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Revenue of $44.13 billion rose 5.4% and also exceeded estimates of $42.48 billion, according to data provider FactSet. The UAW has been on strike since Sept. 15 — nearly six weeks — against GM and its Detroit competitors, Ford and Jeep maker Stellantis. Jacobson said the third-quarter strike loss was $200 million, since the walkouts were only in effect the final two weeks of the period. Jacobson said GM still expects to start turning low-to-mid single-digit profit margins on electric vehicles in 2025. The company's U.S. sales rose 21%, and Jacobson said the average U.S. selling price for GM vehicles was $50,750, down only slightly from the previous quarter.

Persons: Paul Jacobson, Jacobson, “, ” Jacobson, ” Jessica Caldwell, ” Organizations: DETROIT, General Motors, United Auto Workers union, GM, Wall, UAW, Detroit, Ford Locations: Detroit, Sterling Heights , Michigan, Louisville , Kentucky, Michigan, North America

☆ Watch CNBC's full interview with GM CFO Paul Jacobson on pulling guidance amid UAW strike
▼ + stars: | 2023-10-24 | 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 GM CFO Paul Jacobson on pulling guidance amid UAW strikePaul Jacobson, General Motors CFO, joins 'Squawk Box' to discuss where things stand with the United Auto Workers' strike, how investors should consider the latest from the UAW strikes, and if GM is committed to having UAW employees run their electric vehicle plants.

Persons: Paul Jacobson Organizations: UAW, General Motors, United Auto Workers

☆ GM earnings rise despite strike
▼ + stars: | 2023-10-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company’s earnings per share rose to $2.28, up from $2.25, in the past quarter. The company said that the strike cost it $200 million in its first two weeks of the quarter. The UAW has been on strike against GM as well as rivals Ford and Stellantis since September 15. The targeted strike started with work stoppages at one assembly plant for each of the automakers and 12,700 on strike but has grown since then. There are now more than 40,000 autoworkers on strike, with 9,200 members on strike at GM alone.

Persons: Refinitiv, Shawn Fain, “, ”, Paul Jacobson, we’re, Mary Barra, “ It’s, ” Barra Organizations: New, New York CNN —, Motors, United Auto Workers, Revenue, UAW, GM, Ford, CNBC, EV, GM Financial, Chevrolet, GMC Yukon Locations: New York, Stellantis, China, Wentzville , Missouri, Lansing , Michigan, Arlington , Texas, Suburban, Ford, Arlington

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW walkouts cost the company $200 million during the third quarter and $600 million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters. Strike costs are now running at $200 million a week, Jacobson said. Average selling prices for GM vehicles were $50,750 in the latest quarter, slightly down from the previous quarter. GM also said losses at its Cruise robotaxi unit widened to $732 million in the quarter.

Persons: Rebecca Cook, GM's, Colin Langan, Paul Jacobson, Jacobson, Shawn Fain, Tesla, Mary Barra, We're, Barra, Biden, Ford, Elon, Joe White, Ben Klayman, Jamie Freed, Kirsten Donovan, Chizu Organizations: General Motors, REUTERS, Rights, Tuesday, United Auto Workers, GM, UAW, Chevrolet, Detroit, EV, GMC, U.S, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Flint , Michigan, North America, Orion Township , Michigan

UAW President Shawn Fain plans to update the union's 150,000 members at Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) on Friday, a person briefed on the union's plans said. In addition to Ford, talks with Chrysler parent Stellantis (STLAM.MI) and other automakers and the UAW have been active in recent days, sources said. Ford Chief Financial Officer John Lawler said Friday the automaker's retirement offer would assure UAW workers could retire with $1 million in savings. The targeted strike against the Detroit Three automakers began on Sept. 15 and is now in its 20th day. Rival Ford Motor (F.N) secured a $4 billion line of credit in August, ahead of the Sept. 14 UAW contract expiration.

Persons: Rebecca Cook, Shawn Fain, Fain, Ford, Stellantis, John Lawler, Paul Jacobson, JP Morgan, Joe White, David Shepardson, Mark Porter, Nick Zieminski, Matthew Lewis, Anna Driver Organizations: General Motors, REUTERS, Rights, United Auto Workers, Ford, Detroit Three, Wednesday, UAW, Chrysler, Detroit automakers, GM, CNBC, Citibank, Chevrolet, GMC, GMC Yukon, Cadillac, Motor Equipment Manufacturers Association, Thomson Locations: Detroit , Michigan, U.S, Wentzville , Missouri, Kansas, Ohio, Indiana, Detroit

☆ As UAW negotiations drag on, GM has added a $6B line of credit, says CFO Paul Jacobson
▼ + stars: | 2023-10-04 | 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 EmailAs UAW negotiations drag on, GM has added a $6B line of credit, says CFO Paul JacobsonPaul Jacobson, CFO of General Motors, joins 'Halftime Report' to discuss General Motors locking in a new six-billion dollar line of credit, the status of contract negotiations, and more.

Persons: Paul Jacobson Paul Jacobson Organizations: GM, General Motors

☆ GM secures new $6 billion credit line as UAW strike costs reach $200 million
▼ + stars: | 2023-10-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors secured a new $6 billion line of credit as the automaker braces for additional strikes by the United Auto Workers union. The targeted strikes already cost the automaker $200 million during the third quarter, GM said Wednesday. A GM spokesman said the $200 million strike cost is due to lost production on wholesale volume, largely due to the UAW's initial Sept. 15 strike at GM's midsize truck and full-size van plant in Wentzville, Missouri. The strike has since expanded to GM's parts and distribution facilities nationwide and, as of last Friday, a crossover plant in mid-Michigan. As a result of the strike in Missouri, GM also idled its Fairfax Assembly Plant in Kansas, where it builds the Cadillac XT4 SUV and the Chevrolet Malibu sedan, and laid off nearly 2,000 workers.

Persons: General Motors, Paul Jacobson, CNBC's Phil LeBeau, Mary Barra, Jim Farley, Shawn Fain, Fain Organizations: DETROIT, General, United Auto Workers, UAW, GM, Fairfax Assembly Plant, Chevrolet Malibu, Ford Motor, Ford, Chrysler Locations: Wentzville , Missouri, Michigan, Missouri, Fairfax, Kansas

☆ Paul Jacobs, Former Qualcomm Boss, to Run Satellite Company Behind Apple’s SOS Service
▼ + stars: | 2023-08-29 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/telecom/former-qualcomm-ceo-to-lead-company-powering-apples-satellite-text-service-7134d7dc

Persons: Dow Jones Organizations: qualcomm

☆ Globalstar CEO Paul Jacobs talks Apple partnership and competition with SpaceX
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobalstar CEO Paul Jacobs talks Apple partnership and competition with SpaceXPaul Jacobs, Globalstar CEO and former Qualcomm CEO, joins 'Closing Bell Overtime' to talk competing with Elon Musk's SpaceX, the cost of launching satellites and partnering with Apple.

Persons: Paul Jacobs, SpaceX Paul Jacobs Organizations: Apple, SpaceX, Qualcomm, Elon

☆ Apple partner Globalstar taps former Qualcomm exec Jacobs as CEO
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Globalstar (GSAT.A) on Tuesday named former Qualcomm (QCOM.O) top boss Paul Jacobs as its CEO, sparking a near 20% surge in the shares of the satellite firm behind Apple's emergency communication services. Jacobs, 60, is also a board member of IPO-bound chip firm Arm and will replace David Kagan, who is retiring after about 5 years as CEO. It will pay XCOM licensing fees including the issuance of about 60 million common stock shares valued at around $64 million. "Some of XCOM's leaders contributed to the original Globalstar system while at Qualcomm." Iridium Comunications (IRDM.O) partnered with Qualcomm earlier in May to develop emergency SOS messaging for Android users, going head-to-head with Apple.

Persons: Paul Jacobs, Jacobs, David Kagan, Globalstar, Jay Monroe, Arsheeya, Devika Organizations: Qualcomm, XCOM Labs, Apple, Iridium, Thomson Locations: Bengaluru

☆ GM still struggling to build EVs, sees margin growth ahead for Cruise-CFO
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File PhotoAug 9 (Reuters) - General Motors (GM.N) is still struggling to ramp up production of electric vehicles, a top executive said on Wednesday. Jacobson said GM had built more than 1,000 Lyriqs in July -- still well below the company's initial expectations. In the first six months this year, GM delivered fewer than 2,400 Lyriqs to customers, as it struggled with batteries and other issues. Reporting by Paul Lienert in Detroit, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Morgan, Paul Jacobson, Mary Barra, Jacobson, Paul Lienert, Deepa Babington Organizations: General Motors, REUTERS, GM, Cadillac, Thomson Locations: Detroit , Michigan, U.S, Hill , Tennessee, Detroit

☆ A key test for EV sales and the adoption curve is coming
▼ + stars: | 2023-07-30 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025. "They have dozens of EV models over the next two to three years. watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors. But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate. "This will be the first year U.S. EV sales reach 1 million," Downey said.

Persons: Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford Organizations: Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW – Locations: Detroit, Detroit , Michigan, U.S

☆ General Motors raises full-year guidance, announces deeper cost-cutting
▼ + stars: | 2023-07-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

DETROIT — General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year. The Detroit automaker also said it is increasing cost-cutting measures through next year and now plans to reduce $3 billion in expenditures compared with previous guidance of $2 billion. Here's what GM reported for its second quarter:Adjusted earnings per share: $1.91. However, the guidance increase is contingent on GM successfully negotiating new labor agreements with the United Auto Workers and the Canadian Unifor unions this year without a work stoppage or strike. A work stoppage would add to the auto industry's yearslong production problems resulting from the coronavirus pandemic and significant supply chain constraints such as semiconductor chips.

Persons: Paul Jacobson, Jacobson, Mary Barra, it's, Barra Organizations: DETROIT, Motors, Detroit, GM, Wall, LG Electronics, LG Energy, Chevrolet, LG, Revenue, United Auto Workers, Canadian, UAW, Detroit automakers

GM said adjusted pre-tax profit and margins in its key North American market fell from the first quarter, despite a jump in revenue and per-vehicle transaction prices. GM said it now expects full-year net income of $9.3 billion to $10.7 billion, up from a previous forecast of $8.4 billion to $9.9 billion. GM's pre-tax profit margin for the first six months of the year fell to 8.3% of revenue, down from 8.9% a year ago. Barra said GM can cut capital spending by simplifying its product line, reducing the number of different combinations of colors and features offered. In the first half, GM built about 50,000 EVs, most of them the older Bolt model, which is priced from $27,495.

Persons: Mary Barra, Chevrolet Bolt, Sam Fiorani, Barra, Paul Jacobson, GM's, Jacobson, Tesla, Elon Musk's, We're, Garrett Nelson, Joseph White, Paul Lienert, Ben Klayman, Matthew Lewis, Louise Heavens, Nick Zieminski Organizations: DETROIT, General Motors, GM, Chevrolet, AutoForecast Solutions, LG Electronics, LG Energy, United Auto Workers, Thomson Locations: Lordstown , Ohio, North America, Barra, Detroit

☆ Slow Battery Production Crimps G.M.’s Electric Vehicle Rollout
▼ + stars: | 2023-07-25 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

General Motors is investing tens of billions of dollars to produce a bevy of new electric vehicles and, it hopes, catch up to Tesla. This year, it is struggling to produce a new type of electric car battery pack meant for the electric vehicles it plans to introduce over the next several years. built just 50,000 electric vehicles, and most of them used an older battery pack made by a supplier. In the United States, G.M. sold fewer than 2,800 vehicles that used its new, modular Ultium battery packs, being made at an Ohio factory that the company owns with LG Energy Solution.

Persons: “ It’s, Paul Jacobson Organizations: Motors, LG Energy Locations: United States, Ohio, Tennessee, Michigan

GM's higher profit outlook also reflects decisions to ratchet down spending. The automaker said it also will expand a previously announced drive to cut operating costs by $2 billion through the end of 2024. GM will now target an additional $1 billion in overhead, marketing and other costs, Jacobson said. GM's decisions to cut new product investment and operating costs come as the automaker's profit margins are under pressure. GM's pretax profit rose from a year earlier to 7.2% of revenue in the second quarter.

Persons: Paul Jacobson, Jacobson, Tesla, Elon Musk's, We're, GM's, Joseph White, Ben Klayman, Matthew Lewis, Louise Heavens Organizations: DETROIT, General Motors, GM, Detroit, United Auto Workers, LG Energy, Chevrolet Bolt, Thomson Locations: North America, Korean, China, Detroit

☆ GM's EV truck customers must wait for Tesla-compatible charge ports
▼ + stars: | 2023-06-26 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

[1/3] 2024 Chevrolet Silverado EV Work Truck is seen in Scio Township, Michigan, U.S. June 22, 2023. The first 2024 Silverado EV Work Trucks are rolling out of GM’s Detroit-Hamtramck plant, with deliveries to fleet customers beginning “in a few weeks,” officials said. About the same time, retail customers will be able to buy a well-equipped Silverado EV RST, from around $105,000. When GM announced the Silverado EV early last year, it said prices would start at $39,900. GM also is considering installing Tesla-compatible NACS chargers at its dealerships, once its vehicles begin to be equipped with NACS charging ports, Sequeira said.

Persons: Paul Lienert, Amy Masica, Masica, Derek Sequeira, Sequeira, Paul Jacobson, Tesla, Barbara Lewis Organizations: REUTERS, General Motors, Chevrolet Silverado, U.S, Silverado, Chevrolet, GM, Ford Motor, EV, RST, Silverado EV, Silverado EV's, Ford, GM Energy, CCS, Thomson Locations: Scio Township , Michigan, U.S, North America, GM’s Detroit, Hamtramck, Detroit

This should enable the automaker to reap tens of billions of dollars in additional profit, according to Reuters estimates, before it shifts completely to zero-emission electric vehicles in 2035. It never said when exactly it would stop producing gasoline-powered trucks and SUVs, though suppliers and analysts expected it would be well before 2035. GM plans to run its heavy-duty combustion pickups at both plants until 2035, according to AFS, which provides data and analysis to vehicle manufacturers and suppliers. The automaker will gradually reduce annual production of its big SUVs in Arlington as it begins to introduce new electric companions, starting around mid-decade. By 2030, AFS forecasts Arlington production could drop to around 200,000 vehicles, which could still produce at least $2 billion in pretax earnings.

Persons: Paul Jacobson, “, Jim Farley, May, Michael Ward, ” Ward, Paul Lienert, Joe White, Matthew Lewis Organizations: DETROIT, General Motors, GM, Reuters, U.S, United Auto Workers, ICE, Chevrolet Silverado, Ford, SEC, Arlington, AutoForecast Solutions, Ward, Benchmark, GMC, Silverado, GMC Sierra, AFS, Yukon XL, Thomson Locations: United States, Canada, Flint , Michigan, Arlington , Texas, Fort Wayne , Indiana, Oshawa , Ontario, Flint, Fort Wayne, Arlington, Oshawa, Suburban, Yukon, Ward, Detroit

☆ GM raised guidance, but its stock fell. Why Wall Street isn't buying in
▼ + stars: | 2023-04-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – When a company beats Wall Street's earnings expectations and raises guidance amid recessionary fears and other economic concerns, you would expect the stock to rally. Wall Street analysts say eroding pricing power, labor concerns and challenges in producing electric vehicles, will make it harder for GM to perform at the profitability levels it has been. Record-high vehicle profits and prices, achieved during historically low vehicle inventory levels and resilient consumer demand, are starting to normalize. GM CFO Paul Jacobson said Tuesday that the company expects flat pricing compared to last year. He said consumers paid an average of $50,263 per vehicle in the U.S. during the quarter, off 1% from a year earlier.

☆ GM earnings much better than expected as revenue climbs 11%
▼ + stars: | 2023-04-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —General Motors reported a much better-than-expected first quarter, and said it will do even better than it expected for full-year earnings. But it also said it believes car prices could soon start to retreat from near-record highs. It also said it now expects to earnings between interest and taxes to be between $11 billion and $13 billion for the year. New car prices have started to decline slightly, but remain near-record levels. GM reported a 4% increase in the number of cars sold globally to 864,000, but a 7% increase in the revenue to per vehicle sold.

☆ General Motors raises 2023 guidance as first-quarter earnings beat expectations
▼ + stars: | 2023-04-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

The new range is between $8.4 billion and $9.9 billion, down from $8.7 billion to $10.1 billion. DETROIT — General Motors on Tuesday raised key guidance for 2023 after reporting first-quarter results that topped Wall Street's top- and bottom-line forecasts. Its net income during the first quarter, however, was down by roughly 18% to $2.3 billion compared to a year earlier. CFO Paul Jacobson said the company felt confident in raising its adjusted earnings guidance after first-quarter results came in above the company's internal expectations, including continued demand for high-end models. GM's first-quarter results included adjusted earnings of $3.8 billion, down 6% from a year earlier.

☆ With layoffs looming, you could be offered a voluntary buyout—4 things to know before taking one
▼ + stars: | 2023-04-05 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +6 min

For example, after cutting 500 salaried positions in February, General Motors offered voluntary employee buyouts to the majority of its 58,000 U.S. white-collar workers. So far, about 5,000 have opted into the "Voluntary Separation Program", or VSP, the company's CFO Paul Jacobson announced on Tuesday. Buyouts can also be less voluntary and more "a precursor to layoffs," says Lindsay Witcher, a senior executive at recruiting firm Randstad RiseSmart. Regardless, these types of buyouts are less voluntary and usually mean that the employee's position is about to be eliminated. Whether the buyout is a warning sign of layoffs or purely a voluntary option, a second opinion can provide necessary clarity.

GM shares were trading down nearly 2% at midday, even though CFO Paul Jacobson said demand for GM's trucks and SUVs remains strong in the United States. GM has been able to raise prices in the United States over the past two years as supply chain bottlenecks kept production in check. GM will cut production to keep inventories in check, Jacobson said. GM has three battery factories in North America, and will announce the location of a fourth domestic battery plant soon, he said. Jacobson added that the company was going to have to "prioritize down" on growth businesses to focus on preserving cash.

JPMorgan refreshed its list of top stock picks heading into April, including a bank stock that's had a rocky start to the year. To kick off the month of April, JPMorgan added two new names to its focus list: VICI Properties and Regions Financial. The other new name on the list, Regions Financial , has declined 15% in 2023. GM shares are up 6.2% in 2023. JPMorgan removed two names from its list: Intellia Therapeutics and Jones Lang LaSalle .

☆ Stocks making the biggest moves midday: General Motors, AMC, Virgin Orbit, Kinross Gold and more
▼ + stars: | 2023-04-04 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Virgin Orbit — Shares tanked more than 22% after the California-based satellite launch company filed for Chapter 11 bankruptcy protection. Virgin Orbit said it is looking to sell its assets and will lay off nearly all of its workforce. AMC's "APE" preferred shares gained 8.5% following the news. Etsy – Etsy shares gained 2.4% after Piper Sandler upgraded the e-commerce stock to overweight from neutral, saying that its marketplace strengths should help revamp active buyer growth. Gold miners — Shares of mining companies rallied as gold futures popped on Tuesday.

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