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General Motors continues to monitor Twitter and evaluate its decision to suspend advertising on the social media platform following Elon Musk's takeover of the company, CEO Mary Barra told CNBC Tuesday. Barra said that the automaker's decision to suspend advertising in October was in part an effort to protect its brands but was also influenced by the fact that Musk's electric vehicle company, Tesla , is a competitor to GM. So, we want to make sure our advertising strategies are kept confidential." Under Barra, GM has announced billions of dollars in spending to better compete against Tesla in the battery electric vehicle segment. Automakers such as GM have worked with Twitter and other social media platforms on advertising campaigns as well as new vehicle unveilings and launches.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe consumer is still strong, but we are planning for conservative 2023, says GM CEO Mary BarraGeneral Motors CEO Mary Barra joins 'Squawk Box' to break down the company's combustion and electric vehicles lineup and provides an outlook for the U.S. economy in 2023.
Watch CNBC's full interview with General Motors CEO Mary Barra
  + stars: | 2022-12-06 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with General Motors CEO Mary BarraGeneral Motors CEO Mary Barra joins 'Squawk Box' to break down the company's combustion and electric vehicles lineup and provides an outlook for the U.S. economy in 2023. Barra also weighs in on the incentives provided to electric car makers under the Inflation Reduction Act and more. "We're investing in the United States, and we're investing in the economy," Barra tells CNBC.
Disney’s board needs some magic
  + stars: | 2022-12-06 | by ( Jennifer Saba | ) www.reuters.com   time to read: +3 min
NEW YORK, Dec 6 (Reuters Breakingviews) - Bob Iger has a knack for head-faking his way out the door. Iger served as chief executive of the $175 billion media giant from 2005 until 2020. That stands in contrast to Netflix’s board, where more than half of the directors come from the entertainment sector including former Disney executive Anne Sweeney. Follow @jennifersaba on TwitterloadingCONTEXT NEWSWalt Disney on Nov. 20 said Bob Iger is returning as chief executive officer, effective immediately. Iger, 71, served as chief executive from 2005 until 2020.
CEO economic outlook tumbles to two-year low
  + stars: | 2022-12-05 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
The Business Roundtable said Monday its CEO Economic Outlook Index tumbled during the fourth quarter to the lowest level in more than two years. The index, a composite of CEO plans for business investment, hiring and sales expectations, has declined every quarter this year, plunging from 124 a year ago to 73 now. CEOs surveyed by the Business Roundtable are now calling for growth of just 1.2% next year, down from nearly 6% in 2021. It’s also worth noting the Business Roundtable survey fielded responses from dozens of business leaders last month and recent indicators including the jobs report and holiday shopping have come in stronger than expected. Still, given the uncertainty facing the American economy, Business Roundtable CEO Josh Bolten urged Congress to address the looming fight over the debt ceiling “as soon as possible.”
GM's Cruise is still pushing forward after Ford's Argo called it quits. Profitability is not yet the marker of success for Cruise, GM president Mark Reuss said. In fact, GM's self-driving outfit is now embarking on the commercialization phase of its robo-taxi service, after a successful nighttime pilot in San Francisco earlier this year. That's essentially the opposite approach from crosstown rival Ford, which last month gave up on its money-losing self-driving unit, Argo. That set off alarm bells for investors in the autonomous vehicle space, hammering AV startup stocks.
Tesla remains the industry leader by a wide margin, but has been losing market share as more EVs enter the market. The company reported sales of 53,752 all-electric vehicles in the U.S. through November. Tesla has long-dominated U.S. EV sales. Ford reported its EV sales as part of its November results, which overall were down 7.8% from a year earlier. Its EV sales were up from a year ago, when sales volume was very limited.
Elon Musk has made headlines for his recent tweets, which include posts about guns and Apple. Critics say the Twitter CEO's use of the platform could further endanger the struggling company. There's also been discord at SpaceX, the rocket company Musk operates. In a story for New York Magazine, Kevin Dugan wrote that Musk is unlikely to change his ways anytime soon. "It's now been a week since Elon Musk has taken over Twitter, and one thing that's clear about his reign is that he will never, ever touch grass."
We can bet that they will be one-upping each other about how high they want to take fed funds, the overnight bank lending rate. They seem to want to ignore anything that's succeeded since the Fed's rate increase cycle began back in March. I think that, again, if the Fed were to wait through Christmas they would see the layoffs and the corporate failures. One thing that's for certain, the buyers of the 2-year may be more sensitive to the data than the Fed. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
At Fortune 100 companies, only 12 chief executives were women as of July 15, the same number as a year earlier, according to Heidrick. The Heidrick & Struggles also report showed 86 CEOs in the group were white, down slightly from 88 in the prior period. "If you want to accelerate the rate of the change in the C-suite, then it (diversity) has to be embedded in the succession plan," Taylor said. In a separate survey, Heidrick found record levels of board seats filled by first-time directors at 43%. Nearly half of the appointees last year were women, while 41% were racially or ethnically diverse, similar to rates in 2020.
Mary Barra, Chair and CEO of the General Motors Company (GM), speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. GM will look to address such concerns during an investor event, which kicks off at 1 p.m. Analyst are expected to press executives on updates to its previously announced plans, short-term guidance and potential macro-offsets in the years ahead, especially in 2023. "At the last Investor Day, GM promised ICE-like EV margins by 2030. The company also has plans for capacity of 1 million EVs in China by then as well.
In this article FGM Follow your favorite stocks CREATE FREE ACCOUNTJim Farley, CEO, Ford, left, and Mary Barra, CEO, General Motors Reuters; General MotorsDETROIT — "Same industry. GM has gained an edge in recent years on the back of better financials and early moves into electric and autonomous vehicles. GM most recently reported third-quarter results that, compared to Ford, knocked it out of the park. The investment cases for America's largest automakers are increasingly diverging as the companies — separated by just $1 billion in market value — have taken different tacks around electric and autonomous vehicles. Ford expects at least 40% of its sales globally to be electric vehicles by the end of this decade.
REUTERS/Jonathan ErnstOct 31 (Reuters) - The United Auto Workers on Monday said it was seeking an election to represent workers at a General Motors (GM.N)/LG Energy (373220.KS) battery cell manufacturing joint venture in Ohio after the companies refused to recognize the union. In August, the Warren, Ohio Ultium plant began production, the first of least four planned U.S. battery factories by the joint venture. In May, President Joe Biden, in a trip to South Korea, expressed support for workers seeking to unionize joint venture battery plants. "For every joint venture that manufactures electric vehicle batteries would be made stronger by collective bargaining relationships with American unions," Biden said. GM and LG Energy are considering an Indiana site for a fourth U.S. battery plant expected to cost about $2.5 billion.
The result: Lower male voices were perceived as more trustworthy, but lower female voices saw no significant change. "For male leaders, the pattern was reconfirmed ... but for female leaders, that pattern was much weaker," Kim says. People tend to expect "dominant leadership" from men and "communal leadership" from women, Kim says. "If a lower voice, which is a dominant skill, is coming from a female figure, then that is violating people's expectations of female leaders," she adds. Female participants said a low voice helped female CEOs seem more competent, but didn't do anything to make them seem like they had more integrity.
As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising. The Detroit automaker, a rival to Musk's Tesla , said it is "pausing" advertising as it evaluates Twitter's new direction . It will continue to use the platform to interact with customers but not pay for advertising, GM added. DETROIT — General Motors is suspending its advertising on Twitter following Elon Musk's takeover of the social media platform, the company told CNBC on Friday. Musk has long boasted that Tesla does not pay for traditional advertising, a cost that has added up for conventional automakers' brands through the years.
As earnings season ramps up, one thing that can help investors get a jump on upcoming announcements is readily available: already reported results. What Alphabet tells us about Meta Meta Platforms issues third quarter earnings after the closing bell Wednesday. What GM tells us about Ford Ford (F) issues third quarter earnings after the closing bell Wednesday. What GE, Raytheon tell us about Honeywell Honeywell (HON) reports third quarter results before the opening bell Thursday. Honeywell is again expected to generate $2.9 billion in sales in aerospace in its third quarter, according to FactSet.
GM has delayed a plan to build 400,000 EVs in North America. CEO Mary Barra said Tuesday the launch of battery production had been slower than expected. Barra told investors in February that GM planned to make 400,000 EVs in North America through 2023, per Automotive News. Barra wants GM to build one million electric vehicles in North America by 2025. GM plans to open a second next year, and another in 2024.
DETROIT, Oct 25 (Reuters) - General Motors Co (GM.N) on Tuesday reported a higher quarterly profit, and reaffirmed its full-year outlook. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5 billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM said it has received 170,000 reservations for the new Chevrolet Silverado EV pickup, which arrives at U.S. dealers next spring. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ben Klayman, Paul Lienert and Joseph White, Editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
DETROIT, Oct 25 (Reuters) - General Motors Co (GM.N) shares rose almost 5% in premarket trade on Tuesday as the company reported a higher quarterly profit that beat analysts' estimates. GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. Diluted earnings per share in the third quarter of $2.25 topped estimates of $1.88. Register now for FREE unlimited access to Reuters.com RegisterThe automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5 billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer on GM earnings: CEO Mary Barra has done such a great jobCNBC's Jim Cramer joins 'Squawk on the Street' to discuss margins for automotive companies, manufacturers seeing a rebound in supply chain health, and consumer discretionary spending on tech and retail.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGM seeing steady improvement to chip shortage challenges, says CEO Mary BarraGeneral Motors CEO, Mary Barra, joins 'Squawk Box' to discuss General Motors reporting better than expected Q3 profits, strong demand allowing for strong pricing, EV chip supply, and Chinese performance and operation concerns.
GM earnings soar on improved supply chain issues
  + stars: | 2022-10-25 | by ( Chris Isidore | ) edition.cnn.com   time to read: +3 min
New York CNN Business —General Motors says its supply chain issues are improving. “We’re delivering on our commitments and affirming our full-year guidance despite a challenging environment, because demand continues to be strong for GM products,” said GM CEO Mary Barra. But Jacobson said the company is seeing no sign of a drop in demand that might accompany an economic slowdown. We continue to see the strong demand. Shares of GM (GM) rose 3% in premarket trading on the strong earnings and full-year earnings guidance of $6.50 and $7.50 a share, which gives it a solid chance to beat forecasts of $6.78 a share.
But with interest rates rising, inflation at record highs and recession fears looming, Wall Street is closely watching third-quarter earnings results and guidance for any signs consumer demand might be weakening. Spak said third-quarter earnings "should mostly be fine," with the focus being on company commentary and guidance revisions. DealersCarMax fueled Wall Street's concerns last month after the used car dealer posted one of its biggest earnings misses ever. Citing CarMax's results, J.P. Morgan analyst Rajat Gupta said the sentiment for franchised dealers' third-quarter earnings "is the most negative we have encountered since the pandemic." Other major dealers scheduled to report third-quarter earnings include Group 1 Automotive on Oct. 26, followed by AutoNation , Asbury Automotive Group and Sonic Automotive on Oct. 27.
The Orion plant, in operation since 1983, was beginning to transition from making a variety of internal combustion engine (ICE) vehicles to EVs. "We started slowly introducing the Bolt on the assembly line," he said, a process that can take up to a year while working out the bugs. There's specialized training required for all the assembly workers on how to deal with those potentially dangerous connections in a safe manner, he said. In essence, "it takes more of an electrician than it does a mechanic" to assemble an EV, Brown said.. The recently upgraded center houses manufacturing laboratory facilities that simulate steps along the assembly line, including robotics and sheet metal fabrication.
General Motors is launching a division that provides homeowners with power storage technology. GM Energy will provide battery storage devices, and let drivers use EVs to power their homes. GM Energy will offer solar energy and battery storage products so electric vehicle owners can use their cars as power sources when needed, the company announced on Tuesday. GM Energy will use SunPower to provide customers with solar panels, with wall-mounted battery storage from Ultium and include its existing charging service called Ultium Charge 360. Tesla's energy storage business includes its Powerwall storage and Megapack storage units.
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