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.
GM Defense LLC, a subsidiary of General Motors, announced that the U.S. Army has granted a full-rate production decision for its Infantry Squad Vehicle (ISV). Initially awarded a $214.3 million contract in June 2020, GM Defense has already delivered over 300 vehicles to the Army's 82nd and 101st Airborne Divisions. The ISV, based on the Chevrolet Colorado ZR2 architecture, combines commercial parts for enhanced adaptability and efficiency in various mission profiles. The decision marks a significant achievement for GM Defense, strengthening the company's manufacturing credibility and paving the way for future production increases.
Labelmaster has been awarded the 2022 Supplier of the Year by General Motors (GM) for its exceptional support in the automotive supply chain. This recognition highlights Labelmaster's commitment to exceeding GM's stringent requirements through innovative solutions in the safe transport of dangerous goods. GM's vice president praised suppliers like Labelmaster for demonstrating resilience and sustainability amidst industry challenges. The award criteria included performance metrics across Purchasing, Manufacturing Services, and Logistics, further establishing Labelmaster's expertise in the hazardous materials sector, particularly in large format lithium battery transport.
General Motors (NYSE:GM) honored Brose as a 2022 Supplier of the Year at its 31st annual event in San Antonio, Texas. This marks the seventh time Brose has received this accolade. The award recognizes suppliers that exceed GM’s standards, providing innovative technologies and high-quality products. GM's vice president, Jeff Morrison, emphasized the resilience and innovation of its suppliers amid industry challenges. Brose, a leading automotive supplier, plays a significant role in the global automotive supply chain, employing 30,000 people and generating approximately €7.5 billion in sales in 2022.
General Motors has honored Ascent as a 2022 Supplier of the Year during its 31st annual event in San Antonio, Texas. This marks the ninth time Ascent has received this prestigious award, recognizing suppliers who exceed GM's requirements and deliver high-quality, innovative solutions. Ascent's leadership expressed gratitude for GM's continued partnership amid global supply chain challenges, highlighting their team's commitment to customer service. GM's vice president praised the resilience and dedication of suppliers in overcoming obstacles in the automotive industry. For more details, visit Ascent's website.
On March 28, 2023, General Motors recognized Hanon Systems as a 2022 Supplier of the Year during its annual awards ceremony in San Antonio, Texas. This marks the sixth consecutive year that Hanon has received this honor, highlighting its commitment to delivering high-quality automotive thermal and energy management solutions. GM's award reflects the supplier's exceptional performance in meeting rigorous standards and providing innovative technologies. Hanon Systems operates 53 manufacturing sites globally and employs over 21,000 people.
Envisics, a leader in holographic head-up display technology, has secured over $50 million in Series C funding, achieving a post-money valuation of $500 million. The investment round, led by Hyundai Mobis, includes new significant investors such as GM Ventures and Stellantis Ventures. The funding aims to expedite product development for advanced augmented reality head-up displays (AR HUDs), which are essential for modern vehicles. General Motors plans to integrate this next-generation technology in the 2024 Cadillac LYRIQ. The AR HUD market is projected to grow at a 28% CAGR, expanding from 1.6 million units in 2022 to 19.1 million by 2032.
GM Defense LLC, a subsidiary of General Motors (GM), has signed a Memorandum of Understanding (MOU) with the Tawazun Council in Abu Dhabi, aimed at advancing technology and collaboration in defense. This partnership will focus on integrating electric vehicle technology and advanced military solutions, enhancing regional production and post-production support. Steve duMont, president of GM Defense, emphasized the commitment to providing reliable and innovative defense solutions. This agreement marks GM Defense's first major partnership in the Middle East, expanding its reach following the 2022 launch of GM Defense International.
United States Steel Corporation (NYSE: X) announced its supply agreement with General Motors (NYSE: GM) for its verdeX® steel, which produces up to 75% fewer emissions compared to traditional methods and consists of up to 90% recycled content. This steel will be manufactured at Big River Steel, a facility certified under LEED and ResponsibleSteel™. Shipping will begin this year. The company is also constructing a $3 billion facility in Osceola, Arkansas, to enhance production. U. S. Steel aims for net-zero greenhouse gas emissions by 2050, being the first North American steelmaker to join ResponsibleSteel™.
General Motors (NYSE:GM) has declared a cash dividend of $0.09 per share for the first quarter of 2023. This dividend will be payable on March 16, 2023, to shareholders on record as of the close of trading on March 3, 2023. The company continues its commitment to enhancing shareholder value while focusing on its strategy to advance an all-electric future through its Ultium battery platform, powering various vehicles under brands such as Chevrolet, Buick, GMC, and Cadillac.
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