General Motors (GM) Mentioned Positively at Deutsche Bank

U.S. to impose limitations on Chinese battery content for EV tax credits

December 1, 2023 2:11 PM EST

U.S. President Joe Biden and his administration released guidance on Friday that will impose restrictions on Chinese content allowed in batteries qualifying for electric vehicle (EV) tax credits beginning next year.

In a victory for automakers, the U.S. Treasury is set to provide a temporary exemption for certain essential trace minerals from recently imposed stringent regulations that restrict materials originating from China and other nations labeled as "Foreign Entity of Concern"... More

NHTSA opens investigation into GM’s Chevy Volt over sudden loss of power

December 1, 2023 11:50 AM EST

The National Highway Traffic Safety Administration (NHTSA) announced Friday that the U.S. auto safety regulator is opening an investigative probe into 73K Chevrolet Volt plug-in hybrid cars.

The investigation stems from consumer reports of sudden loss of power, failures to restart and other issues.

The NHTSA said it was opening the preliminary evaluation concerning the 2016 to 2019 Chevrolet Volt models due to 61... More

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

November 30, 2023 2:31 PM EST

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

November 30, 2023 10:51 AM EST

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

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

November 29, 2023 4:22 PM EST

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

November 29, 2023 10:13 AM EST

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 Citi

November 29, 2023 9:41 AM EST

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: GM, Workday, Phillips 66

November 29, 2023 7:55 AM EST

(Updated - November 29, 2023 12:22 PM EST)

Investing.com -- Main U.S. indexes traded higher Wednesday, boosted by dovish comments from a top Fed official, raising hopes that the U.S. central bank has completed its series of rate increases.

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

General Motors (NYSE: GM) stock rose 10% after the auto giant reinstated its 2023 guidance, plans to boost its dividend by 33% and announced a $10 billion accelerated share buyback.

Dollar Tree (NASDAQ: DLTR) stock climbed 3% despite missing... More

Ford (F), Stellantis (STLA) Trade Higher in Sympathy with GM (GM)

November 29, 2023 7:12 AM EST

Ford (NYSE: F), Stellantis (NYSE: STLA) Trade Higher in Sympathy with GM (NYSE: GM)

General Motors Co. (NYSE: GM) announced today it is reinstating its full-year 2023 earnings... More

GM sees $9.3 billion hit from labor deals, outlines $10 billion buyback

November 29, 2023 6:39 AM EST

By David Shepardson

(Reuters) -General Motors said on Wednesday its new labor deals after a lengthy U.S. strike will cost it $9.3 billion even as it outlined $10 billion in share buybacks, a 33% dividend increase and "substantially lower" spending at its robotaxi unit Cruise.

The buyback is the equivalent at Tuesday's closing price to nearly a quarter of GM's common stock. Its shares were down about 14% this year before rising 9.8% to $31.71 on Wednesday. The stock is still below the $33.66 price it closed at just ahead of the UAW strike's start on Sept. 15.

Shares in Ford and Chrysler... More

General Motors (GM) surges on $10 billion buyback plan, increased dividend

November 29, 2023 6:39 AM EST

General Motors (NYSE: GM) has reinstated its 2023 earnings guidance today as it continues to expect net income in the range of $9.1 billion to $9.7 billion.

Moreover, the automaker announced a 33% increase in its dividend for 2024 and outlined plans for a $10 billion accelerated share buyback... More

General Motors (GM) reinstating full-year 2023 earnings guiance, announces $10B buyback and 33% dividend increase

November 29, 2023 6:37 AM EST

General Motors Co. (NYSE: GM) announced today it is reinstating its full-year 2023 earnings guidance. In addition, the company announced a $10 billion accelerated share repurchase (ASR) program and its intention to increase its common stock dividend by 33% beginning with the January 2024 declaration.

"GM will deliver very strong profits in 2023 thanks to an exceptional portfolio of vehicles that customers love and our operating discipline," said GM Chair and CEO Mary Barra.

"We are finalizing a 2024 budget that will fully offset the incremental costs of our new labor... More

GM cuts spending on self-driving Cruise brand

November 28, 2023 9:17 AM EST

General Motors (NYSE: GM) announced Tuesday that the Detroit automaker is scaling back spending on its self-driving unit, Cruise following an accident involving one of their vehicles last month.

In October, a driverless cab operated by Cruise failed to halt in time... More

Midday movers: Boeing, Micron, Tesla and more

November 28, 2023 8:08 AM EST

(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

November 28, 2023 7:20 AM EST

(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