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New York CNN —A high-stakes union election is underway at a Mercedes-Benz plant near Tuscaloosa, Alabama, the only plant for the luxury automaker in North America. The fallout will be significant whether the workers at Mercedes-Benz vote to join the United Auto Workers union or not. And last month, it won a union election at a Volkswagen plant in Chattanooga, Tennessee, its first victory in three attempts to organize the factory. Though a union win could generate momentum, it doesn’t mean a victory will mean other plants can overcome management opposition at other foreign-owned plants. Non-union automakers have already begun their response to the big union victories thus far.
Persons: Shawn Fain, Fain, , , Tesla, Mercedes, Mercedes ’, , MBUSI, Wheaton, Mercedes plant’s, It’s, Mercedes Benz, ” Wheaton, “ It’s, Harry Katz, ” Katz, Katz, ’ ” Katz, they’ve, CNN’s Chris Isidore, Nathaniel Meyersohn Organizations: New, New York CNN, Benz, Mercedes, United Auto Workers, UAW, Big Three, Volkswagen, Kia, Toyota, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Volvo, Team, The National Labor Relations Board, Benz US International, Member, Volkswagen didn’t, Cornell University School of Industrial and Labor Relations ’, CNN, “ Labor, Big, – GM, Ford, Cornell University School of Industrial and Labor Relations, P Global Market Intelligence, General Motors Locations: New York, Tuscaloosa , Alabama, North America, Chattanooga , Tennessee, United States, Vance , Alabama, Tuscaloosa, , Cornell University School of Industrial and Labor Relations ’ Buffalo, Alabama, Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas
New York CNN —Three weeks into the United Auto Workers strike, signs of progress have emerged in talks between the union and General Motors. Another source familiar with negotiations said Wednesday that there has been active talks and progress in negotiations this week. But General Motors has yet to have significant progress in talks before now, and the union has twice expanded its strike against GM. GM had 46,000 UAW members on its its payroll at the start of the year. GM is the only automaker the UAW struck in 2019, a six-week strike that cost it $2.9 billion.
Persons: , , Shawn Fain Organizations: New, New York CNN, United Auto Workers, General Motors, GM, CNN, UAW, Facebook, – GM, Ford, Motors Locations: New York, Stellantis, Wentzville , Missouri, Lansing , Michigan, Kansas City , Kansas
General Motors' U.S. sales jump 18% in the first quarter
  + stars: | 2023-04-03 | by ( John Rosevear | ) www.cnbc.com   time to read: +2 min
A GMC pickup truck is displayed for sale on a lot at a General Motors dealership on January 05, 2023 in Austin, Texas. General Motors said Monday that its first-quarter U.S. sales rose 18% from a year ago, to just over 600,000 vehicles delivered, as it continued its rebound from the supply chain problems that limited global auto production in 2021 and early 2022. Most of those electric vehicles were Chevrolet Bolts, but GM did sell 968 of its brand-new Cadillac Lyriq EVs, built on the company's next-generation Ultium EV architecture. GM has been working to ramp up its production of its Ultium-based electric vehicles, with new high-volume Ultium-based models including an electric Chevrolet Equinox crossover due later in 2023. The company's EV sales volumes are expected to ramp up sharply from there in 2024 and 2025.
The event may have created a compelling entry point for investors who have been on the sidelines of the long-term shift to electric vehicles. Electric vehicles are becoming much more popular in the U.S. but still make up a small portion of automobiles on the roads. Cutting prices certainly caught the eye of consumers and boosted interest in Tesla vehicles, according to data from Edmunds. And, there are still issues with electric vehicles that make them impractical for large groups of consumers, said Mike Ward, an analyst at The Benchmark Company. There’s also a huge potential in firms that make batteries, key parts of electric vehicles that are also seeing surging share prices.
Wall Street is skeptical of GM's ambitious EV plans
  + stars: | 2022-11-18 | by ( Michael Wayland | ) www.cnbc.com   time to read: +6 min
DETROIT – Wall Street is skeptical of General Motors' plans to produce profitable electric vehicles years ahead of schedule and substantially bring down battery costs amid supply chain problems and broader economic concerns. GM's average rating is overweight with a 12-month target price of $47.77 per share, according to analysts compiled by FactSet. That would be years ahead of schedule and mean a dramatic decline in the automaker's battery costs amid supply chain problems, cyclical demand concerns and potential shortages in raw materials. It boosted its cash flow guidance to between $10 billion and $11 billion, up from $7 billion and $9 billion. Here are comments from other analysts as well as their ratings and price targets for GM following the investor event.
General Motors (GM) – GM shares rallied 4.4% in premarket trading after the automaker reported a better-than-expected third-quarter profit, helped by rebounding sales. JetBlue (JBLU) – JetBlue reported a quarterly profit as elevated travel demand helped to make up for rising costs. UBS (UBS) – UBS jumped 5.1% in the premarket after the Swiss bank posted better-than-expected quarterly results, helped by a jump in customer cash inflows to its wealth management business. SAP (SAP) – SAP rose 3% in premarket action after the German business software company reported upbeat quarterly results, helped by strong growth in its cloud business. Qualtrics (XM) – Qualtrics surged 9.6% in the premarket after the maker of customer feedback software reported better-than-expected quarterly results and lifted its full-year forecast.
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