General Motors Co. booked $9.9 billion in net income last year, down from 2021’s $10 billion despite chronic supply chain woes, rising interest rates and a slowing economy. Revenue for the year was $156.7 billion, up from the $127 billion GM collected in 2021. GM met its projected guidance of earnings before taxes with a record $14.5 billion.… Continue reading GM reports nearly $10 billion in profit in 2022 despite headwinds
Author: Detroit News Online
Toyota thrusts new CEO into position of pitching worth-the-wait EVs
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GM launches production of Hummer EV SUV
General Motors Co. began production of the 2024 GMC Hummer EV SUV on Monday and customers will start to receive deliveries at the end of the first quarter, the brand said. The Hummer SUV will be built alongside the pickup version at GM’s Factory Zero Detroit-Hamtramck Assembly Center. Production at the plant was halted for… Continue reading GM launches production of Hummer EV SUV
GM hires former Tesla leader for executive post
General Motors Co. has hired Zach Kirkman as vice president of corporate development and global mergers and acquisitions, GM CFO Paul Jacobson announced in a LinkedIn post Monday. Kirkman previously served as head of corporate development, mergers and acquisitions at Tesla Inc. and “brings an extensive background assessing and executing M&A, evaluating and managing minority investments,… Continue reading GM hires former Tesla leader for executive post
Nissan, Renault to make cross-shareholdings equal
Tokyo — Nissan and Renault have agreed to equalize the stakes they hold in each other, both sides said Monday, ironing out a source of conflict in the Japan-French auto alliance. Up to now, Renault Group has held a 43.4% stake in Nissan Motor Co., potentially giving it a larger say in how the Japanese… Continue reading Nissan, Renault to make cross-shareholdings equal
China’s BYD reports 2022 income boost on strong EV sales
Chinese electric-vehicle giant BYD Co. said net income reached as high as 17 billion yuan ($2.5 billion) last year, an increase of as much as 458% from 2021, according to a preliminary filing to the Shenzhen Stock Exchange on Monday. That’s much higher than predicted by analysts, who on average forecast net income of 13.2… Continue reading China’s BYD reports 2022 income boost on strong EV sales
Car buyers love EVs but hate the prices. That’s bad for green-energy hopes
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Musk faces SEC probe for role in Tesla self-driving claims
U.S. regulators are investigating Elon Musk’s role in shaping Tesla Inc.’s self-driving car claims, the latest effort by watchdogs to scrutinize the actions of the world’s second-richest person. The review is part of an ongoing Securities and Exchange Commission probe of the company’s statements about its Autopilot driver-assistance system, according to a person with knowledge… Continue reading Musk faces SEC probe for role in Tesla self-driving claims
Musk meets Biden officials to discuss boosting EV production
Tesla Inc. CEO Elon Musk met with Biden administration officials to discuss ways to advance electric vehicle production, according to the White House. John Podesta, a senior adviser to President Joe Biden on clean energy innovation and implementation, and Mitch Landrieu, a senior adviser and coordinator on infrastructure, met with Musk at the Washington office… Continue reading Musk meets Biden officials to discuss boosting EV production
‘Vettes-to-go: Chevy unsheathes Z06 GT3.R for customer racing teams
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