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

GM’s Cruise faces $1.5M fine for 'misleading' commission over vehicle accident

December 5, 2023 8:37 AM EST

The Cruise robotaxi division of General Motors (NYSE: GM) is facing potential fines totaling $1.5 million, as well as further penalties, or not revealing specifics of an October 2 accident.

In this incident, a pedestrian was dragged by a robotaxi for 20 feet after being hit by another vehicle, a California agency said.

Separately, GM's CEO Mary Barra mentioned on Monday that the company's external examination of Cruise's safety measures... More

Who should buy Renault?

December 4, 2023 3:46 PM EST

Purchasing Renault at its 10 billion market cap would essentially pay for itself. With the company boasting 7 billion in net cash and a Nissan stake valued at 6.6 billion, these assets alone exceed what any potential buyer would require to justify the current market price.

Comparatively, both Stellantis (NYSE: STLA) and Volkswagen hold reserves far exceeding the value of Renault on their balance sheets. In fact, Renault itself possesses enough financial power to buy itself and transition into a private entity. This situation highlights two critical concerns: firstly, the underestimation of long-term risks in the automotive... More

Mizuho upgrades GM to Buy following cost cuts and a production reset

December 4, 2023 10:04 AM EST

Mizuho upgraded General Motors (NYSE: GM) to a Buy rating (From Neutral) and raised their 12-month price target on the stock to $42.00 (From $38.00) as sentiment on the Detroit automaker is at a low point given a weak consumer, 25% UAW wage hikes, Cruise and EV... More

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

US opens probe into 73,000 Chevrolet Volt cars over loss of power

December 1, 2023 6:59 AM EST

By David Shepardson

WASHINGTON (Reuters) -A U.S. auto safety regulator said on Friday it is opening an investigation into 73,000 Chevrolet Volt plug-in hybrid cars over reports of abrupt loss of power, failures to restart and other issues.

The National Highway Traffic Safety Administration said it was opening the preliminary evaluation into the 2016 through 2019 model year Chevrolet Volt after 61 complaints tied to the battery energy control module (BECM). Some complaints reported... More

General Motors (GM) PT Raised to $54 at RBC Capital

December 1, 2023 6:41 AM EST

RBC Capital analyst Joseph Spak raised the price target on General Motors (NYSE: GM) to $54.00 (from $48.00) while maintaining a Outperform rating.... 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

GM Defense Awarded U.S. Department of State Contract for Next Generation Armored Heavy-Duty Sport Utility Vehicles (GM)

November 30, 2023 8:32 AM EST

The U.S. Department of State has awarded GM Defense LLC, a subsidiary of General Motors (GM), a 10-year Indefinite Delivery Indefinite Quantity (IDIQ) full-rate production contract to deliver the next generation Heavy-Duty armored Sport Utility Vehicle (HD SUV) in support of the Department's Diplomatic Security Service. GM Defense will deliver Original Equipment Manufacturer integrated HD SUVs under the contract with a ceiling value of $300 million. GM Defense was awarded an initial task order through the IDIQ contract for vehicles, training and... More

General Motors (GM) PT Raised to $27 at Wells Fargo

November 30, 2023 7:37 AM EST

Wells Fargo analyst Colin M. Langan raised the price target on General Motors (NYSE: GM) to $27.00 (from $25.00) while maintaining a Underweight rating.... More

General Motors (GM) PT Lowered to $40 at Wedbush

November 30, 2023 7:08 AM EST

Wedbush analyst Daniel Ives lowered the price target on General Motors (NYSE: GM) to $40.00 (from $46.00) while maintaining a Outperform rating.... More

General Motors (GM) PT Raised to $56 at JPMorgan

November 30, 2023 6:52 AM EST

JPMorgan analyst Ryan Brinkman raised the price target on General Motors (NYSE: GM) to $56.00 (from $54.00) while maintaining a Overweight rating.... More

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

November 30, 2023 6:05 AM EST

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

Active options: GM BABA BAC COIN PLTR F RIVN INTC SOFI AFRM PYPL

November 30, 2023 5:12 AM EST

Active options: GM BABA BAC COIN PLTR F RIVN INTC SOFI AFRM PYPL

... More

General Motors (GM) PT Raised to $44 at DZ Bank

November 30, 2023 4:26 AM EST

DZ Bank analyst Matthias Volkert raised the price target on General Motors (NYSE: GM) to $44.00 (from $43.00) while maintaining a Buy rating.... 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

Popular stocks with increasing volume: GM BAC COIN PLTR F RIVN INTC SOFI AFRM PYPL

November 29, 2023 2:42 PM EST

Popular stocks with increasing volume: GM BAC COIN PLTR F RIVN INTC SOFI AFRM PYPL

... More

General Motors (GM) PT Raised to $32 at CFRA

November 29, 2023 2:07 PM EST

CFRA analyst Garrett Nelson raised the price target on General Motors (NYSE: GM) to $32.00 (from $30.00) while maintaining a Hold rating.... 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 Deutsche Bank

November 29, 2023 9:42 AM EST

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

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