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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 (NYSE: GM) announced the appointment of Aneel Bhusri, co-founder and co-CEO of Workday, to its Board of Directors, expanding its board to 13 members. This change aims to leverage Bhusri's expertise in software and venture capital to enhance GM's transformation towards an all-electric future. His appointment follows the addition of two other technology leaders earlier this year. GM’s board now includes 12 independent directors with diverse experience in various sectors.
General Motors has appointed Edward Kummer as its new chief digital officer, effective October 16, 2021. Kummer will lead the newly established Digital Business team, focusing on enhancing digital experiences and accelerating software investments aligned with GM's Growth Strategy. With extensive experience in digital and e-commerce roles at companies like Nordstrom and Walt Disney, Kummer is expected to drive commercial success in GM's digital market. The move aligns with GM's vision for an all-electric future centered around its Ultium battery platform.
General Motors (NYSE: GM) has entered a strategic supplier agreement with Wolfspeed (NYSE: WOLF) to utilize silicon carbide power devices in its upcoming electric vehicles (EVs). This collaboration aims to enhance EV propulsion efficiency, extend vehicle range, and secure a domestically sourced supply of materials through Wolfspeed's Assurance of Supply Program. The silicon carbide solutions will be produced at Wolfspeed's advanced 200mm-capable Mohawk Valley Fab in New York, which is the largest of its kind globally, addressing the growing demand in the EV market.
General Motors (GM) announced plans to source 100% renewable energy for its U.S. sites by 2025, five years earlier than previously targeted. This initiative aims to reduce 1 million metric tons of carbon emissions and aligns with GM's broader goal of carbon neutrality by 2040. The company will invest $35 billion in electric and autonomous vehicles, introducing over 30 EV models by 2025. GM, in collaboration with PJM and TimberRock, is implementing a carbon tracking system to monitor emissions in real-time, enhancing its sustainability efforts.
GMC and General Motors have initiated a multi-year collaboration with the Marcus Graham Project (MGP) to promote racial diversity in marketing and media. The partnership includes a three-year sponsorship of MGP's annual iCR8™ Boot Camp, beginning in 2022, aimed at fostering BIPOC talent in the industry. Current hiring trends indicate significant underrepresentation of Black professionals in advertising, with projections suggesting diversity won't reflect U.S. demographics until 2079. The initiative aims to address this gap by providing training and mentorship opportunities for aspiring leaders.
GM Defense LLC, a subsidiary of General Motors, has secured a $36.4 million contract from the U.S. Department of State to develop the next-generation Large Support Utility Commercial Vehicles for the Diplomatic Security Service. Over two years, GM Defense will build 10 purpose-built Heavy-Duty Suburbans using advanced manufacturing techniques for enhanced efficiency. The initial vehicle delivery is slated for next spring, with expectations of a follow-up contract for 200 units annually over nine years, beginning in May 2023. This project reflects GM's commitment to innovation in government and defense.
General Motors and AT&T announced a partnership to integrate 5G cellular connectivity into GM vehicles over the next decade. This collaboration aims to enhance in-vehicle experiences with features like improved navigation, faster downloads, and secure software updates. The rollout will begin with select model year 2024 vehicles, while existing 4G LTE vehicles will also benefit from upgrades. This initiative aligns with GM's strategy for an all-electric and autonomous future, leveraging AT&T's extensive 5G network to set a new standard for automotive connectivity.
EVgo announced second quarter results for 2021, reporting revenue of $4.8 million, up from $4.1 million in Q1 2021. The customer count has surpassed 275,000, reflecting the strong uptake of EV adoption and EVgo’s products. Notably, the company added 104 new charging stalls, bringing the total to 1,548. Despite the growth, EVgo faces challenges with a net loss of $18.4 million and a gross loss of $2.8 million. The company's guidance for full-year revenue is affirmed at $20 million.
General Motors Co. (NYSE: GM) reported impressive second-quarter earnings on Aug. 4, 2021, with revenues of $34.2 billion and net income of $2.8 billion. The company saw a significant increase in retail market share within full-size pickups and capitalized on high used vehicle prices. GM raised its full-year guidance, projecting net income between $7.7 billion and $9.2 billion. With a diluted EPS of $1.90, investors can look forward to a strong growth trajectory fueled by EV and AV initiatives.
General Motors Co. (NYSE: GM) is set to release its second-quarter 2021 financial results on August 4, 2021, at 7:30 a.m. ET, followed by an analysts' conference call at 10 a.m. ET. Financial materials will be accessible via their Investor Relations website.
Highlights include the upcoming third-quarter earnings announcement on October 27, 2021. GM is actively pursuing an all-electric future, driven by its Ultium battery platform, catering to a diverse range of vehicles.
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