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☆ GM lays off 1,000 employees amid reorganization and cost-cutting
▼ + stars: | 2024-11-15 | by ( Michael Wayland | ) www.nbcnews.com time to read: +1 min

DETROIT — General Motors laid off roughly 1,000 employees on Friday as the automaker attempts to cut costs and realign priorities amid changing market conditions, according to a person familiar with the decision. A small number of hourly employees were included in the layoffs. As part of this continuous effort, we’ve made a small number of team reductions. That included about 53,000 U.S. salaried employees. The United Auto Workers union, which represents hourly employees at the automaker, did not immediately respond for comment.

Persons: Kevin Kelly, we’ve, ” Organizations: DETROIT, Motors, GM, United Auto Workers union Locations: Detroit, Warren , Michigan

☆ GM’s profit nears a record a year after saying it couldn’t afford its workers’ pay demands
▼ + stars: | 2024-10-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

That means GM is selling cars at higher average prices this year than it was in 2023. During the strike, the UAW’s slogan on the picket lines was that record profits should result in a record contract. Its new guidance suggests that the full-year earnings will now top the record profit of 2022. The strong results and guidance sent shares of GM (GM) up 2% in premarket trading. GM CFO Paul Jacobson on Monday told reporters that GM cut costs ahead of the strike in anticipation of pay raises for its unionized workers.

Persons: Paul Jacobson, “ We’ve, ”, “, ” Jacobson Organizations: New, New York CNN —, Motors, United Auto Workers, Revenue, GM, couldn’t, nonunion, UAW Locations: New York, –, North America, Monday’s, China

☆ A lot is riding on Musk and Tesla’s ‘robotaxi’ event
▼ + stars: | 2024-10-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Elon Musk and Tesla have pledged a game-changing moment in the company’s history Thursday night. For the last decade, the electric vehicle maker’s CEO has vowed that true self-driving cars from Tesla were right around the corner. And even if the technology is as advanced as Musk likes to claim, getting regulatory approval to operate could be difficult. Tesla and Musk have made promises many, many times before about autonomous vehicle capabilities and when true self-driving would be available. “Either you walk away from the event as a jaw dropping moment, or you walk away with a shrug of shoulders event.”

Persons: New York CNN — Elon, Tesla, ”, Dan Ives, Waymo, they’ve, GM’s, Musk, “, FSD, “ You’d, Gordon Johnson, it’s, Gene Munster, ” Munster, “ They’ve, Ives Organizations: New, New York CNN, Warner Bros, Wedbush Securities, Apple, Motors ’, state’s Department of Motor Vehicles, Deepwater Asset Management, Munster Locations: New York, California

It was sold to Ramada in 1979 and, despite ownership changes, was operated as a budget-friendly resort until it closed. Now, as Las Vegas visitors demand more high-end experiences, the city is competing less directly with longtime gambling hubs such as Atlantic City, New Jersey, or Laughlin, Nevada, some 90 miles south of Sin City, Belarmino said. Prof. Nicholas Irwin, University of Nevada, Las VegasThe bargains may not be as close at hand as they once were. Alicia Muscs works at a travel agency in Las Vegas, where she moved from California this year. Unemployment in Las Vegas hit 6.7% in July, according to federal data, up from 5.7% the same month the year before and ahead of both the statewide rate (6.3% in July) and the national one (4.1% as of September).

Persons: Belarmino, Nicholas Irwin, ”, Belarmino’s, Alicia Muscs, Allie Leepson, Jesse McClary, Irwin Organizations: Tropicana, Ramada, University of Nevada, UNLV, Real Estate, Las Vegas, NBC Locations: Vegas, Atlantic City , New Jersey, Laughlin , Nevada, Sin City, Francisco and New York, Las, “, Clark County, New York, Las Vegas, California, Nevada, U.S

☆ GM ditching 'Ultium' name for batteries and tech amid EV changes
▼ + stars: | 2024-10-09 | by ( Michael Wayland | ) www.nbcnews.com time to read: +4 min

Aside from EVs, GM touted its lowering capital costs and the company’s flexibility to produce both traditional vehicles with internal combustion engines and EVs. Shares of GM were roughly level aside from a roughly 3% increase during the beginning of the event. The change to Ultium comes after GM spent billions of dollars to develop in-house “Ultium” batteries and technologies that the automaker previously touted as “revolutionary” and the ultimate technologies to be able to build a profitable EV business. The company said the batteries and the technologies will remain, but the name “Ultium” will not, other than production operations such as its “Ultium Cells” joint venture plants with LG Energy Solution. GM has been rethinking its EV battery strategy amid changing market conditions and an influx of new, outside executives, including Tesla veterans JP Clausen, who now leads GM manufacturing, and Kurt Kelty, GM’s vice president of battery.

Persons: GM, EVs, Ultium, ”, JP Clausen, Kurt Kelty, Mary Barra, ” Kelty, Rory Harvey, “, Orion Organizations: DETROIT, Detroit automaker, GM, LG Energy, Tesla, LG, South Korea’s Samsung SDI, CNBC, Orion Locations: North America, Orion Township , Michigan, U.S, Detroit

☆ Wendy’s is celebrating SpongeBob’s birthday with a Krabby Patty meal
▼ + stars: | 2024-10-02 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Krusty Krab, the fictional fast-food restaurant in “SpongeBob SquarePants,” will never be real, but at least the second-best thing is — a Krabby Patty. Wendy’s is releasing a special meal, in honor of the 25th anniversary of the “SpongeBob SquarePants” animated TV series, which includes a “Krabby Patty Kollab” cheeseburger and a “Pineapple Under the Sea” Frosty flavoring at its US and Canadian restaurants for a limited time beginning October 8. The Krabby Patty is the same as a regular cheeseburger but with an additional slice of cheese and a “top-secret” Krabby Kollab sauce, the chain announced Wendnesday. McDonald’s often releases celebrity meals, which features food already on its menu but with a special name, finding financial success with them. As a result, companies have released value meals and special promotions to ramp up sales.

Persons: Krusty Krab, SpongeBob, ”, Patty, Wendy’s, Patty Kollab ”, Burger King, MGM’s “ Organizations: New, New York CNN Locations: New York

☆ GM’s EV sales momentum is finally building as new vehicle lineup fills out
▼ + stars: | 2024-09-23 | by ( Michael Wayland | ) www.nbcnews.com time to read: +7 min

While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000. GM sold nearly 21,000 EVs in the U.S. in July and August — almost matching its full second-quarter EV sales. GM’s EV sales through August were up about 70% compared with a year earlier. It still remained more than 20,000 units shy of Hyundai/Kia EV sales through last month. Growing EV lineupGrowing EV lineupGM currently offers eight “Ultium-based” EVs for consumers — referring to its electric vehicle architecture and battery technologies.

Persons: WARREN, Mary Barra, Elon Musk’s, ” Rory Harvey, “, ” Harvey, GM’s, Tesla, Harvey, ”, Stephanie Brinley, ” Brinley, EVs, ” “, ‘ Butts, Barra, carmaker Organizations: General Motors, Detroit, U.S, GM, Elon Musk’s carmaker, Hyundai, Kia, Ford, CNBC, Detroit automaker, Motor Intelligence, EV, P, ” Cox Automotive Locations: Mich, North America, U.S, Detroit, Barra, U.K, ”, EVs

Uber announced Friday it is expanding its partnership with Alphabet’s Waymo to offer robotaxi rides in Austin, Texas, and Atlanta beginning in early 2025. Uber riders in those cities can be matched with a driverless Waymo car for some trips, according to the companies. A Waymo spokesperson said it had no plans to partner with Uber in San Francisco and Los Angeles. Uber’s initial agreement with Waymo in Phoenix also included autonomous Uber Eats deliveries in the city. Some analysts were more hopeful for a potential Uber and Waymo expansion into San Francisco.

Persons: Uber, Alphabet’s Waymo, Tesla’s, Bernstein, Waymo, “ We’re, ” Uber, Dara Khosrowshahi, Tekedra Mawakana, “ We’ve, GM’s Cruise, Cruise, Wells, Ken Gawrelski Organizations: Uber, Waymo, Atlanta, Google Locations: Austin , Texas, Atlanta, San Francisco, Los Angeles, Phoenix, Austin, San Francisco , Los Angeles

☆ South Korea’s Hyundai and US’ GM to work together on developing new cars
▼ + stars: | 2024-09-12 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hyundai and General Motors (GM) have agreed to look for ways to work together on developing new vehicles, supply chains and technologies in an effort to cut costs and move more quickly. Global carmakers are under intense pressure to come up with new electric vehicle (EV) and battery technology because they face vehicle emissions regulations around the world. South Korea’s Hyundai and America’s GM (GM) said on Thursday they would collaborate on joint product development, manufacturing and future clean energy technologies. The non-binding framework agreement was signed by Hyundai Motor Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. Including its affiliate Kia, Hyundai Motor is the world’s third-largest automaker by sales, according to Reuters, while GM is currently America’s largest carmaker, having retaken that title from Toyota in 2022.

Persons: Hong Kong CNN —, They’re, Euisun Chung, Mary Barra, “, ” Barra, ” Chung, Cruise Organizations: Hong Kong CNN, Hong Kong CNN — Hyundai, General Motors, Global, EV, Korea’s Hyundai, America’s GM, Hyundai Motor, Kia, Hyundai, Reuters, GM, Toyota, Nissan, Renault, Honda, — Locations: Hong Kong, Japan

☆ Glory days for automakers like Ford, General Motors in China are over
▼ + stars: | 2024-09-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year. Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022. Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).

Persons: Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “ Organizations: London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin Locations: China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.nbcnews.com time to read: +8 min

So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. “We’re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,” he told CNBC on Thursday. Gjaja’s comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. Gjaja said the decision wasn’t taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.

Persons: Marin Gjaja, We’re, “, Warren Buffett, Gjaja, Jim Farley, ” Farley, Ford, ” BofA’s John Murphy, John Lawler, Lawler, ” Gjaja, ” There’s, we’ve, ” Ford, Thursday, ” Organizations: DETROIT, Ford, CNBC, North America, EV, “, ICE, Wall Street, GM, General Motors Locations: U.S, Europe, North, California, China, ”

☆ GM’s Cruise will offer robotaxis on Uber’s platform starting next year
▼ + stars: | 2024-08-23 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Cruise will offer its autonomous vehicles on Uber’s platform starting next year, the companies said on Thursday, as the General Motors-backed robotaxi firm attempts a comeback. The multi-year partnership will allow Uber riders to choose a trip using a Cruise autonomous vehicle, they said. Uber’s partnership with Cruise comes as Tesla CEO Elon Musk is set to unveil its delayed plans for a robotaxi product in October amid slowing demand for electric vehicles. Commercializing autonomous vehicles has been tougher than expected and taken longer than promised due to complex technology, soaring investments, tight regulatory scrutiny and federal investigations. Trips by self-driving vehicles on Uber’s platform rose six-fold in the June quarter year-on-year, helped by partnerships with companies including Waymo, as well as startup Waabi for freight services.

Persons: Reuters — Cruise, Uber, Alphabet’s, Cruise, Elon Musk, Dara Khosrowshahi Organizations: Reuters, General Motors Locations: Phoenix, U.S, San Francisco

☆ Texas sues General Motors, alleging illegal selling of driver data
▼ + stars: | 2024-08-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Texas Attorney General Ken Paxton sued General Motors Tuesday, alleging the carmaker illegally collected and sold drivers’ data to insurance companies without their consent or knowledge, according to a release from the AG’s office. The suit said those two companies then sold these scores to insurance companies. Insurance companies can use data to see how many times people exceeded a speed limit or obeyed other traffic laws. But the attorney general’s office claimed GM “deceived” its Texan customers by encouraging them to enroll in programs such as OnStar Smart Driver. But by agreeing to join these programs, customers also unknowingly agreed to the collection and sale of their data, the attorney general’s office said.

Persons: Ken Paxton, “, ”, Smart, General Motors Organizations: New, New York CNN, Texas, Motors, General Motors, Insurance, General, CNN Locations: New York, Detroit

☆ Waymo and Zoox are under federal investigation as self-driving cars behave erratically
▼ + stars: | 2024-05-14 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —The National Highway Traffic Safety Administration is investigating two autonomous driving companies following incidents in which the vehicles behaved erratically and sometimes disobeyed traffic safety rules or were involved in crashes. The investigations involve Waymo, the self-driving technology subsidiary of Google’s parent company Alphabet, as well as Zoox, the autonomous vehicle subsidiary of Amazon. In cases where the human driver was present, the Waymo vehicle’s autonomous driving system was shut off moments before a collision. NHTSA is also investigating self-driving vehicles operated by Zoox, the autonomous technology subsidiary of Amazon. In one case, a motorcyclist was slightly injured in the crashes, in the other a Zoox safety driver was hurt.

Persons: “, Waymo, Zoox braked, ”, Cruise Organizations: CNN, Traffic, Administration, Amazon, NHTSA, Zoox, Toyota Highlanders Locations: Waymo

☆ GM’s self-driving car unit restarts testing on public roads
▼ + stars: | 2024-05-13 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Cruise, General Motors’ autonomous driving technology subsidiary, will start taking its self-driving vehicles out on public roads again this week. The company had stopped testing last October following an incident in San Francisco in which a pedestrian was badly injured. Last October, a Cruise self-driving car, with no one inside, hit a pedestrian after the person had first been struck by another vehicle. After striking the pedestrian, the Cruise vehicle attempted to pull off to the side of the road to avoid causing an obstruction. About two days later, Cruise announced it was halting all operations nationwide while it investigated the incident and the company’s response to it.

Persons: CNN — Cruise, ”, Cruise, Quinn Emanuel Urquhart, Sullivan, ” Cruise, “ Organizations: CNN, Motors, Cruise, California Department of Motor Vehicles Locations: San Francisco, Phoenix , Arizona

☆ Buick, GM’s low-key pseudo-luxury brand, is suddenly hot
▼ + stars: | 2024-04-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

In the 21st Century, though, Buick, which celebrates its 125th anniversary this year, has been a quiet spot in GM’s North American brand strategy. Last year, Buick sales rose more than 60% in the US compared to 2022. The Buick Envista introduced last summer is, essentially, a modified version of the well-received Chevrolet Trax, GM’s cheapest crossover SUV. The 1938 Buick Y Job is generally considered the auto industry's first "concept car." Last year, Avenir models, which get some fancier interior materials, more features, and distinctive paint colors, made up almost a third of Buick sales, the highest levels yet, Aldred said.

Persons: Louis Chevrolet, “, it’s, ”, Ivan Drury, Jason Barlow, Envista, Bob Boniface ,, Duncan Aldred, Drury, It’s, Buick, that’s, Aldred Organizations: CNN, Buick, GM, Riviera, Chevrolet Trax, GMC, Chevy, Cox Automotive, Cadillac, General Motors, Liverpool Locations: GM’s, China, the, America, Europe

☆ These are the concert residencies that helped define the Las Vegas strip
▼ + stars: | 2024-03-24 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +8 min

CNN —Las Vegas is a city brightly lit by it’s rich history, extravagant hotels, luxurious dining experiences, perpetually rolling dice and, of course, one-of-a-kind musical residencies. Here’s a look at some of the most influential musical residencies that have helped define Las Vegas as the entertainment capital of the world. Usher previously performed his “Usher: The Las Vegas Residency” through 2021 at the Colosseum at Caesars Palace. Known as Mr. Las Vegas, the performer has become such a local icon that streets are named after him. Marco Piraccini/Mondadori/Getty ImagesThere was a time where Las Vegas residencies were considered something best suited for artists of yesteryear.

Persons: Mariah Carey, Adele, Garth Brooks, Lionel Richie, Usher Usher, Aaron J, Thornton, WireImage, Jennifer Lopez, Kim Kardashian, Jessica Alba, Zendaya, Usher, Wayne Newton Wayne Newton, Ethan Miller, Wayne Newton, Newton, Wayne, Elvis Presley Elvis Presley, Elvis Presley, –, Long, Celine Dion Celine Dion, Tomasz Rossa, Celine Dion, Love, Dion, Diana Ross Diana Ross, Matt Sayles, Invision, Diana Ross, Ross, Ross ’, “, Elton John Elton John, Mick Hutson, Redferns, Elton John, he’s, Rocketman, Britney Spears Britney Spears, Marco Piraccini, Britney Spears, Spears, Katy Perry, Lady Gaga, Bono, Adam Clayton, Bram van den Berg, Kevin Mazur Organizations: CNN, Sin, Vegas, Las, Colosseum, Billboard, Tropicana, Getty, Flamingo, Intercontinental, Westgate Las, “, Venetian, Caesars, Yamaha, Planet Hollywood, Forbes Locations: Sin City, Vegas, Nevada, Las Vegas

☆ Tesla Autopilot and similar automated driving systems get ‘poor’ rating from prominent safety group
▼ + stars: | 2024-03-11 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —The Insurance Institute for Highway Safety, which rates cars and SUVs for safety, examined so-called advanced driver assistance systems such as Tesla Autopilot and found them wanting. Of the 14 systems tested by the agency, 11 earned a “poor” rating including Tesla’s Autopilot and so-called Full Self Driving systems. Insurance Institute test drivers also looked at what would happen if the driver became incapacitated with the automated driving system in use. Of the systems tested, only GM’s Super Cruise handled that sort of situation the proper way, according to the Institute. The Insurance Institute will continue to monitor software updates and improvements and will periodically retest the systems, Harkey said.

Persons: ’, David Harkey, Harkey, “, ” Harkey, ” Nissan, Ford, BlueCruise, ” Ford Organizations: CNN, The Insurance Institute for Highway, Ford, Nissan, ”, Insurance, ” Insurance, Traffic, Administration, The Insurance Institute, Institute, The, . Insurance, Cruise, Tesla, GM, Insurance Institute for Highway, Insurance Institute

☆ No, electric vehicle sales aren’t dropping. Here’s what’s really going on
▼ + stars: | 2024-02-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

(BNEF’s figures include plug-in hybrids, but the large majority are fully electric vehicles.) High pricesMost electric vehicles currently on sale in America are on the more expensive side of the automotive market. Power, referring to the Kia EV9 and Cadillac Lyriq electric vehicles. Besides raw numbers, the EV chargers that are currently available tend to rate low with consumers in terms of reliability, according to J.D.. Power surveys. Public chargers are more important to people who can afford neither an expensive vehicle nor a house with private parking.

Persons: CNN — Tesla, ”, Tyson Jominy, Kia, Corey Cantor, Jim Farley, Farley, Jominy, Tesla, Carlos Tavares, Valdez Streaty, “, “ We’re Organizations: CNN, Ford, Cox Automotive, Bloomberg New Energy Finance, Kia, J.D, ” Ford, National Renewable Energy Laboratory, US Department of Energy, DOE, EV, BMW, GM, Honda, Hyundai, Benz, Stellantis, Dodge, Leasing Locations: United States, America, California, Canada, New York

☆ Ford says it has a ‘Skunk Works’ team trying to make lower-cost EVs
▼ + stars: | 2024-02-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

CNN —Ford says it has a top-secret, high-powered team working to design its future electric vehicles. Electric vehicle sales increased by 40% in the fourth quarter of 2023 compared to the same period in 2022, according to Cox Automotive. In a study released late last year by S&P Global Mobility, almost half of people surveyed globally thought EV prices were too high. “We developed a super-talented ‘Skunk Works’ team to create a low-cost EV platform,” Farley said. By dubbing its own operation as a “Skunk Works” team, Ford is seeking to put the scale of the matter front-and-center.

Persons: CNN — Ford, ”, Yanina Mills, Ford, Jim Farley, ” Farley, Tesla Farley, Tesla, Farley, Alan Clarke, EVs Farley Organizations: CNN, Tesla, Audi, Mercedes, Ford, Cox Automotive, P Global Mobility, United Auto Workers, Skunk, Lockheed, Skunk Works, Reuters, Works, Hyundai, Ford Pro, EV, EVS Locations: China, Asia, Europe

Even when compared with other CEOs, who routinely get paid roughly 200 times more than their typical employees, Elon Musk’s pay package was eye-opening. Critics have argued for years that CEO pay packages are exorbitant. Under Musk’s pay plan, he received a chunk of stock options each time Tesla’s market value rose by $50 billion. General Motors, for example, considers executive salaries at 3M, Boeing, Ford, IBM and other huge companies, and uses complex formulas to determine CEO compensation. Corporate law experts say any new compensation package for Musk will likely be challenged in court unless Tesla's board either resigns en masse or follows a meticulous process to protect shareholders by passing a substantially smaller package.

Persons: Tesla, Kathaleen St, Jude McCormick, Musk, Bernard Arnault, Critics, Blackstone’s Steven Schwarzman, “, ‘, ’ ” McCormick, Musk’s, shouldn’t, Mary Barra, Jim, Mark Zuckerberg, Tim Cook, they’re, ”, Charles Elson, ” Elson, Elson Organizations: Elon, Musk, Forbes, General Motors, 3M, Boeing, Ford, IBM, Big Tech, University of Delaware, Lawyers Locations: Delaware, —, Barra, U.S

☆ GM said the strike cost it $1.1 billion. But it could post a record profit this year
▼ + stars: | 2024-01-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

The automaker said it expects 2024 adjusted earnings of between $9.8 billion to $11.2 billion, which could top the record $11 billion it earned on that basis in 2022. The company reported adjusted net income of $1.6 billion in the fourth quarter, or $1.24 a share. That’s down 46% from a year earlier, partly due to the $1.1 billion cost of the strike, most of which came in the fourth quarter. Revenue of $43 billion in the quarter, down less than 1% from a year earlier, also beat forecasts. Full year adjusted earnings slipped only 5% to $10.5 billion.

Persons: “, ”, Mary Barra Organizations: New, New York CNN, General, Refinitiv, “, GM Locations: New York, Refinitiv ., China, United States

It was down only 14% from the previous weekend and brings its running domestic total to $42.3 million. Political Cartoons View All 253 ImagesThis was the first moviegoing weekend following Oscar nominations. Searchlight’s “Poor Things,” nominated for 11 Oscars, including best picture, best director and best actress for Emma Stone, got a 43% boost from last weekend with an estimated $3 million. And A24’s “The Zone of Interest,” which had five nominations, including best picture and best director for Jonathan Glazer, expanded to 317 screens, where it earned $1.1 million. Universal had leading Oscar nominee “Oppenheimer” in 1,262 theaters, where it earned an additional million dollars this weekend.

Persons: holdovers, “, Jason Statham actioner, It's, “ Oppenheimer, ” “ Barbie, ”, Jeffrey Wright, Emma Stone, Jonathan Glazer, Alexander Payne's “, Glazer's, Jonathan Organizations: American, Amazon MGM Studios, Warner Bros, Universal Locations: North America

☆ GM’s self-driving car division is under investigation by DOJ and SEC after pedestrian dragging incident
▼ + stars: | 2024-01-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

In meetings with regulators after the October 2 incident, Cruise officials attempted to show a full video of the impact, shot from the car. Cruise commissioned the law firm of Quinn Emanuel Urquhart & Sullivan to investigate the incident and Cruise’s response to it. Immediately after the incident, Cruise employees were not, themselves, aware that the woman had been dragged, according to the report. Actually, the pedestrian was struck by a human-driven Nissan car first and that impact propelled her into the path of the Cruise car. The report attributed its failures in communication to a “myopic focus” in clearing Cruise of fault in the initial impact.

Persons: CNN — Cruise, Cruise, Quinn Emanuel Urquhart, Sullivan, ” Cruise, Mary Barra, veihicle, “ Organizations: CNN, Motors, Department of Justice, Securities and Exchange Commission, Cruise, GM, Nissan Locations: ”, California, United States

☆ Chevy Blazer Troubles Add to GM’s EV Growing Pains
▼ + stars: | 2024-01-14 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

The Chevrolet Blazer’s turbulent rollout is the latest setback as GM seeks to establish itself as an EV player. Photo: jim lo scalzo/ShutterstockAs one of the nation’s first owners of General Motors ’ new electric Chevrolet Blazer, James Hattin was loving the SUV—before the problems began. On a trip from the mountains back to his home in Burbank, Calif., he and his wife heard weird clicking noises coming from the dashboard. A short time later, the cruise control went out. A few days after that, in his driveway, the car’s screens went blank and the car wouldn’t start.

Persons: jim lo, James Hattin Organizations: General Motors, Chevrolet Locations: Burbank , Calif

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