Former UAW Vice President Joe Ashton (Photo: General Motors Co.) The United Auto Workers’ retiree health care trust intends to sell 40 million of its shares in General Motors Co., imperiling the trust’s ability to replace retired UAW Vice President Joe Ashton on the automaker’s board of directors. The UAW Retiree Medical Benefits Trust —… Continue reading UAW trust move puts GM board seat at risk
Tag: GM
Exclusive: GM Korea to sharply cut number of executives – internal letter
SEOUL (Reuters) – General Motors’ South Korean unit plans to slash the number of its executives, an internal letter seen by Reuters showed – the latest step by the U.S. automaker to cut costs and restructure the loss-making business. GM said this month it would shut one of its factories in South Korea and decide… Continue reading Exclusive: GM Korea to sharply cut number of executives – internal letter
General Motors Announces Public Secondary Offering of Common Stock by the VEBA Trust
General Motors Co. (NYSE: GM) today announced that the UAW Retiree Medical Benefits Trust (the “Selling Stockholder” or “the VEBA Trust”) intends to offer for sale 40 million shares of GM common stock in an underwritten secondary offering. The Selling Stockholder will receive all of the proceeds from this offering. No shares are being sold… Continue reading General Motors Announces Public Secondary Offering of Common Stock by the VEBA Trust
Geely Held Informal Talks With Fiat Chrysler Before Daimler Deal
Zhejiang Geely Holding Group Co. held informal talks about the potential takeover of Fiat Chrysler Automobiles NV before the Chinese manufacturer turned its attention toward Daimler AG, according to people familiar with the matter. Li Shufu, the Chinese billionaire who controls Geely, approached the Italian-American carmaker in the middle of last year as he was… Continue reading Geely Held Informal Talks With Fiat Chrysler Before Daimler Deal
Ford launches self-driving pilot with delivery partners in Miami
(Reuters) – Ford Motor Co is taking a different approach from rival General Motors Co in deploying self-driving vehicles, focusing initially on partnering with and operating vehicles for a variety of companies, from Domino’s Pizza to Lyft, executives said. Ford said on Tuesday it has launched a pilot delivery program in Miami with Domino‘s, and… Continue reading Ford launches self-driving pilot with delivery partners in Miami
Ford begins testing self-driving cars and business model in Miami
Ford has revealed the test market for its self-driving service it teased but kept under wraps back at CES in January: Miami. Will Smith bids you “bienvenidos,” Ford, via his canonical 1997 opus. But actually, Ford is welcomed by Miami-Dade officials, who are working with the automaker to run this pilot across both downtown Miami… Continue reading Ford begins testing self-driving cars and business model in Miami
Carmaker PSA, Malaysia’s Naza sign deal to produce PSA cars for Asia
PSA’s Chief Executive Carlos Tavares had said last month that it was hard to decide upon the group’s strategy for Vauxhall given lack of clarity over Britain’s plans to leave the European Union. PARIS: French carmaker PSA and Malaysian company Naza Corp have signed a deal to jointly produce PSA-branded cars for Malaysia and other… Continue reading Carmaker PSA, Malaysia’s Naza sign deal to produce PSA cars for Asia
May Mobility Raises $11.5M in Seed Funding
May Mobility, an Ann Arbor, MI-based autonomous vehicle company advancing self-driving micro-shuttles, raised $11.5m in seed funding. BMW i Ventures and Toyota AI Ventures have joined its investor-base, including Maven Ventures, SV Angel, Tandem Ventures, Trucks Ventures, and YCombinator, co-leading its seed round. This funding will allow the company to launch new deployments across the… Continue reading May Mobility Raises $11.5M in Seed Funding
Bringing Self-Driving Shuttles to the Streets: Welcome Aboard, May Mobility
When asked by reporters and other industry watchers to predict when self-driving vehicles will appear on our public roadways, my answer is generally that it will be sooner than we think, but not everywhere we’d like. Fully-autonomous Level 5 driving is still years away, where a vehicle is able to operate autonomously anywhere and in… Continue reading Bringing Self-Driving Shuttles to the Streets: Welcome Aboard, May Mobility
Parking giant says Uber, Lyft have cut parking business up to 50% in some venues
SAN DIEGO: The US parking giant Ace Parking says that Uber and Lyft are eating into the parking business – with as much as 50% less traffic at nightclubs and a 25% drop at restaurant valets. A death knell for paid parking? No, Ace and others say they are going high-tech to survive. In downtown… Continue reading Parking giant says Uber, Lyft have cut parking business up to 50% in some venues