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☆ GM hires ex-Apple exec to lead new software unit
▼ + stars: | 2023-05-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

A sign with the General Motors quality mission statement stands in the lobby at the GM Warren Tech Center in Warren, Michigan. DETROIT – General Motors has hired former Apple executive Mike Abbott to lead a newly created software unit for the Detroit automaker. Abbott, former vice president of engineering for Apple's Cloud Services division, will join GM as executive vice president of software, effective May 22. Software, specifically monetizing it, is a major focus for automakers such as GM, as they eye reoccurring revenue opportunities such as subscriptions to boost profits. GM has a target to grow profit margins and double its revenue to about $280 billion by the end of this decade.

☆ GM to end production of electric Chevy Bolt, its first mass-market EV, later this year
▼ + stars: | 2023-04-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Steve Fecht for ChevroletDETROIT – General Motors plans to stop production of its electric Chevrolet Bolt models by the end of this year, CEO Mary Barra told investors Tuesday when discussing the company's first-quarter earnings. The Chevy Bolt EV and EUV, a larger version of the car, make up the vast majority of the company's electric vehicle sales to date. General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. But Bolt sales never caught on as well as many executives hoped, as EV sales overall remained minuscule outside of Tesla . The Vermont State Police released this photo of the 2019 Chevrolet Bolt EV that caught fire on July 1, 2021 in the driveway of state Rep. Timothy Briglin, a Democrat.

☆ GM reveals Buick Envista as brand's last new gas-powered vehicle
▼ + stars: | 2023-04-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors on Monday revealed the last new gas-powered Buick vehicle ahead of the brand's transition to an all-electric domestic lineup by 2030. The final new traditional nameplate for the brand will be the 2024 Buick Envista, a small crossover that has the look of a sedan but the ride height and storage of a comparable SUV. It features a smooth, long exterior with styling inspired by the brand's well-received Wildcat concept car last year. The Envista will replace the Buick Encore as the brand's entry-level model, starting at $24,495 for a base model and $29,695 for a top-end Avenir model. GM discontinued production of the Encore last year in exchange for a larger "Encore GX" vehicle that starts between about $26,000 and $35,000.

☆ GM overtakes Ford as second best-seller of EVs in U.S. but still trails Tesla by a wide margin
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors pulled ahead of Ford Motor to become the country's second best-seller of all-electric vehicles during the first quarter, trailing only industry leader Tesla . 2 last year, reported EV sales Tuesday of 10,866 over the same time frame. GM still significantly trails Tesla in EV sales. Motor Intelligence estimates Tesla, which does not report sales by region, sold 161,630 EVs in the U.S. during the first quarter. Both GM and Ford have said they plan to overtake Tesla in EV sales in the years ahead, however Elon Musk's company is targeting significant expansion of its own EV production.

☆ The Chevrolet Camaro as you know it will fall out of production next year, GM says
▼ + stars: | 2023-03-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The Chevrolet Camaro ZL1 starts at about $62,000 and is powered by a 650-horsepower V8 engine, a considerable upgrade over the roughly $26,000 base model. DETROIT – General Motors will end production of the Chevrolet Camaro in its current form early next year, as the automaker transitions to all-electric vehicles. The current car entered production in late 2016 but has produced mediocre sales in a declining segment of American-made performance cars. To commemorate the Camaro's end of production at a GM plant in mid-Michigan in January 2024, the automaker will release a "collector's edition" package on several 2024 Camaro models, including the top-end ZL1. A company spokesman declined to disclose whether GM plans to use the Camaro name for an EV, as it looks to exclusively offer electric vehicles by 2035.

☆ GM offers buyouts to 'majority' of U.S. salaried workers
▼ + stars: | 2023-03-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The "Voluntary Separation Program," or VSP, will be offered to all U.S. salaried employees who have spent five or more years at the company as of June 30. Outside of the U.S., the automaker will offer buyouts to executives with at least two years of time at the company. GM expects to take a pretax charge of up to $1.5 billion related to the buyouts, according to a public filing Thursday. The last time GM offered such a large buyout program was for roughly 18,000 North American salaried employees in 2018-2019. GM announced the $2 billion cost-cutting program in January, saying between 30% and 50% of the savings were expected during 2023.

☆ General Motors cuts 500 salaried employees
▼ + stars: | 2023-02-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors is cutting hundreds of salaried positions as it follows other major companies, including competitors, in downsizing headcounts to preserve cash and boost profits. The cuts affect about 500 positions, according to a person familiar with the plans, which were announced internally Tuesday. The letter characterized the cuts, which follow performance evaluations, would impact a "small number of global executives and classified employees following our most recent performance calibration." The 500 job cuts make up less than 1% of GM's salaried workforce. Others such as Rivian Automotive also made salaried cuts, while Stellantis said it would idle a plant in Illinois.

☆ GM, LG end plans for fourth U.S. battery cell plant as automaker seeks new partner
▼ + stars: | 2023-01-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors and LG Energy Solution have indefinitely shelved plans to build a fourth battery cell plant in the U.S., as talks between the two sides recently ended without an agreement, a person familiar with the plans confirmed to CNBC. The paper, citing unnamed sources familiar with the plans, said GM is in discussions with at least one other battery supplier to proceed with the fourth U.S. battery-cell factory. GM and LG initially announced the joint-venture for a $2.3 billion plant in Ohio in December 2019, followed by other plants near GM operations in Michigan and Tennessee. A spokeswoman for Ultium referred questions to GM and LG Energy, which did not immediately respond for comment. The relationship between GM and LG Energy is crucial to the automaker's future plans for EVs, including topping Tesla and others to become the U.S. leader in all-electric vehicle sales.

☆ Why GM's new Chevy Corvette is a hybrid and not an all-electric car
▼ + stars: | 2023-01-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The Detroit automaker had discontinued all hybrids, including plug-in hybrids, to focus investment on all-electric vehicles. So why make a hybrid Corvette? 2024 Chevrolet Corvette E-Ray hybrid sports car GMThe C8 features an exclusive Corvette engine and architecture. The hybrid system was specifically designed for the eighth-generation Corvette, according to Harlan Charles, Chevrolet Corvette product marketing manager. 2024 Chevrolet Corvette E-Ray hybrid sports car GM

☆ GM reveals new Chevy Corvette E-Ray hybrid sports car, starting at over $104,000
▼ + stars: | 2023-01-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNT2024 Chevrolet Corvette E-Ray hybrid sports car GMDETROIT – General Motors' first-ever "electrified" Corvette will be available later this year starting at more than $104,000, the automaker said Tuesday. 2024 Chevrolet Corvette E-Ray hybrid sports car GMThe E-Ray is expected to be the only hybrid in GM's lineup when it arrives in dealer showrooms. The hybrid system was specifically designed for the eighth-generation Corvette, according to Harlan Charles, Chevrolet Corvette product marketing manager. GM decided on a hybrid Corvette instead of a PHEV because it offered better overall performance for the car. 2024 Chevrolet Corvette E-Ray hybrid sports car GM"The mission of this vehicle was performance, performance, performance," said Mike Kociba, lead Corvette development engineer.

☆ GM reclaims title as America's top automaker after a 2.5% jump in sales last year
▼ + stars: | 2023-01-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors reclaimed its U.S. sales crown from Toyota Motor last year as the Detroit automaker eked out a slight gain in annual U.S. vehicle sales despite supply chain problems. GM said Wednesday it sold 2.27 million vehicles in the U.S. in 2022, up by 2.5% over 2021, including a 41.4% increase during the fourth quarter. Toyota said it sold 2.1 million vehicles in the U.S. last year, down 9.6% from 2021. Toyota edged out GM in sales by 114,034 vehicles in 2021 – dethroning the Detroit automaker for the first time since 1931 when it surpassed Ford Motor . Jack Hollis, executive vice president of Toyota Motor North America, on Wednesday said the Japanese automaker remains focused on retail sales, which are traditionally more profitable than commercial or fleet sales.

The Detroit automaker's average estimated real-world fuel economy and its carbon emissions ranked the second-worst in the industry for the 2021 model-year, according to the EPA. Both automakers decreased their fuel economy and increased C02 emissions since the 2016 model-year, according to the EPA, as did Hyundai Motor , Mazda and Volkswagen . The 2021 average vehicle fuel economy was at an all-time high of 25.4 miles per gallon, unchanged from the year prior. Its average fuel economy, which is measures in terms of miles per gallon of gasoline equivalent, or mpge, was 123.9 miles. Just 4% of 2021 vehicles were electric, plug-in hybrids or fuel cell vehicles, though the EPA projects that figure will rise to 8% in 2022.

☆ General Motors is set to report earnings before the bell. Here's what Wall Street expects
▼ + stars: | 2022-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on Thursday, May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan. DETROIT – General Motors is set to report its third-quarter earnings before the bell on Tuesday. Here's what Wall Street is expecting, according to Refinitiv consensus estimates:Adjusted earnings per share: $1.88$1.88 Revenue: $42.22 billionMost investors are expected to look past the Detroit automaker's results during the quarter in favor of any change in guidance or comments regarding larger economic issues. Inflation in particular has already dominated the conversation on Wall Street at the start to earnings season. GM also forecast full-year net automotive cash of between $16 billion and $19 billion and guided to adjusted automotive free cash flow in the range of $7 billion to $9 billion.

☆ GM delays return-to-office mandate after employee backlash
▼ + stars: | 2022-09-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – General Motors is conducting damage control around its return-to-office plans after a Friday afternoon message to employees spurred backlash and confusion. On Tuesday, a second message walked back that timing and clarified the company won't be mandating specific in-office days, instead leaving that decision to individual teams. The follow-up message says no workers will be required to return to offices sooner than the first quarter of next year. She said the timing of the return-to-office has shifted, but "the overall plan has not really changed." GM described it as a flexible, evolving policy that will differ depending on the employee, week and project.

☆ GM to close reservations for electric Hummer pickup, SUV after topping 90,000
▼ + stars: | 2022-09-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors will close reservations for its electric GMC Hummer pickup and forthcoming GMC Hummer SUV after more than 90,000 of the vehicles were reserved, the company said Wednesday. Closing the reservations is a way for the automaker to attempt to fulfill the current list of reserved vehicles, which extends out to at least 2024. The number of reservations is notable because of the starting prices of the vehicles, which range between roughly $85,000 and $111,000. GM said it plans to close reservations for both vehicles starting Thursday. GM has been slowly ramping up production of the Hummer EV pickup since earlier this year.

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