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☆ GM to hold Nov. 29 business update after UAW contract deal
▼ + stars: | 2023-11-21 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsCompanies General Motors Co FollowNov 21 (Reuters) - General Motors (GM.N) said on Tuesday it will give a Nov. 29 business update following the ratification of new labor agreements in the United States and Canada. GM CEO Mary Barra and Chief Financial Officer Paul Jacobson will hold a conference call with analysts. The United Auto Workers union on Monday said members had approved a new labor deal through April 2028 that will boost GM's labor costs, including an immediate 11% pay hike. Before the additional $1 billion in cuts announced in July, the automaker earlier this year said it would cut fixed costs by $2 billion by the end of 2024.

Persons: Rebecca Cook, Mary Barra, Paul Jacobson, Daniel Kan, Kyle Vogt, David Shepardson, Jonathan Oatis Organizations: General Motors, REUTERS, United Auto Workers, New York Stock Exchange, Detroit, Cruise, GM, National Football League, EV, Thomson Locations: Detroit , Michigan, U.S, United States, Canada, California

A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company?s headquarters in San Francisco, California, U.S., September 26, 2018. In an email to staff seen by Reuters, Cruise CEO Kyle Vogt said the company will re-evaluate the employee equity program in light of the suspension, which "pushed out our commercialization and revenue generation timelines." The regulator said Cruise had not initially disclosed all video footage of an Oct. 2 accident where Cruise's car dragged a pedestrian in San Francisco. The unlisted Cruise unit last year introduced the equity program under which current and former employees can sell their vested equity to GM and other investors every quarter. Asked about the Thursday's email from Vogt, a Cruise spokesperson said, "GM and Cruise are working together on what competitive compensation packages at Cruise will look like going forward."

Persons: Heather Somerville, Kyle Vogt, Cruise, Sam Abuelsamid, Vogt, Hyunjoo Jin, Greg Bensinger, David Shepardson, Jonathan Oatis, Matthew Lewis, Daniel Wallis Organizations: General Motors Corp, REUTERS, General Motors, GM, Reuters, Cruise, California Department of Motor Vehicles, United Auto Workers, UAW, Thomson Locations: San Francisco , California, U.S, California, San Francisco, California , Arizona, Washington

But right now, the unit's operations are shut down as regulators investigate the safety of Cruise's self-driving vehicles. Cruise had $1.7 billion in cash as of Sept. 30, enough to last nine months at the current cash burn rate. As Cruise's troubles intensified, investors on Thursday sent GM shares down more than 3% to $26.65, its lowest closing price since August 2020. In addition to the problems at Cruise, GM last month agreed to a costly new contract with the United Auto Workers, and scaled back plans to expand electric-vehicle production. California regulators suspended Cruise's license to operate, and have accused Cruise officials of misrepresenting information about the incident.

Persons: Heather Somerville, Mary Barra, Cruise, Cruise's, Lawrence Paustian, Barra, Quinn Emanuel, Shinji Aoyama, It's, Kyle Martin, Martin, Jason Petitte, Paul Jacobson, Biden, Ben Klayman, Joseph White, David Shepardson, Matthew Lewis Organizations: General Motors Corp, REUTERS, Rights DETROIT, General Motors, GM, Honda, Cruise, United Auto Workers, Pzena Investment Management, Reuters, Westwood Group, California Department of Motor Vehicles, U.S . National, Traffic, Administration, Thomson Locations: San Francisco , California, U.S, Cruise, Japan, Chicago, Waymo, San Francisco, California, Detroit, Washington

☆ GM earnings rise despite strike
▼ + stars: | 2023-10-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company’s earnings per share rose to $2.28, up from $2.25, in the past quarter. The company said that the strike cost it $200 million in its first two weeks of the quarter. The UAW has been on strike against GM as well as rivals Ford and Stellantis since September 15. The targeted strike started with work stoppages at one assembly plant for each of the automakers and 12,700 on strike but has grown since then. There are now more than 40,000 autoworkers on strike, with 9,200 members on strike at GM alone.

Persons: Refinitiv, Shawn Fain, “, ”, Paul Jacobson, we’re, Mary Barra, “ It’s, ” Barra Organizations: New, New York CNN —, Motors, United Auto Workers, Revenue, UAW, GM, Ford, CNBC, EV, GM Financial, Chevrolet, GMC Yukon Locations: New York, Stellantis, China, Wentzville , Missouri, Lansing , Michigan, Arlington , Texas, Suburban, Ford, Arlington

☆ UAW strike cost GM $200 million in its first two weeks
▼ + stars: | 2023-10-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —The United Auto Workers union strike has cost General Motors $200 million since the work stoppage began two weeks ago, the company said Wednesday. GM was relatively flush with cash heading into the strike, which started on September 15. During the second week, the UAW also went on strike at a series of 18 parts and distribution centers operated by GM as well as 20 at Stellantis. This week, GM arranged for a new $6 billion line of credit. GM lost $2.9 billion from a six-week strike the UAW waged against it in 2019.

Persons: Fairfax, Ford, ” Organizations: New, New York CNN, United Auto Workers, Motors, GM, UAW, Ford, Jeep, Dodge, Chrysler, GM’s Lansing Delta Township Assembly, GM Financial, Securities and Exchange Commission Locations: New York, , Missouri, Fairfax, Kansas City , Kansas, Wentzville, Stellantis, GM’s Lansing Delta Township, Chicago

☆ I'm a car dealer. Here are the things customers get dead wrong about our business.
▼ + stars: | 2023-04-23 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

I grew up in a family dealership and did everything from marketing to customer service to a little bit of sales. From a customer service perspective, it became very difficult during COVID and it's still difficult now with parts. Whitney Yates-WoodsMy most challenging thing right now would be that customer service pieceThose parts taking a long time to get in is still really very prevalent. I think sometimes people think that that 1950's car salesperson persona still existsIt's evolving from the stereotypical car sales guy. I especially want women coming in by themselves to not feel like they're going to get taken advantage of.

☆ How two of North America's richest families came together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-10 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp., Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ Why two of North America's richest families are coming together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp, Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ Car buyers rejoice: Discounts are making a comeback — but you might have to ask for them
▼ + stars: | 2023-03-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Car buyers didn't see the end-of-year blowout sales in November and December that they had been used to in holiday seasons' past. Instead, shoppers had to settle for new and used vehicles with markups above sticker price and no wiggle room. That puts discounts now at around $1,297, about 1% higher than the same time in 2022, Deutsche Bank analysts estimated this week. Where buyers might find the best incentivesLuxury vehicles saw the highest incentives at 6.2% in January, KBB said. "There's also some loyalty cash, and there's a pretty decent amount of rebates on some of the higher end vehicles.

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