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DETROIT (AP) — General Motors and Jeep maker Stellantis are meeting with United Auto Workers bargainers Thursday to see if they can reach a contract agreement that mirrors a deal signed with crosstown rival Ford. Nearly 17,000 striking workers at Ford left the picket lines when the agreement was announced Wednesday night and will return to work shortly. About 57,000 Ford workers still have to vote on the tentative pact. It wasn't clear what Ford agreed to in terms of battery factories. Ford had announced plans to build two battery factories in Kentucky, one in Tennessee and another in Michigan, but the Michigan plant is now on hold.
Persons: Shawn Fain, Wheaton, “ Fain, ” Wheaton, it's, Ford, haven’t Organizations: DETROIT, , Motors, United Auto Workers, Ford, GM, Cornell University, Chevrolet, UAW, Workers, Toyota, Moody’s Investor Service Locations: Fort Wayne , Indiana, Flint , Michigan, Arlington , Texas, Kentucky, Tennessee, Michigan
Dealers have been warning of slowing EV demand for months. While GM's about-face was somewhat of a surprise to investors, the Detroit car company is not alone in this new view of the EV future. Just a few months after dealers have started coming forward to warn of slowing EV demand, manufacturers appear to be catching up to that reality. In July, the company extended its self-imposed deadline to hit annual electric vehicle production of 600,000 by a year, and abandoned a 2026 target to build 2 million EVs . In scrapping plans with GM to co-develop sub-$30,000 EVs, Honda CEO Toshihiro Mibe said the shifting EV environment was difficult to gauge.
Persons: Mercedes, , Mary Barra, Bolt, GM doesn't, Tesla's Elon Musk, Harald Wilhelm, Mercedes isn't, Ford, Toshihiro Mibe, Mibe Organizations: EV, Dealers, Service, GM, Barra, Benz, Honda, Bloomberg Locations: Detroit
UAW union members have been striking over job security and pay as automakers push forward in developing EV’s, which require fewer workers and cost more in raw materials. So what does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers expanded its strike against Detroit’s automakers with a walkout at one of General Motors ’ largest and most profitable factories, marking the second straight day of escalation by the union. About 5,000 unionized workers walked out of GM’s Arlington, Texas, assembly plant Tuesday morning, the union said. The plant makes several large sport-utility vehicles, including the Chevrolet Suburban and Tahoe, GMC Yukon and Cadillac Escalade, which are GM’s highest-profit-margin vehicles globally.
Persons: George Downs Organizations: Street, United Auto Workers, Detroit’s, General Motors, Chevrolet, Tahoe, GMC Yukon, Cadillac Locations: GM’s Arlington , Texas
CNN —The United Auto Workers union took its most serious shot yet at General Motors in its five-week old strike as 5,000 members walked off the job at a plant in Texas. Arlington Assembly builds GM’s very profitable full-size SUVs, the Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade. The targeted strike at GM’s largest plant comes just hours after the company reported third quarter earnings, which grew last quarter despite the strike. It’s time GM workers, and the whole working class, get their fair share,” said UAW President Shawn Fain. “GM’s latest offer fails to reward UAW members for the profits they’ve generated,” said the union’s statement.
Persons: we’ve, , Shawn Fain, General Motors, Fain, it’s, Organizations: CNN, United Auto Workers, General Motors, Arlington Assembly, Chevrolet, GMC Yukon, Cadillac, General, Arlington, GM, UAW, Ford, Chrysler Locations: Texas, Suburban, GM’s, Ford, Arlington
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
DETROIT – The United Auto Workers union on Tuesday expanded its strike against General Motors to a highly profitable full-size SUV plant in Texas — a swift response to healthy profits and record third-quarter revenue for the automaker. The walkout came just hours after the automaker reported third-quarter earnings results that beat Wall Street's expectations. As we've said for months: record profits equal record contracts," said UAW President Shawn Fain in a statement. Fain's claims of record results for the automaker reference record third-quarter revenue, according to the union. The automaker disclosed in its quarterly update that the UAW strike has already cost it $800 million in lost production — prior to the Arlington disruption — including $200 million during the third quarter.
Persons: Escalade, we've, Shawn Fain, Fain's Organizations: DETROIT, United Auto Workers, General Motors, Arlington Assembly, GMC, Yukon XL, Chevrolet Tahoe, GM, UAW Locations: Texas, Arlington, GMC Yukon
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
As the union targets truck and SUV plants in its sixth week, consumers are likely to feel the impacts. AdvertisementAdvertisementThe United Auto Workers union has turned up the heat on General Motors as 5,000 workers walked off their jobs Tuesday at a highly profitable SUV factory in Arlington, Texas. "It's time GM workers, and the whole working class, get their fair share," Fain said. Barra said GM's record offer rewards employees but doesn't put the company or UAW jobs at risk. AdvertisementAdvertisementLast week GM made an offer that increased its previous offer by about 25% in total value, the company said.
Persons: , Shawn Fain, Mary Barra, Fain, GM's, Barra, doesn't, it's, walkouts Organizations: UAW, Service, United Auto Workers, General Motors, GM, Ford, Chevrolet Tahoe, GMC Yukon, Cadillac, Arlington Locations: Texas, Arlington , Texas, Sterling Heights , Michigan, Detroit, The Texas, Arlington
General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. Production of the current Bolt is set to end in December, but GM has said a revamped version is on the way. General Motors surprised investors – and EV fans – when it said in July that the little Chevrolet Bolt EV will be revamped, rather than killed off entirely at the end of 2023 as originally planned. Launched in late 2016 and originally aimed at the ride-sharing market, the Bolt had never sold as well as GM had originally hoped. That sales surge is a big part of why GM decided to keep the Bolt around.
Persons: Mary Barra, Bolt, Barra, Organizations: Chevrolet Bolt, GM, General Motors, UAW, Bolts Locations: Las Vegas,
CNN —Thanks to growing competition in the market, and some reticence from consumers, automakers and car dealers are offering huge discounts on electric vehicles, particularly luxury models. In September 2022, the average electric vehicle purchased in the United States, excluding Teslas, went for about $1,500 over sticker price. (Remember, for most new vehicles, the manufacturer’s suggested retail price, or sticker price, is just a suggestion, with the final selling price usually higher or lower.) In sheer dollars, the average price paid for a non-Tesla electric vehicle actually went up slightly over the past year. A couple looks at a Volkswagen ID.4 electric vehicle while shopping at a new car dealership.
Persons: Joseph Yoon, Pat Ryan, ” Ryan, Michael Nagle, Tesla, It’s, Yoon, Alison Flores, , Edmunds, Charles Krupa Organizations: CNN, Edmunds, Nissan, New York, Bloomberg, Getty, Tesla, Teslas, Audi, BMW, Mercedes, Volkswagen, Hyundai, Volvo, Tax, H, AP Locations: Edmunds, United States, That’s
It is difficult to overstate just how much the design of modern trucks and SUVs threatens pedestrian safety. When coupled with an increase in speeding and a decrease in traffic enforcement, it is a recipe for greater pedestrian deaths. It almost goes without saying that pedestrian deaths are unevenly distributed among groups. Unfortunately, the path to drastically reducing pedestrian deaths is a steep one. It would require our cities to completely rethink their vehicle and pedestrian infrastructure, with an emphasis on reducing traffic speeds and redesigning streets to force drivers to slow down.
Organizations: Chevrolet Silverado Locations: United States
More and more deals are starting to hit electric cars these days. Here's 20 EVs discounted heavily from sticker price, according to Edmunds. As the auto industry scrambles to recover from overestimating EV demand this year, more electric cars are on dealer lots. That can be significant given electric cars, on average, went for $50,683 last month, per Kelley Blue Book data. AdvertisementAdvertisementHere's a look at 20 EVs selling below sticker price, and for how much (not including additional manufacturer incentives, which reached their highest levels recently).
Persons: Edmunds, , Kelley, Cadillac Lyriq, Chevrolet Bolt Organizations: Service, EV, GMC, Cadillac, Chevrolet Locations: Edmunds, stoke
How Will States Pay for Roads When Gas Taxes Evaporate?
  + stars: | 2023-10-19 | by ( Peter Funt | ) www.wsj.com   time to read: +1 min
Back in 2001, seven years before Tesla introduced its electric-powered Roadster and a dozen years before the more affordable Chevrolet Spark EV went on sale, lawmakers in Oregon recognized that the adoption of EVs and hybrids would eventually mean less revenue from the state’s gas tax, which would mean less money to pay for roads and bridges. After considering a tire tax, a battery tax and numerous other options, the committee concluded that Oregonians should be charged based on how many miles they drive. Twenty-two years later, the Road User Fee Task Force continues to operate small pilot programs. But like most other states that have seen gas taxes start to evaporate, Oregon still doesn’t have a mandatory alternative revenue plan in place. Legislatures are in a bind: They can no longer afford to ignore the decline in gas-tax revenue, but all proposed solutions are problematic.
Persons: Tesla Locations: Oregon
REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsTOKYO, Oct 19 (Reuters) - Honda Motor (7267.T) said on Thursday that it aims to set up a joint venture with General Motors (GM.N) and Cruise to begin a driverless ride service in Japan in early 2026. The three companies aim to establish the joint venture in first half of 2024 pending regulatory approval, the Japanese company said in a statement without providing financial details. Vogt said it was hard to say whether offering a driverless ride service in Tokyo posed a unique or distinct challenge for the company. The Japan service is planned to launch in central Tokyo, using dozens of Origins before expanding to a fleet of 500 vehicles, Honda said in its statement. The companies plan to later broaden the service to areas beyond central Tokyo, Honda said.
Persons: Rebecca Cook, Cruise, Waymo, Honda, Kyle Vogt, Vogt, Toshihiro Mibe, Daniel Leussink, Mariko Katsumura, Rocky Swift, David Dolan, Christopher Cushing Organizations: General Motors, REUTERS, Rights, Honda, Cruise, GM, Thomson Locations: Detroit , Michigan, U.S, Japan, San Francisco, United States, Tokyo, Austin
[1/4] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. To prevent demand from waning, market leader Tesla, with industry-leading profit margins, has been the first and most aggressive in slashing prices, forcing others to follow suit and squeezing margins. "If interest rates remain high ... it's that much harder for people to buy the car. They simply can't afford it," Musk said, adding he would "accelerate" expansion of the Mexico factory if interest rates come down. That is not expected in the United States until June 2024, based on current market estimates , with recent robust economic data suggesting the central bank might leave interest rates higher for longer.
Persons: Aly, Elon Musk, Musk, Tesla, Ford, Tom Narayan, Narayan, Abhirup Roy, Ben Klayman, Jamie Freed Organizations: REUTERS, FRANCISCO, Wednesday, General Motors, Ford, EV, GM, Chevrolet Silverado, GMC, Air, RBC Capital Markets, Reuters, Thomson Locations: China, Shanghai, Mexico, Michigan, Detroit, U.S, United States, San Francisco
Tesla's Cybertruck is displayed at Manhattan's Meatpacking District in New York City, U.S., May 8, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 18 (Reuters) - Tesla (TSLA.O) CEO Elon Musk on Wednesday warned of difficulties in ramping up production of the automaker's much-awaited Cybertruck electric pickup truck and announced that deliveries would begin on Nov. 30. The Cybertruck is expected to challenge Rivian's (RIVN.O) R1T, Ford's (F.N) F-150 Lightning and General Motors' (GM.N) Chevrolet Silverado EV in the hot market for electric pickup trucks. Musk said he wanted "temper expectations" for the truck, adding the company could face "enormous challenges" in ramping up production and making it cash-flow positive. "But I think that they're giving us an indication of the capacity they're going to make available for the Cybertruck as production ramps up."
Persons: Elon Musk, Rivian's, Musk, Tesla, Seth Goldstein, Akash Sriram, Jamie Freed Organizations: Meatpacking, REUTERS, General Motors, Silverado EV, Morningstar, EV, Thomson Locations: New York City, U.S, United States, Texas, Bengaluru
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . EV sales are growing — they hit a record 300,000 sales in the US by Q3 — but it's happening at a less rapid pace than many in the industry were anticipating. Pricing, lacking infrastructure, and macroeconomic factors will continue to influence buyers' uptake of EVs other than Teslas, the Cloud Theory report said. As such, Cloud Theory experts say: "No company — not even Tesla — is guaranteed a seat at the head table."
Persons: Tesla, , Theory, Elon, Rick Wainschel, It's Organizations: Service, Cox Automotive, Ford, Chevrolet, EV, Manhattan Locations: China
CNN —General Motors and Honda, along with Cruise — GM’s autonomous driving subsidiary — have agreed to create a driverless ride-hailing company in Japan. The company will use the Cruise Origin autonomous vehicle to give rides in Tokyo, Japan’s largest city. The Cruise Origin, an electric vehicle GM builds at a factory in Detroit, has no steering wheel, pedals or space for a driver. GM said it plans to build 500 of the vehicles for the Tokyo ride-hailing service, which is expected to be the first autonomous ride-hailing service in Japan, according to the companies. “The range of situations our [autonomous vehicles] have encountered is quite broad,” Voigt said, noting obstacles such as jugglers on the streets of San Francisco and donkeys in Austin.
Persons: Cruise, Honda, General Motors Cruise, Kyle Voigt, Voigt, ” Voigt Organizations: CNN —, Motors, Honda, , Cruise, GM, General Motors, Ministry of Internal Affairs and Communications, Traffic, Administration Locations: Japan, Tokyo, Japan’s, Detroit, California, San Francisco, Phoenix, Austin, United States
GM delays EV truck production by a year at Michigan plant
  + stars: | 2023-10-17 | 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 Photo Acquire Licensing RightsDETROIT, Oct 17 (Reuters) - General Motors Co (GM.N) said on Tuesday it will delay production of the electric pickup trucks at its Orion, Michigan, plant by a year to better align with "evolving EV demand." The plant had originally been scheduled to begin production of the electric Chevrolet Silverado and GMC Sierra in late 2024, but the company said the plan is now to start it in late 2025. It said the change was being made "to better manage capital investment while aligning with evolving EV demand." Reporting by Ben Klayman in Detroit, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.
Persons: Rebecca Cook, Ben Klayman, Franklin Paul Organizations: General Motors, REUTERS, Rights, General Motors Co, Silverado, GMC Sierra, Franklin Paul Our, Thomson Locations: Detroit , Michigan, U.S, Orion, Michigan, Detroit
GM postpones electric truck production
  + stars: | 2023-10-17 | by ( Peter Valdes-Dapena | ) edition.cnn.com   time to read: +3 min
CNN —General Motors is putting off adding a second factory for production of its electric pickups until late 2025, the automaker announced Tuesday. But GM had planned to start producing the electric pickups at an additional Michigan factory, Orion Assembly just north of Detroit, as well. Instead, when those electric vehicles go out of production at the end of this year, the factory will not shift quickly to making the trucks. General MotorsGM’s decision will result in fewer electric pickups being built next year but the automaker declined to discuss the extent of a reduction. GM had announced, in 2022, that it would spend $4 billion to convert Orion Assembly to make the electric trucks.
Persons: Bolt, Ford, Joseph Yoon, GM Organizations: CNN —, Motors, Silverado, Hamtramck Assembly, GMC Hummer, GMC Sierra EV, GM, Orion Assembly, Chevrolet Bolt, United Auto Workers, Orion, Chevrolet Silverado EV, General Motors, UAW, Ford, , Edmunds.com Locations: Detroit, Michigan
The move is the latest sign that electric vehicle production and demand may not be as strong as forecast. GM had been set to begin production of the electric Chevrolet Silverado and GMC Sierra in late 2024 at the suburban Detroit plant. Ford said in July it would slow the ramp-up of electric vehicle production and forecast a full-year loss of $4.5 billion on its EV unit. GM still plans a significant boost in EV production in 2024 including adding a new shift at a Detroit-Hamtramck factory that is currently building EV SUVs and pickup trucks. General Motors said on Tuesday it still plans to end production of the Chevrolet Bolt EV at the end of 2023.
Persons: Rebecca Cook, Ford, General Motors, Ben Klayman, David Shepardson, Will Dunham, Franklin Paul, Chizu Organizations: General Motors, REUTERS, Rights, General Motors Co, GM, Silverado, GMC Sierra, Reuters, United Auto Workers, Detroit -, GMC Sierra EV, General, Chevrolet, Thomson Locations: Detroit , Michigan, U.S, Orion, Detroit, Ohio, Detroit - Hamtramck, United States, Washington
UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan. A GM spokesman did not immediately respond to a request for comment regarding the company's EV production target. Alongside the Silverado EV, Factory Zero is currently building the GMC Hummer EV pickup and SUV and Cruise Origin shuttle. The plant was expected to be its second U.S. assembly plant to exclusively produce EVs. Roughly 1,000 hourly workers at Orion Assembly will have the option to transfer to other Michigan facilities until the retooling at Orion Assembly is completed.
Persons: Kimberly Fuhr, Motors, GM's Organizations: UAW Local, Bolt, General Motors Orion Assembly, DETROIT –, GM, Orion Assembly, Motors, Orion, United Auto Workers, UAW, Chevrolet Silverado, GMC, Silverado, Silverado EV, CNBC Locations: Orion Township , Michigan, DETROIT, Michigan, Detroit, North, Sierra
DETROIT (AP) — General Motors will delay electric pickup truck production at a factory near Detroit due to slowing U.S. demand for electric vehicles, to better manage its capital investments, and to make some engineering changes. Political Cartoons View All 1211 ImagesGM already is building a Chevrolet Silverado work truck at its “Factory Zero” electric vehicle plant, which straddles the border between Detroit and the enclave of Hamtramck. August EV sales were up almost 60% from a year earlier, but in September, the year-over-year growth rate dropped to 56%, according to Motorintelligence.com. But that transition is a lot more difficult and takes more time.”Still, Fiorani predicted that EV sales growth won't recede much, but the rate of increase won't be as high as it was previously. ____This story has been corrected to show that the electric vehicle sales growth rate in September was 56%, not 51%.
Persons: Kevin Kelly, , Kelly, it's, Kelley, Tesla, Chevrolet Bolt, Sam Fiorani, Fiorani Organizations: DETROIT, , Motors, Silverado, GMC Sierra, United Auto Workers, Orion, Chevrolet, Workers, GMC, EV, GM, Factory Zero, AutoForecast Solutions Locations: Detroit, Orion Township , Michigan, Michigan, Hamtramck, U.S, . U.S, That's
Canadian autoworkers union Unifor ratifies GM labor deal
  + stars: | 2023-10-15 | by ( ) www.reuters.com   time to read: +2 min
The Canadian union, which represents about 4,300 workers at GM in these talks, said 80.5% of its members at facilities in Oshawa, St. Catharines and Woodstock voted in favor of the deal. The deal with GM followed the pattern set with Ford Motor (F.N), which settled with Unifor last month. In the United States, about 9,200 members of the United Auto Workers (UAW) union have affected two GM assembly plants and 18 parts distribution centers. GM also has furloughed about 2,300 U.S. workers due to the impact of the UAW strike. Unifor has used the "pattern bargaining" approach in its talks, reaching a deal first with Ford and then picking GM as the second bargaining target.
Persons: Claude Robitaille, Unifor, Shivansh Tiwary, Nathan Gomes, Mrinmay Dey, Ben Klayman, Matthew Lewis, Diane Craft, Sandra Maler Organizations: Chevrolet Silverado, General, REUTERS, General Motors, Canadian, GM, Woodstock, Ford Motor, United Auto Workers, UAW, Ford, Chrysler, Thomson Locations: Oshawa, Oshawa , Ontario, Canada, United States, St, Catharines, Ingersoll , Ontario, Bengaluru
2023 Chevrolet Camaro: A Muscle Car’s Final Bow
  + stars: | 2023-10-13 | by ( Dan Neil | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones Organizations: chevrolet
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