GM secures $6B line of credit as UAW strike continues

UAW President Fain holds Facebook live event - 'Our strike is working, but were not there yet'

October 6, 2023 2:36 PM EDT

United Auto Workers (UAW) President Shawn Fain held a Facebook live event Friday afternoon where he announced his union has made significant progress in their effort to push automakers towards meeting the demands of workers.

Fain announced that moments before this broadcast General Motors (NYSE: GM) agreed to place their EV battery manufacturing under the UAWs national agreement, calling the decision a... More

U.S. releases new guidance on EV tax credit rebate rules

October 6, 2023 10:26 AM EDT

The U.S. Treasury Department has issued fresh guidelines on Friday, outlining updated regulations that make it simpler for individuals to recover costs associated with electric vehicle purchases using the existing EV tax incentives.

Beginning on January 1, consumers will have the option to transfer these credits directly to a car dealership, effectively reducing the purchase price for the vehicle. This change is expected to potentially boost EV... More

GM airbag recall could cost ~$4-5B - Wells Fargo

October 6, 2023 8:50 AM EDT

Wells Fargo reiterated an Underweight rating on General Motors (NYSE: GM) and maintained their 12-month price target of $29.00 on the stock following a report by the Wall Street Journal saying U.S. regulators are pushing to recall 52M ARC airbag inflators.

The National Highway Traffic Safety Administration (NHTSA), in a rarely held public forum, recommended the recall as a mechanism utilized in the... More

NHTSA holds public hearing to recall 52M air bag inflators

October 5, 2023 1:46 PM EDT

Officials from the U.S. National Highway Traffic Safety Administration (NHTSA) Thursday recommended the government mandate a recall of 52 million air bag inflators manufactured by ARC Automotive and Delphi Automotive.

The regulators believe the inflators pose a potential risk of rupturing and ejecting metal fragments.

The NHTSA held a rare public hearing on the matter, which could trigger one of the most extensive recalls in U.S. history.

Delphi Automotive, which is a part of Autoliv (NYSE: ALV), produced approximately 11 million of these... More

General Motors (GM) makes counteroffer to striking UAW

October 5, 2023 1:17 PM EDT

Detroit automaker, General Motors (NYSE: GM) revealed Thursday that they have submitted a counteroffer to the United Auto Workers (UAW), its sixth since talks began, in hopes to end a strike by the union against the U.S. automaker.

"We believe we... More

General Motors (GM) will bring Cadillac EVs to Switzerland and other European markets

October 5, 2023 10:39 AM EDT

General Motors (NYSE: GM) announced Thursday that the Detroit automaker will begin selling all-electric Cadillac vehicles in Switzerland, marking the initial move in its reentry into the European market after divesting the Opel and Vauxhall brands in 2017.

In a blog post, Jaclyn McQuaid, GM's... More

Potential investment falls through for Ford’s (F) German plant

October 5, 2023 10:16 AM EDT

Ford (NYSE: F) revealed Thursday that a prospective investor for its Saarlouis plant in Germany has withdrawn their interest, leaving employees once again uncertain about the fate of the facility and their employment status.

A representative from the labor union expressed dissatisfaction and frustration regarding this development. They also mentioned that discussions with the company would resume on Monday regarding a... More

Ford Motor (F) Announces Q3 Sales Up 7.7 Percent

October 4, 2023 9:17 AM EDT

Ford (NYSE: F) posted gains across its portfolio of gas, electric and hybrid vehicle lines in the third quarter with F-Series expanding its lead as Americas No. 1 selling truck, followed by record electric and hybrid vehicle sales and strong commercial Transit van sales.

Ford Continues as Americas No. 1 selling truck manufacturer as total truck sales expand in Q3Bronco family up 24.8 percent on sales of 66,120 SUVsNew 7th generation Mustang hits the streets first full month of sales up 90.4 percentFord hybrid vehicles post best-ever sales on strong F-Series and... More

September auto sales surpass expectations despite challenges

October 4, 2023 8:36 AM EDT

The United States, in September, witnessed an impressive resurgence in the automotive industry, with the SAAR for light vehicle sales reaching a remarkable 15.7 million. This surge marked a 16.2% year-over-year increase, surpassing J.P. Morgans earlier projection of 15.4 million.

One contributing factor to the surge in auto sales is pent-up demand. Adverse weather conditions in several states during August may have led potential buyers to delay their purchases, resulting in an influx of sales the following month.

Another key factor driving strong performance is the greater availability of cars... More

CFRA Upgrades General Motors (GM) to Sell

October 3, 2023 4:53 PM EDT

CFRA analyst Garrett Nelson upgraded General Motors (NYSE: GM) from Strong Sell to Sell with a price target of $28.00.

The analyst commented, "We maintain our 12-month target of $28, based on a 2024 P/E of 4.2x, a steep but justified discount to historic averages. We increase our 2023 adjusted... More

Ford (F) launches F-150 Lightning Flash with focus on tech

October 3, 2023 3:53 PM EDT

Ford (NYSE: F) has introduced the F-150 Lightning Flash, a cutting-edge electric pickup truck with an extended-range battery and BlueCruise technology. The F-150 Lightning Flash is priced starting at $69,995 and will be open for online orders through Ford.com in early 2024.

In a press statement, Marin Gjaja,... More

General Motors (GM) reports Q3 vehicle sales of 674,336

October 3, 2023 12:02 PM EDT

General Motors (NYSE: GM) reports Q3 vehicle sales of 674,336

28% EV sales increase compared to second quarter... More

Ford Motor (F) option IV increases

October 3, 2023 11:18 AM EDT

Ford Motor (NYSE: F) October weekly call option implied volatility is at 24, October is at 40; compared to its 52-week range of 27 to 588.

... More

General Motors (GM) option IV increases

October 3, 2023 11:17 AM EDT

General Motors (NYSE: GM) October weekly call option implied volatility is at 44, October is at 41; compared to its 52-week range of 27 to 60.

... More

General Motors (GM) PT Lowered to $29 at Wells Fargo

October 3, 2023 6:42 AM EDT

Wells Fargo analyst Colin M. Langan lowered the price target on General Motors (NYSE: GM) to $29.00 (from $33.00) while maintaining a Underweight rating.... More

Ford (F) PT Lowered to $12 at Goldman Sachs

October 3, 2023 3:18 AM EDT

Goldman Sachs analyst Mark Delaney lowered the price target on Ford (NYSE: F) to $12.00 (from $13.00) while maintaining a Neutral rating.... More

General Motors (GM) PT Lowered to $32 at Goldman Sachs

October 3, 2023 3:18 AM EDT

Goldman Sachs analyst Mark Delaney lowered the price target on General Motors (NYSE: GM) to $32.00 (from $47.00) while maintaining a Buy rating.... More

GM, Stellantis face $9.5 billion in US fuel economy fines -industry group letter

October 2, 2023 1:34 PM EDT

By David Shepardson

WASHINGTON (Reuters) -The proposal by U.S. President Joe Biden's administration to hike fuel economy standards through 2032 would cost General Motors $6.5 billion in fines and Chrysler parent Stellantis $3 billion, according to a letter seen by Reuters.

The American Automotive Policy Council, representing GM, Stellantis and Ford Motor, said in a letter to the U.S. Energy Department on Friday that the size of the expected penalties for not meeting proposed Corporate Average Fuel Economy (CAFE) requirements are "alarming."

Ford separately faces about $1 billion in penalties, the letter said, while Volkswagen faces upwards of $1... More

General Motors (GM) faces more than $6 billion in U.S. fuel economy fines through 2032 - Reuters

October 2, 2023 1:25 PM EDT

General Motors (NYSE: GM) faces more than $6 billion in U.S. fuel economy fines through 2032 - Reuters

Stellantis (NYSE: STLA) faces about $3 billion in U.S. fines... More

GM, Ford furlough another 500 workers due to UAW strike

October 2, 2023 10:26 AM EDT

By David Shepardson

(Reuters) -General Motors and Ford Motor on Monday said they are laying off another 500 workers at four Midwestern plants because of the impact on some of the facilities of the United Auto Workers strike in its 18th day.

Separately, the UAW confirmed it presented a new contract offer to GM on Monday. GM said it received the counterproposal "but significant gaps remain." The UAW also held a new round of bargaining with Chrysler-parent Stellantis.

Ford on Monday said it was furloughing a total of 330 workers at its Chicago Stamping and... More

US expands, upgrades probe into 708,000 Ford SUVs, trucks over engine failures

October 2, 2023 7:33 AM EDT

By David Shepardson

WASHINGTON (Reuters) -The National Highway Traffic Safety Administration (NHTSA) said on Monday it was upgrading and expanding its investigation into 708,000 Ford Motor sport utility vehicles and trucks over catastrophic engine failures tied to a faulty valve.

The agency says under normal driving conditions vehicles without warning may experience a loss of power due to catastrophic engine failure related to a potentially faulty valve... More

US new auto sales likely rose in Q3, but UAW strikes may pose speed bump

October 2, 2023 7:17 AM EDT

By Shivansh Tiwary

(Reuters) - U.S. new vehicle sales likely rose in the third quarter on improving supply and steady demand, but a strike by autoworkers has muddied the outlook for the "Detroit Three" for the rest of the year, analysts said.

General Motors was set to remain the top-selling automaker with 680,009 vehicles sold in the quarter ended September, while second-placed Toyota was expected to finish the quarter at 583,661 vehicle sales, according to car shopping website Edmunds.

... More

U.S. futures rise after government shutdown averted - what's moving markets

October 2, 2023 5:20 AM EDT

Investing.com -- Futures point higher on Monday after last-minute negotiations between lawmakers on Capitol Hill over the weekend led to a surprise short-term funding deal that averted a U.S. government shutdown. Elsewhere, UAW workers and Mack Trucks forge an agreement to avoid a strike, while the World Bank cuts its growth forecast for China's economy next year.

1. Futures higher after government shutdown avoided

U.S. stock futures ticked up on Monday after lawmakers in Washington struck an eleventh-hour deal to prevent the federal government from shuttering over the weekend (see... More