Page 2 - General Motors

General Motors beats quarterly revenue expectations, raises profit forecast

The Michigan automaker is leaning heavily on its gasoline-engine offerings to fuel its profits through a slower-than-anticipated transition to electric vehicles

Biden administration to award $1.1 bn to Stellantis, GM for EV production

Donald Trump has harshly criticised Biden's EV policies and vowed to reverse them if he takes office

Musk fires Tesla EV charging team, blindsiding automobile manufacturers

General Motors, Ford and other automakers which struck deals last year to give customers access to the network said they are not changing their plans

General Motors beats quarterly results targets, raises annual forecast

"Our consumer has been remarkably resilient in this period of higher interest rates," GM Chief Financial Officer Paul Jacobson said

Cruise to resume 'robotaxi' tests with safety drivers in Phoenix, Arizona

The company is set to announce and begin the testing as early as Tuesday, the report said, citing people familiar with the matter

China's SAIC Motor aims to slash jobs at GM, VW ventures, and EV unit

The state-owned automaker hopes to cut 30 per cent of employees at SAIC-GM, 10 per cent at SAIC Volkswagen and more than half at its Rising Auto EV subsidiary, the people said

Indian-origin eminent mathematician Dr T N Subramaniam dies in US

Dr T N Subramaniam, an eminent mathematician of Indian origin and creator of Route One company & server for General Motors, passed away in Michigan on Tuesday. He was 76. Subramaniam, who migrated to the US in 1979, was renowned in academic circles in India and the US. He leaves behind him a rich legacy of mathematical models and theories for the world of maths. He taught Maths at Philadelphia university for some years and then shifted to Oakland where he taught for several years. Later, he founded the Route One company for the automotive manufacturing company, which handles auto-financing for all GM cars and GPS systems. He was the architect of the server for the site for General Motors in Troy, Michigan, in the US. The then-Prime Minister Indira Gandhi also met him personally while on tour and encouraged him to be innovative and do things that the country could be proud of him. Subramaniam is survived by his wife, daughter, and son-in-law, who work for the Biden administration ..

GM's Cruise prepares to resume robotaxi testing after suspension

The company has been focusing its comeback plan on Texas, which has relatively liberal regulation for companies that seek to operate autonomous vehicles in the state

GM's Cruise hardware chief resigns in latest exit post operation suspension

Jenkins, the senior vice president for autonomous vehicle platforms, is leaving after six years with the company, he said in a post on LinkedIn

GM, Panasonic sign investment deals with Canadian graphite producer

GM and Panasonic have each committed to purchase 18,000 metric tons of active anode material annually over a period of six to seven years, Nouveau Monde Graphite said in a statement Thursday

General Motors recalls 323,000 pickup trucks in US because of glitch

General Motors is recalling more than 323,000 heavy-duty pickup trucks in the US because the electronic tailgate release switches can short circuit and open the gates while the vehicles are in park. The recall covers certain Chevrolet Silverado and GMC Sierra 2500 and 3500 trucks from the 2020 through 2024 model years. The National Highway Traffic Safety Administration says in documents posted on its website on Tuesday that water can get into the switches and cause the tailgates to open when in park gear. The agency says that can result in unsecured cargo falling out of the beds, creating a road hazard and increasing the risk of a crash. GM is advising owners to check that the tailgate is closed and latched before they drive the trucks. Dealers will replace an exterior touchpad switch. Owners are to be notified by letter starting March 18. GM dealers also have been told to stop selling affected vehicles until repairs are made. The company says in documents that it has 136 complain

GM says strike cost $1.1 bn but it can absorb rising labour costs

General Motors says pretax earnings took a USD 1.1 billion hit this year from a six-week strike by autoworkers, but the company expects to absorb the costs of a new contract and is even raising its dividend. The Detroit automaker on Wednesday reinstated its full-year earnings forecast that was withdrawn after the United Auto Workers began targeting the factories of Detroit automakers with strikes on September 15. Those strikes continued at GM until Oct. 30. The company now predicts full-year net income of USD 9.1 billion to USD 9.7 billion, down from its previous outlook of USD 9.3 billion to USD 10.7 billion. But GM expects to generate more cash for the full year. It expects free cash flow of USD 10.5 billion to USD 11.5 billion, an increase from a previous forecast of USD 7 billion to USD 9 billion. To get there, GM expects to cut capital spending, including a slowdown in spending on electric vehicles and at Cruise, its troubled autonomous vehicle unit. California regulators revok

Vogt resigns as CEO of Cruise over questions of safety of self-driving cars

Kyle Vogt has resigned as CEO of Cruise, General Motors' autonomous vehicle unit, as questions build about the safety of self-driving cars. Vogt's decision to step down, announced late on Sunday, follows a recent recall of all 950 Cruise vehicles to update software after one of them dragged a pedestrian to the side of a San Francisco street in early October. The California Department of Motor Vehicles revoked the license for Cruise. The company earlier announced it had paused operations for a review by independent experts. The results of our ongoing reviews will inform additional next steps as we work to build a better Cruise centred around safety, transparency and trust, the company said in a statement. We will continue to advance AV technology in service of our mission to make transportation safer, cleaner and more accessible. Cruise won approval to transport fare-paying passengers last year. Since then, the autonomous vehicles have drawn complaints for making unexpected, ...

Warren Buffett's Berkshire trims its HP stake, exits bet on General Motors

The conglomerate's retreat from Activision completes Buffett's arbitrage play amid the video-game maker's prolonged effort to merge with Microsoft Corp.

General Motors' autonomous vehicle unit recalls cars for software update

General Motors' Cruise autonomous vehicle unit is recalling all 950 of its cars to update software after it dragged a pedestrian to the side of a San Francisco street in early October. The company said in documents posted by US safety regulators on Wednesday that with the updated software, Cruise vehicles will now remain stationary in similar cases. The Oct 2 crash forced Cruise to suspend driverless operations nationwide after California regulators found that its cars posed a danger to public safety. The California Department of Motor Vehicles revoked the license for Cruise, which was transporting passengers without human drivers throughout San Francisco. In the crash, a human driven vehicle hit a pedestrian, sending the person into the path of a Cruise autonomous vehicle. The Cruise initially stopped, but then pulled to the right to get out of traffic, pulling the person about 20 feet (six metres) forward. Cruise says in documents that it already has updated software in test ...

Cooling electric vehicle sales have Tesla, GM & Ford rethinking investments

While the battery-powered vehicle market is still expanding, the pace of growth has slowed considerably

Explained: How UAW's drive to 'end tiers' will change GM Detroit

The contract will largely unwind a strategy the automaker has used for years to hold down labor costs, UAW officials have said

UAW reaches deal with GM, ending strike against Detroit automakers

The GM workers will return to work after an official announcement of the deal, two sources said

General Motors reaches tentative agreement with UAW, ending 6-week strike

General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, a person briefed on the deal said Monday. The deal follows the pattern set with Ford last week and Jeep maker Stellantis over the weekend. The deals will last four years and eight months and include 25 per cent general pay raises and cost of living adjustments. Combined they bring the wage increase to over 30 per cent over the life of the contract. The person briefed on the matter, who didn't want to be identified because they were not authorised to speak publicly about the deal, said the deal was to be announced early Monday. The contract with GM will essentially be the same as the other two automakers but will have differences. GM was the last company to reach a deal, and the union added a factory in Tennessee to the strike list on Saturday in an effort to turn up the pressure. The UAW reached tentative agreement last week

General Motors withdraws its 2023 guidance, UAW strikes SUV plant

With the UAW clash throttling revenue and profits, Chief Executive Mary Barra told investors the automaker will slow its electric vehicle strategy to put profits ahead of sales targets