Welcome to our dedicated page for General Motors Company news (Ticker: GM), a resource for investors and traders seeking the latest updates and insights on General Motors Company stock.
General Motors Company (GM) is a global leader in the automotive industry, dedicated to designing, building, and selling some of the world's best vehicles. Operating under four segments—GM North America, GM International, Cruise, and GM Financial—the company has a diversified portfolio that includes renowned brands like Chevrolet, Buick, GMC, Cadillac, and Holden. GM's vision is built on delivering vehicles with compelling designs, flawless quality, reliability, leading safety features, and advanced infotainment options. This commitment extends across 140 countries, unifying a team of world-class employees.
Established in 2009 after emerging from the bankruptcy of its predecessor, General Motors Corp., GM has since streamlined its operations, now focusing on four primary brands in the U.S. The company regained its market share leader position in 2022, holding a 16.5% share in 2023. Innovations in autonomous vehicle technology are highlighted through GM's Cruise division, which aims to restart driverless AV robotaxi services in at least one city by 2024, after a temporary halt in 2023.
Financially, GM remains robust. In the first quarter of 2024, the company reported $43.0 billion in revenue and a net income of $3.0 billion. These results are attributed to GM's strategic investments in EV technology, including the Ultium battery platform, which powers an expanding range of electric vehicles from mass-market to high-performance models.
Recent achievements include GM Defense's successful completion of the 2023 UAE Armed Forces Summer Trials with their Infantry Squad Vehicle (ISV). This demonstrates GM Defense's capability to deliver advanced, reliable off-road vehicles for military use. Additionally, GM Ventures invested in Neural Propulsion Systems (NPS) to enhance radar technology for automotive and defense applications. GM's initiatives in EV technology are also noteworthy, with the introduction of GM Energy's vehicle-to-home (V2H) bidirectional charging technology, starting with the 2024 Chevrolet Silverado EV.
Strategic partnerships and investments continue to play a vital role in GM's growth. Collaborations with companies like NPS and Mistral Inc. reflect GM's commitment to advancing automotive and defense technologies. The company's diverse product offerings and continuous innovation ensure it remains at the forefront of the automotive industry.
General Motors Co. (NYSE: GM) reported robust financial results for Q4 2022, with revenue reaching $43.1 billion and net income attributable to stockholders of $2.0 billion. For the full year 2022, GM achieved $156.7 billion in revenue, with net income of $9.9 billion and EBIT-adjusted at a record $14.5 billion. The company forecasts 2023 net income of $8.7 billion-$10.1 billion and expects strong cash flows, with operating cash flow projected between $16.0 billion-$20.0 billion. CEO Mary Barra will discuss these results in a conference call.
General Motors (NYSE:GM) and Lithium Americas (NYSE:LAC) have announced a joint investment to develop the Thacker Pass lithium mine in Nevada, the largest lithium source in the U.S. GM will invest $650 million, marking the largest investment by an automaker in battery raw materials. This capital will help support the production of up to 1 million electric vehicles (EVs) annually and ensure GM's access to critical materials for its Ultium battery cells. The investment is contingent on specific conditions, including regulatory approvals, with production expected to start in late 2026, creating 1,500 jobs in total.
On January 30, 2023, American Rheinmetall Vehicles and GM Defense won a contract for the U.S. Army's Common Tactical Truck (CTT) Program, aimed at replacing heavy tactical trucks with up to
Aspen Aerogels announced a secured loan agreement with General Motors for $100 million to finance the construction of a new aerogel manufacturing facility in Statesboro, Georgia. This facility is expected to triple Aspen's aerogel capacity, supporting growth in sustainability and electrification markets, especially for electric vehicle applications. The loan is available from January to September 2023, with a maturity date set for March 31, 2025. Aspen's sustainability performance has been recognized with a Silver EcoVadis Medal, placing it in the 87th percentile of assessed companies.
General Motors Co. (NYSE: GM) projects a profitable electric vehicle (EV) portfolio in North America by 2025, scaling to over 1 million units annually. The company plans to enhance its market share by launching multiple EV models across several segments. Expected full-year 2022 adjusted automotive free cash flow will rise to $10-11 billion, with EBIT-adjusted ranging from $13.5-14.5 billion. GM anticipates a 12% annual revenue growth through 2025, reaching over $225 billion, driven by EV sales expected to exceed $50 billion in 2025.
Vale Canada Limited and General Motors Co. (NYSE: GM) have signed a long-term supply agreement for battery-grade nickel sulfate from Vale's proposed plant in Bécancour, Québec. This agreement secures an annual supply of 25,000 metric tons of nickel sulfate, sufficient for approximately 350,000 electric vehicles (EVs). Deliveries are expected to start in the second half of 2026. This collaboration emphasizes Vale's strategic position in the EV battery market and supports GM's aim to achieve a secure, sustainable supply chain for its expanding EV production.
Nel Hydrogen US has entered a joint development agreement with General Motors (GM) to advance the industrialization of Nel's proton exchange membrane (PEM) electrolyzer technology. This collaboration aims to create more cost-competitive renewable hydrogen solutions by leveraging GM's expertise in fuel cells and Nel's electrolyzer knowledge. GM will receive compensation for the development work and will charge a licensing fee upon successful commercialization. Both companies see substantial synergies in their technologies, promoting clean hydrogen infrastructure and opening new revenue channels for GM.
San Diego Gas & Electric (SDG&E) and General Motors (GM) announced a collaboration to explore bidirectional Electric Vehicles (EVs) integration into the electric grid. The study will assess Vehicle-to-Grid Integration (VGI) capabilities such as Vehicle-to-Home and Virtual Power Plants. This initiative aims to bolster energy reliability and community resilience against climate change. The agreement aligns with the U.S. Department of Energy’s Vehicle-to-Everything memorandum to enhance energy security and economic growth.
SunPower Corp. (NASDAQ:SPWR) reported a strong Q3 2022, with a record addition of 23,000 customers, marking a 63% year-over-year increase. Revenue accelerated by 67% year-over-year, reaching $475.7 million, while net income stood at $139 million. The company announced a collaboration with General Motors (NYSE:GM) to develop a home energy system, positioning itself as GM's exclusive solar provider. SunPower also solidified an exclusive four-year agreement with Dream Finders Homes (NYSE:DFH) for solar solutions, enhancing its presence in new homes.
General Motors (GM) has successfully secured agreements to obtain 100% of the renewable energy required to power all its U.S. facilities by 2025, five years ahead of its previous target. This initiative aims to reduce carbon emissions by an estimated 1 million metric tons between 2025 and 2030. GM's renewable energy efforts have generated over $75 million in positive cash flows since 2017 and are supported by strategies focused on energy efficiency, renewable sourcing, and technology for energy storage. GM continues to lead as the largest corporate buyer of renewable energy among automotive manufacturers.
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