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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 announced the appointment of John Stapleton as the acting global chief financial officer, effective August 15, following the resignation of Dhivya Suryadevara. This leadership change comes as GM seeks to strengthen its financial position. Suryadevara played a crucial role in enhancing GM’s balance sheet and cost structure during her tenure. Stapleton, with a long history at GM since 1990, will oversee the financial strategies while the company searches for a permanent CFO.
General Motors Co. (NYSE: GM) reported its second-quarter 2020 earnings, revealing a diluted EPS of $(0.56) and revenue of $16.8 billion despite challenges from the COVID-19 pandemic. Adjusted EBIT was at $(0.5) billion, with automotive liquidity standing at $30.6 billion. Notably, GM's North America EBIT-adjusted approached breakeven at $(0.1) billion. The results underline GM's efforts over recent years to enhance business resiliency, reflecting a commitment to navigate through market disruptions effectively.
General Motors Co. (NYSE: GM) will report its Q2 2020 financial results on July 29, 2020, at 8 a.m. EDT. A press release and presentation materials will be available on its Investor Relations website. The company will also host a conference call for analysts at 10 a.m. EDT on the same day, with call-in numbers for participants. Future earnings announcements are scheduled for Q3 2020 on Nov. 5 and Q4 2020 on Feb. 10, 2021.
GM Defense LLC has been awarded a $214.3 million contract by the U.S. Army to produce the Infantry Squad Vehicle (ISV), designed to enhance troop mobility on the battlefield. The contract includes an initial order of 649 vehicles, with a total acquisition objective of 2,065 units. Based on the Chevrolet Colorado ZR2 architecture, the ISV incorporates 90% commercial parts, ensuring durability and ease of maintenance. This award reflects GM Defense's commitment to delivering innovative military solutions, leveraging the expertise of General Motors in design and manufacturing.
General Motors has introduced the OnStar Guardian app, extending OnStar safety services to smartphones for users in the US and Canada. Members can access services like Mobile Crash Response and Roadside Assistance for any vehicle, enhancing safety amid the COVID-19 pandemic. The app allows for family location sharing and provides 24/7 access to emergency advisors. The complimentary offer is valid for six months if redeemed by July 31, 2020. This rollout demonstrates GM's commitment to ensuring safety during the ongoing public health crisis.
On June 16, 2020, General Motors Co. (NYSE: GM) announced preliminary voting results from its annual shareholder meeting, with 87% of eligible shares voted. Notable outcomes include:
- 99% approval for director nominees
- 96% approval for named executive officer compensation
- 97% approval for annual advisory votes on compensation
- 99% ratification of the independent accounting firm
- 97% approval of the 2020 long-term incentive plan
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