GM Releases 2023 First-Quarter Results and Raises Full-Year Guidance

Stellantis (STLA) offering voluntary buyouts to 33,500 U.S. employees

April 26, 2023 1:53 PM EDT

Stellantis (NYSE: STLA) announced Wednesday that the Chrysler parent company is offering voluntary exit packages to 33,500 U.S. employees as it looks to streamline operations.

The automaker did not say how many total jobs it is looking to eliminate. However, the offer covers 31,000 U.S. hourly workers and about 2,500 salaried workers. The company is also... More

Stellantis (STLA) to cut 3,500 U.S. jobs

April 26, 2023 8:31 AM EDT

According to a United Auto Workers union letter made public Tuesday, Chrysler and Dodge parent company Stellantis (NYSE: STLA) wants to cut approximately 3,500 hourly U.S. jobs and is offering voluntary exit packages.

According to the letter, The automaker is looking to reduce its... More

General Motors (GM) to end production of Chevy Bolt in shift to EV trucks and SUVs

April 25, 2023 1:56 PM EDT

General Motors (NYSE: GM) announced Tuesday that the American automaker will end production of its Chevrolet Bolt electric vehicle later this year as its shifts zero-emission production to trucks and SUVs built on a new battery platform.

In January 2022, GM said it would invest $4 billion in its Orion Township... More

Mercedes-Benz launches new E-Class, its final ICE vehicle

April 25, 2023 12:04 PM EDT

Mercedes-Benz on Tuesday announced the launch of the German luxury automakers final new combustion engine model - the next generation of the E-Class. The new vehicle will be built in Germany and China and go on sale in Europe in the third quarter of this year.

It will... More

Hyundai and SK On finalize $5B EV battery venture in U.S.

April 25, 2023 11:45 AM EDT

Hyundai Motor Co. announced Tuesday that the South Korean automaker has finalized a $5 billion electric vehicle (EV) battery joint venture in the U.S., boosting electrification efforts in the country.

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd (096770.KS), will set up a... More

CFRA upgrades General Motors (GM) to Hold following 1Q beat and raise

April 25, 2023 9:25 AM EDT

CFRA Research upgraded General Motors (GM) to a Hold rating (From: Sell) and raised their price target on the stock to $35.00 ($From: $31.00) as the automaker continues to benefit from favorable demand following 1Q results.

Analyst Garrett Nelson wrote in a note, "While we continue to believe the near-term... More

General Motors (GM) and Samsung to build battery plant in U.S.

April 25, 2023 8:57 AM EDT

General Motors Co. (NYSE: GM) and Samsung SDI announced Tuesday that they plan to invest more than $3 billion to build a new battery cell manufacturing plant in the United States with a targeted to begin operations by 2026.

Reuters reported in January that GM and LG Energy Solution would not move forward with a fourth U.S. battery manufacturing plant. GM and LG Energy are building a $2.6 billion plant in Michigan, set to open in 2024, one of three joint venture Ultium Cells LLC plants.

According to unnamed sources at CNBC,... More

General Motors (GM) Tops Q1 EPS by 51c, Beats on Revenue; Offers FY23 Guidance

April 25, 2023 6:33 AM EDT

General Motors (NYSE: GM) reported Q1 EPS of $2.21, $0.51 better than the analyst estimate of $1.70. Revenue for the quarter came in at $40 billion versus the consensus estimate of $38.4 billion.

For FY23 the company guided:

U.S. GAAP net income attributable to stockholders of... More