General Motors reported a slight dip in overall vehicle sales but saw strong growth in its EV segment. The company highlighted record EV sales and a robust performance in full-size pickups and SUVs.
Results for: General Motors
Bernstein analyst Adrian Yanoshik downgraded General Motors stock to Market Perform, citing valuation concerns and potential earnings headwinds. The analyst expects inventory build and a delayed push into electric vehicles to impact GM’s performance in the coming year. Yanoshik also believes that the company’s upcoming investor day could reveal additional capital requirements, potentially affecting its ability to generate free cash flow.
Several top Wall Street analysts have changed their outlook on major companies like Microsoft, General Motors, GoDaddy, Ulta Beauty, and S&P Global. This article details these changes and provides insights into the reasons behind them.
General Motors is laying off 1695 employees at its Fairfax Assembly and Stamping plant in Kansas City, impacting production of the Cadillac XT4 and Chevrolet Malibu. The layoffs come as the plant prepares for a retooling to produce the next generation of Chevrolet Bolt EVs and XT4.
Unifor members at General Motors’ CAMI Assembly and Battery Assembly plants in Ingersoll, Ontario, have ratified a new two-year contract, securing a 15% wage increase for production workers and a 20.25% pay hike for skilled trades. The agreement also includes enhanced income security provisions to support workers during the transition from gas-powered to electric vehicles.
Unifor members at the CAMI Assembly and Battery Assembly plants in Ingersoll, Ontario, have ratified a new two-year collective agreement with General Motors that delivers substantial pay increases, aligning their wages with the Detroit Three pattern and eliminating a historic pay gap. The agreement includes a 15% wage increase for production workers and a 20.25% increase for skilled trades, along with other benefits like pension improvements and income replacement measures to protect workers during the EV transition.
The Federal Reserve made a surprise move by cutting interest rates by a larger-than-expected 50 basis points, boosting Wall Street and driving down mortgage rates. However, early iPhone 16 pre-order data suggests weaker-than-expected demand, while General Motors expands EV charging options.
Cruise, the autonomous driving unit of General Motors, is restarting its robotaxi testing in California after a pedestrian accident halted operations last year. The company will deploy manual mapping vehicles in Sunnyvale and Mountain View, with supervised robotaxi testing planned for later this fall. This move comes after a period of heightened regulatory scrutiny and follows Cruise’s resumption of operations in other cities.
General Motors (GM) shares are rising today after the company announced that its customers will have access to over 17,800 Tesla Superchargers using a GM-approved NACS DC adapter. This move significantly expands GM’s EV charging network, aiming to make the transition to electric vehicles more seamless for its customers.
Unifor, a Canadian labor union, has reached a tentative collective agreement with General Motors for over 1,300 members at the company’s CAMI Assembly and Battery Assembly facilities in Ingersoll, Ontario. The agreement, which includes improvements in wages, pensions, and job security, will be presented to union members on September 22nd.