General Motors

Explained: Carmakers moving away from rare earth metals amid supply squeeze

Automakers in the US and Europe are studying alternative materials that could substitute rare earth magnets in various vehicle parts, including windshield wiper motors and seat adjustment systems

General Motors profit falls as Trump tariffs add $1.1 billion in costs

GM hasn't moved to raise already high average sticker prices enough to recoup tariff costs, instead opting to absorb the blow by cutting costs and repatriating some production

GM invests $4 bn in US plants, shifts production to avoid tariffs

Taken together, the investments will allow GM to produce more than 2 million vehicles in the US each year

From Apple to GM, Trump tariffs to cost companies tens of billions

Among US companies that have disclosed financial projections so far, GM sees a $5 billion hit this year, while Apple expects $900 million in higher costs in the current quarter

GM posts strong Q1, but will reassess expectations for 2025 due to tariffs

General Motors posted strong financial results for its first quarter on Tuesday, but says it will reassess its expectations for 2025 due to auto tariffs. The automaker is pushing back its conference call to discuss its guidance and quarterly results until Thursday, so that it can assess potential tariff changes. GM said that its initial full-year financial forecast doesn't contemplate the potential impact of tariffs. In January the company announced that it anticipated 2025 adjusted earnings in a range of USD 11 to USD 12 per share. Late Monday The Wall Street Journal reported that President Donald Trump will possibly be dialling back on automotive tariffs, with anonymous sources claiming that he'll stop duties on foreign-made cars from piling on top of other tariffs he implemented and easing some levies on foreign parts used to make cars in the US. General Motors earned USD 2.78 billion, or USD 3.35 per share, for the three months ended March 31. A year earlier it earned USD 2.98

GM to increase dividend by 25%, buy back another $6 billion of shares

The US automaker said it expected to repurchase $2 billion of shares by the first half of this year, with the remainder to be bought at any point of the company's choosing

After GM backs out, Toyota aids LG battery plant with $1.5 billion order

GM said in December it would sell its $1 billion stake in the Lansing, Michigan, plant, leaving LG scrambling to find new customers

Trump's tariffs could impact all carmakers, raising industry concerns

All told, GM plants in Canada and Mexico produced nearly 40 percent of all vehicles the company made last year in North America, the region where it gets most of its revenue

GM to retreat from robotaxi operations once championed by CEO Mary Barra

While GM will still develop autonomous technology, it's a big retrench for the company

Japanese takeover could spell long-term decline of US Steel: Union chief

The Detroit-based car company said it would no longer fund work on self-driving robotaxis

GM to retreat from robotaxis, stop funding Cruise autonomous vehicle unit

General Motors has said it will retreat from the robotaxi business and stop funding its money-losing Cruise autonomous vehicle unit. Instead the Detroit automaker will focus on development of partially automated driver-assist systems like its Super Cruise, which allows drivers to take their hands off the steering wheel. GM on Tuesday said it would get out of robotaxis given the considerable time and resources that would be needed to scale the business, along with an increasingly competitive robotaxi market. The company said it will combine Cruise's technical team with its own to work on advanced systems to assist drivers. GM bought Cruise automation in 2016 for at least USD1 billion with high hopes of developing a profitable fleet of robotaxis. Over the years GM invested billions in the subsidiary and eventually bought 90 per cent of the company from investors. GM even announced plans for Cruise to generate USD1 billion in annual revenue by 2025, but it scaled back spending on t

China losses force GM to take $5 bn restructuring charge, cut assets' value

The poor performance of General Motors' Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totalling more than USD 5 billion in the fourth quarter of this year. The Detroit automaker said in a regulatory filing Wednesday that it will cut the value of its equity stake in the ventures by USD 2.6 billion to USD 2.9 billion when it reports its results early next year. In addition, GM will take USD 2.7 billion worth of restructuring charges, most of it during the fourth quarter. The noncash charges will reduce the company's net income, but they will not affect adjusted pretax earnings, GM said in the filing with the US Securities and Exchange Commission. GM for years has owned 50 per cent of its joint venture with SAIC General Motors Corp. and has other joint ventures, including a finance arm. The ventures used to be a reliable source of equity income for the company, but have swung to losses in the past year. The ventures lost USD 347 ..

General Motors laying off nearly 1,000 workers worldwide, most in US

The layoffs come as car company is trying to reposition itself as a leader in electric vehicles and software, which are both costly. GM is aiming to cut $2 bn to $4 bn in losses on EVs next year

GM overcomes US sales drop; China JV losses drag Q3 profit to $3 bn

US sales are down and a once-reliably profitable joint venture in China is losing money, but General Motors still managed to post a third quarter profit of $3 billion Tuesday, slightly less than it made a year ago. The Detroit automaker reported $48.8 billion in revenue from July through September, 10% more than last year, aided by US average vehicle sale prices that were steady with last quarter at over $49,000. Chief Financial Officer Paul Jacobson said that while overall sales in the US, GM's most profitable market, fell 2.2% in the quarter, much of that drop was from sales to large fleet buyers. Sales to individuals, which generally are more profitable, rose 3%. While other automakers have gotten stuck with too many high-priced vehicles when many buyers are looking for lower costs, GM has yet to see such a shift, Jacobson told reporters. I think that the consumer has held up remarkably well for us, he said, adding that next year should be consistent with this year as the Federa

GM recalls 449K SUVs, pickups over faulty low brake fluid warning light

General Motors is recalling more than 449,000 of its SUVs and pickup trucks because the electronic brake control module software may fail to display a warning light when a loss of brake fluid takes place. The National Highway Traffic Safety Administration said Friday that the recall includes certain 2023-2024 Cadillac Escalade and Escalade ESVs, 2023 Chevrolet Silverado 1500, 2023-2024 Chevrolet Tahoe and Suburban 1500, 2023 GMC Sierra 1500, 2023-2024 GMC Yukon and Yukon XL models. The agency said that without the warning light, a vehicle may be driven with low brake fluid, which can reduce braking performance and increase the risk of a crash. A free software update will be provided to vehicle owners. Owner notification letters are expected to be mailed Oct 28. Vehicle owners can contact GMC customer service at 1-800-462-8782, Chevrolet customer service at 1-800-222-1020, or Cadillac customer service at 1-800-458-8006.

GM, Hyundai Motor agree to explore joint vehicle development projects

The US and Korean automakers said they had signed a non-binding memorandum of understanding to consider ways to leverage their complementary scale and strengths to reduce costs

Samsung SDI finalises deal to build $3.5 bn joint EV battery factory in US

The plan was first announced in April 2023 when GM and Samsung SDI said the joint venture would cost more than $3 billion, with planned production capacity of 30 GWh and operations to begin in 2026

US auto safety regulator gives clean chit to GM in Cruise robotaxis case

Cruise filed a recall for its software earlier this month affecting all its vehicles equipped with automated driving systems in the United States

General Motors to lay off more than 1,000 software engineers, mostly in US

The moves come two months after former Apple Inc. executives David Richardson and Baris Cetinok were promoted to senior vice president roles in the group

GM indefinitely delays plans of self-driving vehicle without steering wheel

In 2022, GM filed a petition with the National Highway Traffic Safety Administration seeking permission to deploy up to 2,500 self-driving Origin vehicles annually without human controls