Tag: GM

GM halts two renovation projects as it looks to cut costs

FILE PHOTO: The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. REUTERS/Rebecca Cook/File Photo WASHINGTON (Reuters) – General Motors Co is halting work on two renovation projects at facilities in the Detroit area as it offers voluntary severance packages to 18,000 salaried workers in… Continue reading GM halts two renovation projects as it looks to cut costs

GM CEO expects Tesla to be around in the next 10 years

FILE PHOTO: General Motors Chairman and CEO Mary Barra speaks at GM’s press conference at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018. REUTERS/Rebecca Cook/File Photo (Reuters) – General Motors Co’s (GM.N) Chief Executive Officer Mary Barra said on Thursday she expects Tesla Inc (TSLA.O) to be around in the… Continue reading GM CEO expects Tesla to be around in the next 10 years

DeepMap, a maker of HD maps for self-driving, raised at least $60M at a $450M valuation

As car and tech companies continue to make inroads on vehicles and services to build autonomous driving systems, a startup that is creating high-definition maps to help these vehicles move around has quietly picked up a significant round of funding. DeepMap — a Palo Alto startup co-founded by James Wu and Mark Wheeler, who previously… Continue reading DeepMap, a maker of HD maps for self-driving, raised at least $60M at a $450M valuation

Carpooling startup Scoop partners with Lyft

Lyft is partnering with carpooling service Scoop to supplement Scoop’s offering to its customers from companies like LinkedIn, Workday, Samsung T-Mobile and Symantec. With Scoop, trips are pre-scheduled, so you can select from one or more times you’d be willing to leave in the morning and afternoon, and have up until 9pm the night before for… Continue reading Carpooling startup Scoop partners with Lyft

GM looks to cut costs by offering buyouts to 18,000 employees

General Motors has offered voluntary buyouts to 18,000 salaried employees in North America who have at least 12 years of experience, as the automaker looks to cut costs all while investing in its electric and autonomous future. The company has described this as a proactive measure aimed at preparing for coming headwinds such as  slow… Continue reading GM looks to cut costs by offering buyouts to 18,000 employees

UPDATE 3-VW and Ford in talks on self-driving and electric vehicles -source

FRANKFURT/DETROIT (Reuters) – Volkswagen AG (VOWG_p.DE) and Ford Motor Co are in “exploratory talks” to jointly develop self-driving and electric vehicles in a far-reaching strategic alliance meant to save the companies billions of dollars, according to a person familiar with the matter. FILE PHOTO: A car with the Volkswagen VW logo badge is seen on… Continue reading UPDATE 3-VW and Ford in talks on self-driving and electric vehicles -source

GM to offer buyout to some workers in cost-cutting move: DJ

GM offering buyouts to salaried employees
29 Mins Ago | 01:32

General Motors is offering buyouts to salaried workers to help cut costs, Dow Jones reported Wednesday. About 18,000 employees are eligible.

The company said it is making the move now to take advantage of the strong economy and its own healthy performance. The largest U.S. automaker reported better than expected earnings on Wednesday, fueled by strong sales of trucks and crossovers in North America.

GM was not immediately available for comment.

The automaker is making the cuts in response to rising commodity costs, said CFRA analyst Garrett Nelson. The hope is enough workers take the buyouts, the automaker will not have to resort to layoffs.

GM's U.S. rival Ford said in early October it plans to thin the ranks of its salaried workforce by the second quarter of next year.

GM CEO Barra says the automaker is watching China trade ‘very carefully’

General Motors Chairman & CEO Mary Barra (L) and President of General Motors China Matt Tsien attend a press conference in Shanghai, China September 15, 2017.

General Motors is keeping a close eye on China, CEO Mary Barra said Wednesday.

GM said its luxury brand Cadillac had record sales in China despite an ongoing trade war that's raised prices on steel and aluminum as well as on the vehicles themselves.

“We're watching it carefully and we're very hopeful that both sides will have dialogue and get to the table to work through some very important issues that both China and the United States have as it relates to trade,” Barra told analysts on a conference call Wednesday discussing GM's third-quarter earnings. “When we look at our positioning, we have many levers that we can pull to continue to have strong performance in China.”

While Ford and other automakers have reported trouble in China for the third quarter, it was a bright spot for GM.

The company reported record third-quarter “equity income” in the country, led by a 4 percent increase in Cadillac sales there. GM uses equity income to measure its performance in the region since the company follows the standard industry practice of selling its vehicles through a joint venture with Chinese manufacturer SAIC. Each company owns a 50 percent stake in the venture.

Barra told analysts the partnership has served GM well.

“I think we have the strongest partner in China with SAIC,” she said.

“At this time we are not looking to change the 50-50 structure,” Barra added. “It has served us well, and I think the strength of our results demonstrate that.”

But at the same time, sales in the country were down 15 percent over the same quarter last year, and there are signs of trouble in the region. A recent report from Bloomberg said the Chinese government is considering a cut to taxes on auto purchases to revive flagging sales.

GM said it was able to charge more for cars during the quarter and the declines came from less its profitable segments. It also said that sales of its luxury vehicles were up.