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) will announce its fourth quarter 2020 financial results on February 10, 2021, at 7:30 a.m. ET. A conference call for financial analysts will follow at 10 a.m. ET. Financial materials will be accessible on the company's Investor Relations website. Analysts can join the call via 888-808-8618 (U.S.) or +1-949-484-0645 (international). GM's focus is on an all-electric future, powered by the Ultium battery platform, supporting various brands like Chevrolet, Buick, GMC, and Cadillac.
Navistar, in collaboration with General Motors and OneH2, announced a complete solution for a zero-emission long-haul truck system, initially piloted by J.B. Hunt. The hydrogen fuel cell electric vehicle (FCEV) will feature a range of over 500 miles and refueling in under 15 minutes. Test vehicles are set to start piloting by the end of 2022, with commercial availability in 2024. Navistar is also taking a minority stake in OneH2, which will help develop the hydrogen refueling infrastructure for the new trucks.
On January 19, 2021, Cruise and General Motors announced a strategic partnership with Microsoft to expedite the commercialization of self-driving vehicles. This collaboration will harness combined expertise in software and hardware engineering, cloud computing, and manufacturing. Microsoft will invest over $2 billion in Cruise, raising its post-money valuation to $30 billion. Utilizing Microsoft's Azure platform, Cruise aims to scale its autonomous vehicle solutions. The partnership also aims to advance GM's digital initiatives, including cloud services and AI technologies.
GM has launched BrightDrop, a new business focused on providing an ecosystem of electric products and services for the delivery and logistics sectors. The EP1 electric pallet will debut in early 2021, followed by the EV600 electric commercial vehicle later in the year. BrightDrop utilizes GM's Ultium platform and emphasizes efficiency, safety, and sustainability. FedEx Express is set to be the first customer, highlighting strong early interest. GM projects a market opportunity exceeding $850 billion for parcel and food delivery by 2025.
General Motors has launched the "Everybody In" marketing campaign to drive mass adoption of electric vehicles (EVs). This initiative is part of a broader strategy focusing on inclusivity and accessibility, aiming to reflect GM's commitment to a future with zero crashes, emissions, and congestion. The campaign emphasizes GM's leadership in the EV market, backed by a $27 billion investment through 2025 and plans to introduce 30 new EVs globally by 2025. The Ultium platform will power a diverse range of vehicles, enhancing performance and charging capabilities.
General Motors Co. (NYSE: GM) reported robust sales for Q4 2020, with 771,323 vehicles sold, a 5% increase year-over-year, marking its best fourth quarter retail sales since 2007. Despite a 12% drop in total sales for 2020 compared to 2019, retail deliveries rose by 2%. GM gained market share in all categories, aided by strong demand for full-size SUVs and pickups, particularly the all-new Cadillac Escalade. Average transaction prices reached record levels of $41,886 in Q4. GM anticipates continued recovery in 2021 as it ramps up production in response to recovering consumer demand.
General Motors (NYSE: GM) announced the transition of over 650 hourly employees from temporary to regular full-time status across nine manufacturing sites in Michigan, Indiana, Texas, and Missouri, effective January 2021. This move will enhance wages, profit-sharing opportunities, and benefits, including improved healthcare coverage and 401(k) contributions. GM has invested over $29 billion in U.S. operations in the past decade, establishing itself as a leader in manufacturing jobs and accounting for a significant portion of investments in the auto sector.
GM Defense LLC, a General Motors subsidiary, has started renovations on a facility in Concord, North Carolina, to produce the Infantry Squad Vehicle (ISV) under a $214.3 million contract awarded in June 2020. This 75,000-square-foot facility will manufacture 649 vehicles, with full production expected to begin in April 2021. The ISV, based on the Chevrolet Colorado ZR2, is designed for rapid ground mobility and can be airlifted by military helicopters. GM Defense aims to innovate military mobility while ensuring efficient production using proven commercial parts.
General Motors (NYSE: GM) announced a non-binding memorandum of understanding with Nikola Corporation to supply its Hydrotec fuel cell system for Nikola's Class 7/8 trucks. This agreement, which replaces a previously announced transaction from September 2020, emphasizes GM's fuel cell technology and aligns with its vision for an all-electric, zero-emissions future. The MoU outlines GM's commitment to engineer its fuel cell systems to meet Nikola's specifications and explore further collaboration, including potential supply agreements for GM's Ultium battery system.
General Motors (NYSE:GM) announced its compliance with NHTSA's directive to replace airbag inflators in certain vehicles, despite believing a recall is unwarranted. The company disagrees with NHTSA's assessment based on extensive independent scientific evaluation over the years. GM prioritizes the safety and trust of its customers, ensuring that measures are taken to uphold these values while adhering to regulatory requirements.
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