GM cuts spending on self-driving Cruise brand

GM looks to cut EV costs while searching for profit from green vehicles

General Motors (NYSE: GM) announced Thursday that the Detroit automaker expects substantial decreases in electric vehicle manufacturing expenses by 2024 while simultaneously ramping up the production of more lucrative vehicle models.

During a Barclays event, GM's Chief Financial Officer, Paul Jacobson, expressed confidence in the company's upcoming enhancements in EV profit margins.

He outlined projections for an upturn in margins next year, foreseeing the achievement of mid-single-digit earnings before interest and taxes margin goals by 2025.

"We don't want to be the next Tesla. We want to be... More

Musk tempers expectations ahead of Tesla (TSLA) Cybertruck event

Tesla (NASDAQ: TSLA) is preparing to start deliveries of their long-awaited Cybertruck electric pickup this Thursday, following CEO Elon Musk's cautious remarks about production challenges for this groundbreaking product.

The Cybertruck marks Tesla's debut in new vehicle models after almost four years, holding substantial importance in maintaining the brand's image as a pioneer in inventive automobiles.

Amidst a period where the company faces reduced demand for electric vehicles (EVs) and heightened competition, the success of the Cybertruck holds... More

General Motors (GM) PT Mentioned Cautiously at Deutsche Bank, 'uneasy with the message GM is sending'

Deutsche Bank analyst Emmanuel Rosner raised the price target on General Motors (NYSE: GM) to $35.00 (from $33.00) while maintaining a Buy rating.

The analyst comments "while we view large capital returns to shareholders positively, we are a little uneasy with the message GM is sending by doing so while... More

UAW push to organize Tesla (TSLA) and non-union auto sector

The United Auto Workers (UAW) union announced Wednesday their plan to unionize electric vehicle maker, Tesla (NASDAQ: TSLA) as well as the entirety of the nonunion auto industry in the United States.

This move follows the unions successful negotiation of new contracts with the Detroit Three automakers.

UAW revealed that employees from 13 nonunion automakers have launched coordinated campaigns nationwide to join the union.

These efforts encompass companies such as Tesla, Toyota (NYSE:... More

General Motors (GM) takes $9.3B hit from labor deals, plans $10B buyback

General Motors (NYSE: GM) announced on Wednesday that its recent labor agreements following an extended U.S. strike will result in a $9.3 billion expense. Despite this, the company has detailed plans for $10 billion in share repurchases, a 33% hike in dividends, and a significant reduction in expenditure for its self-driving taxi venture, Cruise.

At Tuesday's closing price, the buyback amounts to approximately a quarter of GM's common... More

General Motors (GM) Mentioned Positively at Deutsche Bank

Deutsche Bank analyst Emmanuel Rosner reiterated a Hold rating and $33.00 price target on General Motors (NYSE: GM)

The analyst comments "This morning, GM announced financial updates that were generally above expectations, notably with very large share buyback program of $10bn, of which $6.8bn will... More

General Motors (GM) Mentioned Positively at Citi

Citi analyst Itay Michaeli reiterated a Buy rating and $90.00 price target on General Motors (NYSE: GM)

The analyst comments "GMs post-UAW business update contained a number of positives that inject the much-needed visibility and reassurance we described earlier this week (here). Key... More

Midday movers: Boeing, Micron, Tesla and more

(Updated - November 28, 2023 12:30 PM EST)

Investing.com -- Main U.S. indexes rose after comments from a number of Fed officials reinforced the idea that inflation is slowing and lifted hopes of a potential rate cut next year.

Here are some of the biggest U.S. stock movers today:

Affirm Holdings (NASDAQ: AFRM) stock rose 7.5% with the buy now, pay later company expected to benefit from... More

GM to cut spending on Cruise after accident - FT

(Reuters) -General Motors is to scale back spending on its self-driving unit Cruise after a pedestrian accident last month, Financial Times reported on Tuesday.

GM and Cruise did not immediately respond to Reuters' request for a comment.

In October, one of Cruise's driverless cabs was... More

General Motors (GM) calls more active than puts into hosting a conference call for financial analysts

General Motors (NYSE: GM) November weekly call option implied volatility is at 44, December is at 36; compared to its 52-week range of 27 to 46 into hosting a conference call and webcast for financial analysts on Wednesday, November 29, 2023, at 8:00 a.m. ET. Call put ratio 2 calls to 1 put.

General Motors (GM) option IV into hosting a conference call and webcast for financial analysts

General Motors (NYSE: GM) November weekly call option implied volatility is at 42, December is at 36; compared to its 52-week range of 27 to 46 into hosting a conference call and webcast for financial analysts on Wednesday, November 29, 2023, at 8:00 a.m. ET.

Midday movers: Nvidia, iRobot, Coinbase and more

(Updated - November 24, 2023 12:21 PM EST)

Main U.S. indexes were mixed on Friday, in thin trading with the session set to close early the day after the Thanksgiving holiday. The Dow Jones Industrial Average was higher by 0.25%, Nasdaq was lower by 0.15%, and the S&P 500 was flat.

Here are some of the biggest U.S. stock movers today:

Nvidia (NASDAQ: NVDA) stock fell 1.5% after the world's largest semiconductor informed Chinese customers of a delay in launching its new... More

General Motors (GM) option IV flat as share price near low end of range

General Motors (NYSE: GM) 30-day option implied volatility is at 34; compared to its 52-week range of 27 to 46.