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’ - 3 Paul Jacobson - 2 G.M - 2 Jacobson - 1 ” - 1 Mary T - 1 Barra - 1 Motors - 1
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☆ G.M. Reports Big Jump in Profit on Gasoline Car Sales
  + stars: | 2024-04-23 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com   time to read: +1 min
General Motors on Tuesday reported a big jump in profits for the first three months of the year, based on the strength of its gasoline vehicle business, and raised its outlook for the rest of the year. The company saw slow growth in electric vehicles, but robust sales of internal combustion vehicles, especially pickup trucks, helped raise its profit to $3 billion in the first quarter, a 24 percent jump from the same period a year ago. also said that it now expects to make $10.1 billion to $11.5 billion in profit this year, up from a previous forecast of $9.8 billion to $11.2 billion. business and improving profitability,” G.M.’s chief financial officer, Paul Jacobson, said in a conference call with reporters, using the shorthand for internal combustion engine. He repeated an earlier forecast that G.M.’s battery-powered cars and trucks would start generating profits in the second half of this year.
Persons: ’, Paul Jacobson, Jacobson, G.M Organizations: Motors
☆ G.M. to Cut Spending on Cruise Self-Driving Unit
  + stars: | 2023-11-29 | by ( Neal E. Boudette | Yiwen Lu | More About Neal E. Boudette | ) www.nytimes.com   time to read: +1 min
General Motors is slowing the expansion of its Cruise automated driving division and significantly cutting spending at the unit after suspending operations in response to growing safety concerns about its driverless cars. The company had been planning to roll out a ride service in San Francisco and three other cities and begin testing Cruise vehicles on the streets of several other markets. It now plans to focus on only one city as it works to improve the operation of its fleet of driverless vehicles it has been testing. “We expect the pace of Cruise’s expansion to be more deliberate when operations resume, resulting in substantially lower spending in 2024 than in 2023,” G.M.’s chief executive, Mary T. Barra, said Wednesday at an investor conference. “We must rebuild trust with regulators at the local, state and federal levels, as well as with the first responders and the communities in which Cruise will operate.”Last month, California regulators suspended Cruise’s license to operate in the state after an incident in which a Cruise self-driving vehicle in San Francisco ran over a pedestrian who had been hit by another car and dragged her for 20 feet.
Persons: ”, ’, Mary T, Barra Organizations: Motors, Cruise Locations: San Francisco, California
☆ G.M. Profit Down 7% in Strike-Affected Quarter
  + stars: | 2023-10-24 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com   time to read: +1 min
said the strike had lowered its earnings before interest and taxes by about $200 million in the final weeks of the third quarter, and by about $600 million since the fourth quarter started on Oct. 1. The automaker also estimated that the strike could cost it $200 million a week going forward. gave the union a contract offer that included a 23 percent increase in wages over four years. wage from $32 an hour to more than $40. At that wage, an employee working 40 hours a week would earn about $84,000 a year, not including extra pay for overtime or profit-sharing bonuses, which have topped $10,000 in the past two years.
Persons: Motors, “, ’, Paul Jacobson, G.M Organizations: United Automobile Workers
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