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 (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.
General Motors Co. (NYSE: GM) has announced a substantial increase in its financial commitment to electric vehicles (EVs), raising the investment from $20 billion to $27 billion through 2025. By mid-decade, GM plans to launch 30 all-electric models globally, with about 40% of its U.S. entries being battery electric vehicles by the end of 2025. The company aims to enhance its competitive edge in batteries and software, with a projected EV range of up to 450 miles on a single charge. GM emphasizes its resolve to expedite the transition to an all-electric future.
General Motors has launched OnStar Insurance Services, aiming to enhance customer safety and experience in vehicle insurance. The agency will provide exclusive coverage leveraging GM's automotive expertise, offering personalized, secure, and fair policies. Initially available to GM employees in Arizona, it will expand to the general public in early 2021. OnStar Insurance incentivizes safe driving habits with potential discounts, integrating OnStar's technology for responsive services in emergencies.
General Motors Co. (NYSE: GM) reported strong third-quarter earnings, showcasing resilience during the pandemic. Key highlights include:
- EPS-diluted of $2.78, adjusted EPS of $2.83
- Income of $4.0 billion; EBIT-adjusted at $5.3 billion
- Revenue reached $35.5 billion
- Automotive liquidity at $37.8 billion
- Operating cash flow of $9.9 billion
The company continues to invest in electric and autonomous vehicles, maintaining leading market share in full-size pickups and SUVs.
General Motors Co. (NYSE: GM) announced the appointment of Paul Jacobson as executive vice president and chief financial officer, effective Dec. 1. Previously, Jacobson served as CFO of Delta Air Lines, significantly enhancing its reputation. GM's chairman, Mary Barra, praised Jacobson's leadership in driving the company's vision for zero crashes, zero emissions, and zero congestion. John Stapleton, the acting CFO since Aug. 31, will return to focus solely on North America.
GM Defense LLC, a subsidiary of General Motors, has successfully delivered the first Infantry Squad Vehicle (ISV) to the U.S. Army, fulfilling a $214.3 million contract awarded in June 2020. This marks GM Defense's initial significant delivery since its reestablishment in 2017. The ISV is built on the Chevrolet Colorado ZR2 architecture and utilizes 90% commercial-off-the-shelf parts for enhanced performance and mobility. The vehicle can be transported by various military helicopters, showcasing GM Defense's commitment to innovative military solutions and efficiency.
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