase over a year ago.
Hobbled by chip, other shortages, GM profit slides 40% in Q2
Read full article: Hobbled by chip, other shortages, GM profit slides 40% in Q2General Motors’ second-quarter net income fell 40% from a year ago as computer chip and parts shortages hobbled factory output and caused the company’s U.S. sales to fall more than 15%.
The AP Interview: GM's Barra talks electric vehicles, future
Read full article: The AP Interview: GM's Barra talks electric vehicles, futureThe economy is a bit wobbly, but General Motors CEO Mary Barra isn’t backing off of an audacious prediction: She pledges that by the middle of this decade, her company will sell more electric vehicles in the U.S. than Tesla, the global sales leader.
GM's $2.94B 1Q profit tops Street views, but revenue misses
Read full article: GM's $2.94B 1Q profit tops Street views, but revenue missesGeneral Motors’ net income declined in the first quarter, as the automaker sold fewer cars and trucks worldwide, though higher prices helped boost revenue, especially in North America.
GM to spend nearly $7B on EV, battery plants in Michigan
Read full article: GM to spend nearly $7B on EV, battery plants in MichiganGeneral Motors is making the largest investment in company history in its home state of Michigan, announcing plans to spend nearly $7 billion to convert a factory to make electric pickup trucks and to build a new battery cell plant.
GM CEO says making ventilators changed the company culture
Read full article: GM CEO says making ventilators changed the company cultureThe CEO of General Motors says the automaker learned valuable lessons last year when it stepped in to boost emergency production of ventilators to treat severely ill COVID-19 patients.
Ford, GM profits fall as sales drop due to chip shortage
Read full article: Ford, GM profits fall as sales drop due to chip shortageThe global computer chip shortage cut into third-quarter profits at both Ford and crosstown rival General Motors, with both companies having to temporarily close factories, pinching supplies on dealer lots.
From CVS to Goldman Sachs, FDA move prompts vaccine mandates
Read full article: From CVS to Goldman Sachs, FDA move prompts vaccine mandatesFrom Walt Disney World to Goldman Sachs, a flurry of private and public employers are requiring workers to get vaccinated against COVID-19 after the federal government gave full approval to the Pfizer shot.
Eying deal, GM softens on tough standards for car pollution
Read full article: Eying deal, GM softens on tough standards for car pollutionThe nation’s largest automaker says it can support greenhouse gas emissions limits that other car manufacturers negotiated with California — if they are achieved mostly by promoting sales of fully electric vehicles.
GM profit surges to $2.98B on sales of higher-margin trucks
Read full article: GM profit surges to $2.98B on sales of higher-margin trucksGeneral Motors’ first-quarter net income surged to $2.98 billion as strong U.S. consumer demand and higher prices overcame production cuts brought on by the global shortage of computer chips.
The Latest: New Mexico preparing for 'vaccine hesitancy'
Read full article: The Latest: New Mexico preparing for 'vaccine hesitancy'New Mexico health officials say they are preparing to respond to pockets of vaccine hesitancy in some communities as overall interest increases in receiving the vaccine for COVID-19.
Union, automakers headed for fight over battery plant wages
Read full article: Union, automakers headed for fight over battery plant wagesThe United Auto Workers union is calling on General Motors to pay full union wages at electric vehicle battery factories, thrusting what was a festering conflict into the spotlight because automakers want to pay less.
GM expands board to 13 with Meg Whitman and NBA's Mark Tatum
Read full article: GM expands board to 13 with Meg Whitman and NBA's Mark TatumGeneral Motors expanded its board of directors to 13, appointing former Hewlett-Packard chief Whitman and NBA executive Mark Tatum effective Thursday, March 25, 2021. Seven of GMs directors are now women, including board chair and Chief Executive Officer Mary Barra, who in 2014 became the first woman to lead a major U.S. automaker. (AP Photo/Richard Drew, File)DETROIT – General Motors said Thursday that it has expanded its board to 13 members and appointed former Hewlett-Packard chief Meg Whitman and NBA executive Mark Tatum as directors. There has been an acknowledgment in the U.S. and abroad that white men are overrepresented on the boards of major corporations. Women hold 43.8% of the board seats at companies in France’s 40 biggest publicly traded companies, the U.K. panel said.
Marriott CEO Sorenson, 62, dies of pancreatic cancer
Read full article: Marriott CEO Sorenson, 62, dies of pancreatic cancerFILE - In this Dec. 19, 2012, file photo, Marriott CEO Arne Sorenson speaks during a groundbreaking ceremony for a Marriott hotel in Port-au-Prince, Haiti. Sorenson was the third CEO in Marriotts 93-year history, and the first without the Marriott surname. Sorenson reduced his schedule at Marriott this month to pursue a more aggressive cancer treatment. He was first diagnosed with pancreatic cancer in 2019; a recent routine scan had confirmed the cancer had returned, the company said. Sorenson was the first Marriott CEO whose name was not Marriott, and only the third to lead the company in its 93-year history.
Cost of a single Bitcoin exceeds $50,000 for first time
Read full article: Cost of a single Bitcoin exceeds $50,000 for first time– The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. Some businesses also accept bitcoin, but its popularity has stalled out in recent years. Overstock.com appears to accept Bitcoin for most listings on its website, including cameras, vacuums and clothes. When this bubble bursts and at what price Bitcoin settles at is anyone’s guess,” Reiners said.
GM's Chevy Bolt SUV joins parade of new US electric vehicles
Read full article: GM's Chevy Bolt SUV joins parade of new US electric vehiclesThe Bolt Electric Utility Vehicle will go on sale early this summer as a 2022 model. About 2.5 million electric vehicles were sold worldwide last year. Fully electric vehicles accounted for less than 2% of U.S. new vehicle sales last year, and Americans continue to spend record amounts on larger gas-powered trucks and SUVs. IHS Markit analyst Stephanie Brinley said the new SUV is another step toward wider adoption of fully electric vehicles, but it will take many more. The credit is phased out after manufacturers hit 200,000 in electric vehicle sales, and GM and Tesla have both passed that level.
Autoworkers face uncertain future in an era of electric cars
Read full article: Autoworkers face uncertain future in an era of electric carsIt also clouded the future for 50,000 GM workers whose skills — and jobs — could become obsolete far sooner than they knew. But President Joe Biden has made the development of a U.S. electric vehicle supply chain a key part of his ambitious plan to create 1 million more auto industry jobs with electric vehicles. The more environmentally focused plants of the future will need fewer workers, mainly because electric vehicles contain 30% to 40% fewer moving parts than petroleum-run vehicles. At the century-old transmission plant in Toledo, GM workers make sophisticated six-, eight-, nine- or 10-speed gearboxes. Eventually, those parts will be replaced by far simpler single-speed drivetrains for electric vehicles.
GM 2020 profit drops, but it makes $6.43B despite pandemic
Read full article: GM 2020 profit drops, but it makes $6.43B despite pandemicGeneral Motors net profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. (AP Photo/Richard Drew, File)DETROIT – General Motors' profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. GM predicted the shortage will cost it $1.5 billion to $2 billion in earnings before taxes this year due to lost production. Still, GM expects pretax income for the year of $10 billion to $11 billion, or $4.50 to $5.25 per share. Of that, $6 billion would go to electric vehicles and $1 billion would go to autonomous, Chief Financial Officer Paul Jacobson said.
5 CES Trends to Watch
Read full article: 5 CES Trends to WatchFILE - People look at a 145 inch Ultra Large UHD display in the LG booth at the CES tech show, on Jan. 8, 2020, in Las Vegas. CES, the annual gadget show that showcases the buzziest and brightest tech, looks different this year less Vegas glitz, more internet efficiency. Trends to watch reflect the tumultuous year that preceded it. These include COVID-related robots and gadgets, products that make it easier to work from home, more uses for 5G technology, AI infused in everything, and TVs that can bend or even become transparent. On the last day of CES, Samsung will debut its new 5G enabled iteration of its Samsung Galaxy phone — an event that isn't affiliated with CES but still likely to draw buzz.
GM charges up new unit to sell electric delivery vans, gear
Read full article: GM charges up new unit to sell electric delivery vans, gearThis photo provided by General Motors shows EP1 electric pallet. General Motors is forming a new business unit to tap the market for delivery vehicles and equipment powered by electricity. Then GM will roll out a clean electric delivery van. Showing Wall Street’s fascination with electric vehicles, GM shares rose to their highest intraday price since the company left bankruptcy protection in 2010. GM has pledged to roll out 30 new electric vehicles globally and spend $27 billion developing them by 2025.
GM flips to California's side in pollution fight with Trump
Read full article: GM flips to California's side in pollution fight with TrumpDETROIT – General Motors is switching sides in the legal fight against California's right to set its own clean-air standards, abandoning the Trump administration as the president's term nears its close. CEO Mary Barra said in a letter Monday to environmental groups that GM will no longer support the Trump administration in its defense against a lawsuit over its efforts against California's standards. Already at least one other large automaker, Toyota, said it may join GM in switching to California's team. About a dozen other states follow California's standards. In September of 2019, Trump announced his administration would seek to revoke California’s congressionally granted authority to set standards that are stricter than those issued by federal regulators.
'More people may die': Biden urges Trump to aid transition
Read full article: 'More people may die': Biden urges Trump to aid transition“More people may die if we don’t coordinate,” Biden told reporters during a news conference Monday in Wilmington, Delaware. The Trump administration is working on its own distribution plan, while Biden’s chief of staff indicated his transition team will proceed with their own planning separately because of the obstruction. Last week, a larger group of Republicans in Congress called on the Trump administration to allow Biden to begin receiving national security briefings. Since defeating Trump, Biden has devoted most of his public remarks to encouraging Americans to wear masks and embrace social distancing measures. But on whether Biden should receive coronavirus briefings, many of Trump's allies on Capitol Hill remained dug in.
‘More people may die’: Biden urges Trump to aid transition
Read full article: ‘More people may die’: Biden urges Trump to aid transition“More people may die if we don’t coordinate,” Biden told reporters during a news conference in Wilmington, Delaware. The Trump administration is working on its own distribution plan, while Biden’s chief of staff indicated his transition team will proceed with their own planning separately because of the obstruction. Last week, a larger group of Republicans in Congress called on the Trump administration to allow Biden to begin receiving national security briefings. Since defeating Trump, Biden has devoted most of his public remarks to encouraging Americans to wear masks and embrace social distancing measures. But on whether Biden should receive coronavirus briefings, many of Trump's allies on Capitol Hill remained dug in.
Rising star in Detroit departs suddenly for Silicon Valley
Read full article: Rising star in Detroit departs suddenly for Silicon ValleyThe chief financial officer at General Motors, Dhivya Suryadevara, is trading Detroit for Silicon Valley in a surprise departure to join Jack Dorsey's startup, Stripe. She has helped the company strengthen our balance sheet, improve our cost structure, focus on cash generation and drive the right investments for our future. Stripe is maintaining a $2 billion balance sheet, more fortress-like than besieged, as so many major companies have become during the COVID-19 crisis. Adding to Stripes client roster this year alone are the companies Caviar, Coupa, Just Eat, Mattel, NBC, and Paid. I really enjoy leading complex, large-scale businesses and I hope to use my skills to help accelerate Stripes already steep growth trajectory.General Motors named John Stapleton, GM North America chief financial officer, as acting global chief financial officer, effective Saturday.
Plug it in: Electric car charging station numbers are rising
Read full article: Plug it in: Electric car charging station numbers are risingThere are now 26,000 electric vehicle charging stations open to the public in the U.S., with more than 84,000 plugs. Currently electric vehicles make up only about 1.3% of total new vehicle sales in the U.S., according to the Edmunds.com auto site. But the bulk of the nations public charging network is much slower. Electrify America now has over 450 charging stations in the U.S. with more than 2,000 fast-charging outlets, Moran said. Guidehouse analyst Sam Abuelsamid said the number of chargers is increasing rapidly and should be enough to meet demand as more electric vehicles are sold.
Europe's shift to electric cars picks up despite recession
Read full article: Europe's shift to electric cars picks up despite recessionThe coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. Sales of battery-powered and hybrid cars have held up despite a deeply painful recession, mainly thanks to the action of governments. (AP Photo/Jens Meyer, file)FRANKFURT The coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. By contrast, electric car adoption is moving more slowly in the U.S. due to regulatory uncertainty. Last year, automakers sold 236,000 fully electric vehicles in the U.S., only 1.3% of the 17.3 million new vehicles that were purchased.