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. reported a remarkable third quarter in 2022, with a net income of $3.3 billion and an EBIT-adjusted of $4.3 billion, driven by record revenue of $41.9 billion. Year-over-year comparisons show revenue increasing by $15.1 billion from $26.8 billion in Q3 2021. Despite higher revenue, the net income margin decreased to 7.9% from 9.0%. For the first nine months, net income was $7.9 billion, slightly lower than $8.3 billion in 2021. The company reaffirms its full-year earnings guidance, with expected net income between $9.6 billion and $11.2 billion.
General Motors Co. (NYSE: GM) has declared a fourth quarter 2022 cash dividend of $0.09 per share, payable on December 15, 2022. Shareholders of record as of December 2, 2022 will receive the dividend. This announcement underscores GM's commitment to returning value to its investors while advancing its all-electric future strategy, leveraging the Ultium battery platform for diverse vehicle offerings.
Red Cell Partners has appointed Wesley G. Bush as Director and Advisor, enhancing its leadership team. Bush, who previously served as Chairman and CEO of Northrop Grumman, brings extensive experience in finance, public policy, and cybersecurity. His role is expected to strengthen Red Cell's connection to the defense and healthcare sectors, aimed at developing innovative solutions to pressing national issues. Red Cell focuses on rapidly scalable technology-led companies to address significant challenges, leveraging Bush's expertise to advance their mission.
SunPower Corp. (NASDAQ: SPWR) and General Motors (NYSE: GM) have announced a collaboration to develop a home energy system compatible with GM's EVs, starting with the 2024 Chevrolet Silverado EV retail launch expected in Fall 2023. SunPower will be GM's exclusive solar provider and preferred EV charger installer. This partnership aims to enable bi-directional charging, allowing EVs to supply backup energy to homes. Customers will be able to install home energy systems alongside their EV chargers, potentially saving on electricity bills through solar energy usage.
General Motors has launched GM Energy, incorporating Ultium Home, Ultium Commercial, and Ultium Charge 360. This new initiative aims to enhance energy management services for residential, commercial, and EV customers, focusing on grid resiliency. Key partnerships have been established with major companies like SunPower for integrated energy solutions, including solar and battery systems. GM Energy's cloud-based platform will streamline energy consumption and enable customers to sell energy back to utilities, effectively managing peak consumption costs.
GM Defense, a subsidiary of General Motors, has been selected by the Defense Innovation Unit (DIU) to develop a battery pack prototype using its advanced Ultium Platform. This collaboration aims to create a scalable battery design for tactical military vehicles, supporting the military's shift towards more electric technologies. The announcement follows another award in July for analysis and demonstration of a GMC HUMMER EV Pickup by the U.S. Army, reinforcing GM Defense's commitment to leveraging commercial technologies for defense applications.
General Motors (NYSE: GM) has announced a collaboration with OneD Battery Sciences to enhance EV battery technology through silicon nanotechnology. This partnership aims to improve battery energy density, offering longer ranges at reduced costs. GM Ventures has also participated in OneD's $25 million Series C funding round. The collaboration focuses on OneD's SINANODE platform, which significantly increases silicon content in battery anodes, potentially revolutionizing EV performance and manufacturing efficiency while supporting GM's goal to manufacture 1 million EVs annually by 2025.
General Motors Co. (NYSE: GM) has made a strategic investment in Lithion Recycling Inc. as part of a Series A financing round, establishing a partnership to develop a circular battery ecosystem. This collaboration aims to validate Lithion's recycled battery materials for new battery production and invest in R&D for recycling processes. Lithion's technology boasts a recovery rate exceeding 95%, significantly reducing greenhouse gas emissions and water usage. The partnership aligns with GM's goal to scale EV production and enhance sustainability in battery supply chains.
Hertz and General Motors have announced a landmark agreement for Hertz to order up to 175,000 electric vehicles (EVs) over the next five years, marking a significant expansion in EV offerings. The deal includes vehicles across various categories, such as Chevrolet, Buick, GMC, Cadillac, and BrightDrop. Deliveries of the Chevrolet Bolt EV and Bolt EUV are expected to start in Q1 2023. Hertz aims for 25% of its fleet to be electric by the end of 2024, potentially saving 3.5 million metric tons of CO2 emissions.
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