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Dec 5, 2024 | 
fortune.com | David Welch |Haze Fan |David Welch
General Motors Co. Chief Executive Officer Mary Barra has said that China’s crowded market is a “race to the bottom.” For GM, it’s a contest that’s left the automaker saddled with losses and rethinking its options. The American carmaker revealed Wednesday that it would take charges and asset writedowns of more than $5 billion for its investment in a joint venture with Shanghai’s SAIC Motor Corp. and to restructure operations in China, including closing factories.
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Nov 17, 2024 | 
fortune.com | David Welch |Allyson Versprille
Members of President-elect Donald Trump’s transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities, according to people familiar with the matter. If new rules enable cars without human controls, that would directly benefit Elon Musk, the Tesla Inc. chief executive officer and Trump mega-donor who has become a powerful fixture in the president-elect’s inner circle.
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Oct 8, 2024 | 
fortune.com | David Welch
The Detroit-based automaker is working to secure a supply of lithium iron phosphate batteries in North America, said Kurt Kelty, GM’s vice president in charge of battery strategy. Chinese automakers often use LFP batteries in their EVs due to low costs, making them an ideal candidate to power a more affordable EV pickup.
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Sep 18, 2024 | 
linkedin.com | David Welch
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Jan 25, 2024 | 
fortune.com | David Welch
A report by the law firm Quinn Emanuel, which was paid by Cruise, outlines how executives took an adversarial approach with regulators after one of its autonomous cars struck and seriously injured a woman. Federal prosecutors are now investigating the incident, which led Cruise to halt its fleet nationwide and undercut GM Chief Executive Officer Mary Barra’s vision to transform the carmaker from a 20th-century metal bender to a transportation company of the future.
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Jan 11, 2024 | 
fortune.com | David Welch
Hertz Global Holdings Inc. plans to sell a third of its US electric vehicle fleet and reinvest in gas-powered cars due to weak demand and high repair costs for its battery-powered options. The sales of 20,000 EVs began last month and will continue over the course of 2024, the rental giant said Thursday in a regulatory filing. Hertz will record a non-cash charge in its fourth-quarter results of about $245 million related to incremental net depreciation expense.
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Dec 5, 2023 | 
fortune.com | David Welch
General Motors is calling workers back to the office, ending once-and-for-all Chief Executive Officer Mary Barra’s “Work Appropriately” policy that gave people flexibility to stay home during the Covid-19 pandemic. Barra sent a memo to staff Tuesday saying employees must commute into GM Tuesday, Wednesday and Thursday each week if they live within 50 miles of a GM office, a spokesperson confirmed.
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Nov 29, 2023 | 
fortune.com | David Welch
The automaker on Wednesday announced its biggest-ever stock buyback plan — $10 billion in total — as Chief Executive Officer Mary Barra promised better days are ahead. GM also boosted its dividend 33% and reinstated earnings guidance after accounting for costs of its new labor contract. The Detroit-based manufacturer is returning billions to investors despite high interest rates that are threatening car sales and capital burdens from its EV effort, which has yet to show significant results.
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Nov 4, 2023 | 
fortune.com | David Welch
After years of pumping cash into the sizzling electric-vehicle market, Tesla Inc. and other major automakers are facing a new dilemma: what to do when demand chills. While the battery-powered vehicle market is still expanding, the pace of growth has slowed considerably. As a result, Tesla, the world’s EV leader, and legacy automakers that had been spending at breakneck speeds to build their electric car businesses, are now taking a more cautious approach to investments.
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Oct 27, 2023 | 
fortune.com | David Welch |Gabrielle Coppola
General Motors and Stellantis have each agreed to provide 25% wage increases to United Auto Workers members in their ongoing contract talks, matching the same offer by Ford to end the six-week strike, according to people familiar with the discussions. The GM proposal also includes cost-of-living increases over the more-than-four-year contract, according to two of the people, who were not authorized to speak about the negotiations.
