GM CEO Mary Barra says company is worth more keeping EV battery unit in house
General Motors CEO Mary Barra on Wednesday once again pushed back on spinning off its emerging electric vehicle battery business. Keeping the unit within GM will create more value for the company than spinning it off, Barra said. "For an electric vehicle, it's all about the battery," she said in an interview on "Squawk on the Street." Barra touted the company's plans to sell its Ultium battery cells as well as its Hydrotech fuel cell technology to other companies. Speculation and pressure from Wall Street about a potential spinoff of GM's electric vehicle operations has been rampant for some time.cnbc.com
GM expands board to 13 with Meg Whitman and NBA's Mark Tatum
General Motors expanded its board of directors to 13, appointing former Hewlett-Packard chief Whitman and NBA executive Mark Tatum effective Thursday, March 25, 2021. Seven of GMs directors are now women, including board chair and Chief Executive Officer Mary Barra, who in 2014 became the first woman to lead a major U.S. automaker. (AP Photo/Richard Drew, File)DETROIT – General Motors said Thursday that it has expanded its board to 13 members and appointed former Hewlett-Packard chief Meg Whitman and NBA executive Mark Tatum as directors. There has been an acknowledgment in the U.S. and abroad that white men are overrepresented on the boards of major corporations. Women hold 43.8% of the board seats at companies in France’s 40 biggest publicly traded companies, the U.K. panel said.
Ex-HP CEO Meg Whitman and NBA COO Mark Tatum join General Motors board
DETROIT — General Motors is adding former Hewlett Packard executive Meg Whitman and National Basketball Association Chief Operating Officer Mark Tatum to its board, effective immediately. The elections come at a pivotal time for the automaker, which plans to transition to an all-electric vehicle lineup by 2035. They bring GM's board to 13 members, 12 of whom are independent directors. GM CEO and Chairman Mary Barra is the only company representative on the board. Tatum, 51, was appointed COO and deputy commissioner of the NBA in 2014.cnbc.com
GM and Ford take cues from Tesla's success, but try to avoid Musk's mistakes
Battery cell productionTesla has been producing battery cells domestically through a partnership with Panasonic since 2017. "We need to bring battery production to the U.S.," Farley said last month during a Wolfe Research conference. The event was compared by some to Tesla's "Battery Day." The monitoring also makes it so drivers don't have to "check-in" by touching the steering wheel like in Tesla vehicles. A view of the dashboard in a new Tesla Model S car at a Tesla showroom on November 5, 2013 in Palo Alto, California.cnbc.com
GM CEO Mary Barra: 'We're just at the beginning' of where company's stock will move
General Motors Chairman and CEO Mary Barra on April 1, 2020 tours one of the company's facilities in Warren, Michigan that will produce Level 1 face masks. General Motors CEO Mary Barra believes the automaker's stock has a long runway ahead of it as the automaker pivots to focus on all-electric vehicles. Barra said it's not just about GM's "convergence of electric vehicles, but it's also improving." She used GM's new EV commercial business BrightDrop as an example. The new unit is expected to supply EVs as well as logistical services and other products such as a propulsion-assisted, electric pallets to commercial customers.cnbc.com
Marriott CEO Sorenson, 62, dies of pancreatic cancer
FILE - In this Dec. 19, 2012, file photo, Marriott CEO Arne Sorenson speaks during a groundbreaking ceremony for a Marriott hotel in Port-au-Prince, Haiti. Sorenson was the third CEO in Marriotts 93-year history, and the first without the Marriott surname. Sorenson reduced his schedule at Marriott this month to pursue a more aggressive cancer treatment. He was first diagnosed with pancreatic cancer in 2019; a recent routine scan had confirmed the cancer had returned, the company said. Sorenson was the first Marriott CEO whose name was not Marriott, and only the third to lead the company in its 93-year history.
Cost of a single Bitcoin exceeds $50,000 for first time
– The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. Some businesses also accept bitcoin, but its popularity has stalled out in recent years. Overstock.com appears to accept Bitcoin for most listings on its website, including cameras, vacuums and clothes. When this bubble bursts and at what price Bitcoin settles at is anyone’s guess,” Reiners said.
GM's Chevy Bolt SUV joins parade of new US electric vehicles
The Bolt Electric Utility Vehicle will go on sale early this summer as a 2022 model. About 2.5 million electric vehicles were sold worldwide last year. Fully electric vehicles accounted for less than 2% of U.S. new vehicle sales last year, and Americans continue to spend record amounts on larger gas-powered trucks and SUVs. IHS Markit analyst Stephanie Brinley said the new SUV is another step toward wider adoption of fully electric vehicles, but it will take many more. The credit is phased out after manufacturers hit 200,000 in electric vehicle sales, and GM and Tesla have both passed that level.
Autoworkers face uncertain future in an era of electric cars
It also clouded the future for 50,000 GM workers whose skills — and jobs — could become obsolete far sooner than they knew. But President Joe Biden has made the development of a U.S. electric vehicle supply chain a key part of his ambitious plan to create 1 million more auto industry jobs with electric vehicles. The more environmentally focused plants of the future will need fewer workers, mainly because electric vehicles contain 30% to 40% fewer moving parts than petroleum-run vehicles. At the century-old transmission plant in Toledo, GM workers make sophisticated six-, eight-, nine- or 10-speed gearboxes. Eventually, those parts will be replaced by far simpler single-speed drivetrains for electric vehicles.
GM has no interest in following Tesla and investing in bitcoin
If there's strong customer demand for it in the future, there's nothing that precludes us from doing that." In the filing with the Securities and Exchange Commission, Tesla said it bought the bitcoin for "more flexibility to further diversify and maximize returns on our cash." GM, unlike Tesla, does not sell its vehicles directly to consumers. If GM were to accept the cryptocurrency for new vehicles, it would have to work the process out with its dealers and their shared systems. Billionaire businessman Tilman Fertitta told CNBC on Tuesday his luxury car dealership has sold 17 vehicles to buyers using bitcoin since it started accepting transactions using the digital currency nearly three years ago.cnbc.com
GM 2020 profit drops, but it makes $6.43B despite pandemic
General Motors net profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. (AP Photo/Richard Drew, File)DETROIT – General Motors' profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. GM predicted the shortage will cost it $1.5 billion to $2 billion in earnings before taxes this year due to lost production. Still, GM expects pretax income for the year of $10 billion to $11 billion, or $4.50 to $5.25 per share. Of that, $6 billion would go to electric vehicles and $1 billion would go to autonomous, Chief Financial Officer Paul Jacobson said.
GM warns chip shortage could cut 2021 earnings by up to $2 billion
GM's crosstown rival, Ford Motor, said last week the shortage could lower its earnings by $1 billion to $2.5 billion this year. Here's what GM reported versus what Wall Street expected, based on average analysts estimates compiled by Refinitiv. Adjusted earnings per share: $1.93 vs. $1.64 expected, based on average analysts' estimates compiled by Refinitiv. The automaker reported pretax adjusted earnings of $3.7 billion for the fourth quarter, up from $105 million a year earlier. Correction: The labor strike stopped GM vehicle production during the fourth quarter of 2019.cnbc.com
GM to eliminate gas-burning vehicles by 2035
The announcement, made on LinkedIn, puts a timeline onto GM's previously stated commitment to electric vehicles. That is why it is so important that we accelerate toward a future in which every vehicle we sell is a zero-emissions vehicle," Barra wrote. The announcement does not apply to heavy-duty vehicles, such as commercial trucks. GM, which makes Buick, Cadillac, Chevrolet and GMC vehicles, had previously sided with the Trump administration in its attempt to stop California from setting its own emissions standards. Gasoline- or diesel-burning vehicles today make up 98% of GM's sales and all of its profit, the Wall Street Journal reported.cbsnews.com
5 reasons General Motors' shares are trading at all-time highs
Shares of General Motors opened Wednesday above $50 for the first time ever after CEO Mary Barra and other executives laid out an array of future business plans — from electric vehicles to flying cars — at the CES technology conference. BrightDropGM unveiled a new electric delivery van as part of a new EV commercial vehicle and logistics business called BrightDrop. General Motors plans to launch a new all-electric van called the EV600 by the end of this year. "BrightDrop provides an ecosystem of smart, connected products, including electric vehicles and software-enabled services, offering commercial delivery companies a platform for sustainable growth." It was developed to easily move goods over short distances — for example, from the delivery vehicle to the customer's front door.cnbc.com
5 CES Trends to Watch
FILE - People look at a 145 inch Ultra Large UHD display in the LG booth at the CES tech show, on Jan. 8, 2020, in Las Vegas. CES, the annual gadget show that showcases the buzziest and brightest tech, looks different this year less Vegas glitz, more internet efficiency. Trends to watch reflect the tumultuous year that preceded it. These include COVID-related robots and gadgets, products that make it easier to work from home, more uses for 5G technology, AI infused in everything, and TVs that can bend or even become transparent. On the last day of CES, Samsung will debut its new 5G enabled iteration of its Samsung Galaxy phone — an event that isn't affiliated with CES but still likely to draw buzz.
GM shares hit record high as automaker reveals electric van and delves into flying cars
Renderings from GM of the "Cadillac halo portfolio" that includes concepts of an autonomous shuttle (right) and an electric vertical take-off and landing (eVTOL) aircraft, also known as a flying vehicle. Shares of General Motors hit a record high in intraday trading Tuesday after the automaker unveiled a new electric van and revealed potential plans to delve into futuristic flying cars. It's a record since the automaker emerged from bankruptcy during the Great Recession and went public in 2010. The EV600 electric van is scheduled to go on sale later this year through a new commercial business unit of GM's called BrightDrop. The division is planning a full portfolio of electric products, not just vehicles, including a delivery pallet that was unveiled Tuesday.cnbc.com
GM charges up new unit to sell electric delivery vans, gear
This photo provided by General Motors shows EP1 electric pallet. General Motors is forming a new business unit to tap the market for delivery vehicles and equipment powered by electricity. Then GM will roll out a clean electric delivery van. Showing Wall Street’s fascination with electric vehicles, GM shares rose to their highest intraday price since the company left bankruptcy protection in 2010. GM has pledged to roll out 30 new electric vehicles globally and spend $27 billion developing them by 2025.
GM withdraws support for Trump's lawsuit against California over emissions
President Donald Trump delivers remarks at American Center for Mobility in Ypsilanti, Michigan with General Motors CEO Mary Barra and other auto industry executives on March 15, 2017. General Motors is withdrawing from litigation led by the Trump administration against California over the state's right to set its own fuel economy and emissions regulations, distancing itself from President Donald Trump. In a letter Monday to environmental leaders, GM CEO Mary Barra said the company's decision to withdraw from the litigation is effective immediately. "We believe the ambitious electrification goals of the President-elect, California, and General Motors are aligned to address climate change by drastically reducing automobile emissions," Barra wrote. By withdrawing, GM is showing support for the incoming administration while distancing itself from Trump, who has publicly praised and condemned automakers during his tenure as commander in chief.cnbc.com
GM flips to California's side in pollution fight with Trump
DETROIT – General Motors is switching sides in the legal fight against California's right to set its own clean-air standards, abandoning the Trump administration as the president's term nears its close. CEO Mary Barra said in a letter Monday to environmental groups that GM will no longer support the Trump administration in its defense against a lawsuit over its efforts against California's standards. Already at least one other large automaker, Toyota, said it may join GM in switching to California's team. About a dozen other states follow California's standards. In September of 2019, Trump announced his administration would seek to revoke California’s congressionally granted authority to set standards that are stricter than those issued by federal regulators.
GM ups spending on EVs and autonomous cars by 35% to $27 billion
The Detroit automaker said Thursday it will spend $27 billion on all-electric and autonomous vehicles through 2025, an increase of $7 billion, or 35%, from initial plans announced in March. The increased investment will support GM's plans to release 30 new EVs globally by 2025, including more than 20 just for North America. GM said it has moved up the release of 12 electric vehicles, including pickups for its Chevrolet and GMC brands. "EVs are core to creating GM shareholder value," she said, later adding the company has assets that start-ups "will struggle to match." The first vehicle with the new batteries will be the GMC Hummer EV pickup, which is expected next fall.cnbc.com
'More people may die': Biden urges Trump to aid transition
“More people may die if we don’t coordinate,” Biden told reporters during a news conference Monday in Wilmington, Delaware. The Trump administration is working on its own distribution plan, while Biden’s chief of staff indicated his transition team will proceed with their own planning separately because of the obstruction. Last week, a larger group of Republicans in Congress called on the Trump administration to allow Biden to begin receiving national security briefings. Since defeating Trump, Biden has devoted most of his public remarks to encouraging Americans to wear masks and embrace social distancing measures. But on whether Biden should receive coronavirus briefings, many of Trump's allies on Capitol Hill remained dug in.
Watch live: Biden and Harris discuss the U.S. economy, their plans to spur growth
President-elect Joe Biden is expected to offer comments Monday afternoon on the state of the U.S. economy and how he and his administration plan to combat Covid-19 and restore business to pre-pandemic levels. Vice President-elect Kamala Harris is also scheduled to offer remarks on the Biden team's economic strategy when both politicians speak from Wilmington, Delaware. Leaders expected to attend include General Motors CEO Mary Barra and Microsoft president and CEO Satya Nadella. Labor leaders expected at the meeting include AFL-CIO president Richard Trumka and SEIU president Mary Kay Henry. According to a transition staffer, the purpose of the meeting will be to "discuss the economic recovery and building back better in the long term."cnbc.com
Biden holds joint meeting with union leaders and CEOs of major retail, auto and tech companies
WASHINGTON — President-elect Joe Biden hosted a joint meeting Monday with labor union leaders and the chief executives of major tech, retail and auto companies. The event marked the first time that Biden as president-elect has formally convened business and labor leaders to discuss his economic recovery agenda. The former vice president joked that he deserved "a Nobel Prize" for having brought together union leaders and CEOs at the same event. Each of the labor leaders represented a union that either wholly or in part endorsed Biden's presidential campaign. Following the meeting, Biden delivered remarks about his "build back better" economic plan, and urged Congress to pass a major Covid relief bill.cnbc.com
'More people may die': Biden urges Trump to aid transition
“More people may die if we don’t coordinate,” Biden told reporters during a news conference in Wilmington, Delaware. The Trump administration is working on its own distribution plan, while Biden’s chief of staff indicated his transition team will proceed with their own planning separately because of the obstruction. Last week, a larger group of Republicans in Congress called on the Trump administration to allow Biden to begin receiving national security briefings. Since defeating Trump, Biden has devoted most of his public remarks to encouraging Americans to wear masks and embrace social distancing measures. But on whether Biden should receive coronavirus briefings, many of Trump's allies on Capitol Hill remained dug in.
GM plans to increase pickup truck production with up to $1 billion investment in Canada
General Motors plans to significantly increase production of its highly profitable pickup trucks by investing up to $1 billion in its Canadian operations. The investment is part of a tentative deal with Canadian union Unifor, GM CEO Mary Barra told investors Thursday during the company's third-quarter earnings call. The investment is pending union member ratification in the coming days. We expect construction to begin on the new body shop and flexible assembly module at Oshawa immediately upon ratification." GM expects a "significant increase" in its full-size pickup truck capacity when the plant comes online in January 2022, Barra said.cnbc.com
General Motors shares jump after truck sales deliver big earnings beat in third quarter
General Motors on Thursday reported third-quarter earnings that beat Wall Street expectations, thanks to its highly profitable trucks and SUVs in North America. GM CEO Mary Barra said the fourth quarter isn't expected to be as strong as the third quarter. She downplayed the possibility that the uncertain outcome of the presidential election could hurt sales for the rest of the year. "When we look at the election, we think the extended length of time to finalize the vote count was anticipated given the unique circumstances coming into this election," Barra said during a media call Thursday morning. "There are a lot of moving pieces right but we're hopeful that we'll continue to have a strong recovery that we've seen in the United States and in China."cnbc.com
GM to invest more than $2 billion in U.S. manufacturing to increase electric vehicle production
Engines assembled as they make their way through the assembly line at the General Motors (GM) manufacturing plant in Spring Hill, Tennessee, August 22, 2019. General Motors is investing about $2.2 billion in its U.S. manufacturing operations, largely to increase production of electric vehicles, the company announced Tuesday. The investment is the latest for the Detroit automaker as it pivots toward EVs under GM CEO Mary Barra's "triple zero" vision of zero crashes, zero emissions and zero congestion -- an overarching goal for the company. Since March 2019, GM has committed to invest more than $4.5 billion in three U.S. manufacturing sites to prepare for EV-related production. The company has previously said it plans to release at least 20 new electric vehicles globally by 2023, including the upcoming GMC Hummer EV, which will be unveiled Tuesday night.cnbc.com
Nikola shares slide after second sexual abuse allegation raises questions about GM deal
GM announced a deal Sept. 8 with Nikola to provide technology to its electric pickups and build them in a partnership the companies valued at $2 billion. GM declined to say whether the company was aware of any allegations of fraud or sexual abuse regarding Milton. GM CEO Mary Barra earlier this month defended the company's deal with Nikola, saying it conducted "appropriate diligence" before announcing the agreement. The partnership with Nikola is supposed to close Wednesday, but a spokesperson said in a statement to CNBC that it isn't a done deal. Since the deal was announced, Nikola shares are down more than 60% – making the company much less attractive to GM.cnbc.com
Rising star in Detroit departs suddenly for Silicon Valley
The chief financial officer at General Motors, Dhivya Suryadevara, is trading Detroit for Silicon Valley in a surprise departure to join Jack Dorsey's startup, Stripe. She has helped the company strengthen our balance sheet, improve our cost structure, focus on cash generation and drive the right investments for our future. Stripe is maintaining a $2 billion balance sheet, more fortress-like than besieged, as so many major companies have become during the COVID-19 crisis. Adding to Stripes client roster this year alone are the companies Caviar, Coupa, Just Eat, Mattel, NBC, and Paid. I really enjoy leading complex, large-scale businesses and I hope to use my skills to help accelerate Stripes already steep growth trajectory.General Motors named John Stapleton, GM North America chief financial officer, as acting global chief financial officer, effective Saturday.
Plug it in: Electric car charging station numbers are rising
There are now 26,000 electric vehicle charging stations open to the public in the U.S., with more than 84,000 plugs. Currently electric vehicles make up only about 1.3% of total new vehicle sales in the U.S., according to the Edmunds.com auto site. But the bulk of the nations public charging network is much slower. Electrify America now has over 450 charging stations in the U.S. with more than 2,000 fast-charging outlets, Moran said. Guidehouse analyst Sam Abuelsamid said the number of chargers is increasing rapidly and should be enough to meet demand as more electric vehicles are sold.
Europe's shift to electric cars picks up despite recession
The coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. Sales of battery-powered and hybrid cars have held up despite a deeply painful recession, mainly thanks to the action of governments. (AP Photo/Jens Meyer, file)FRANKFURT The coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. By contrast, electric car adoption is moving more slowly in the U.S. due to regulatory uncertainty. Last year, automakers sold 236,000 fully electric vehicles in the U.S., only 1.3% of the 17.3 million new vehicles that were purchased.
AMD's Lisa Su is first woman to top AP's CEO pay analysis
FILE - In this May 1, 2019 photo, Lisa Su, president and CEO of AMD, attends the opening bell at Nasdaq, in New York. Pay for women was up 2.3% from last year, looking at the median; the median change for men was 5.4%. The gain was driven primarily by rewards for performance, including $53 million in stock awards and $3 million in stock options, which vest over several years. To calculate CEO pay, Equilar adds salary, bonus, perks, stock awards, stock option awards, deferred compensation and other pay components that include benefits and perks. Stock awards can either be time-based, or performance-based, meaning the CEO has to meet certain goals before getting them.
Michigan lawmakers lead congressional push to include auto industry in next stimulus bill
With Washington authorizing trillions of dollars in economic aid for thousands of companies, ranging from small businesses to the largest airlines, some on Capitol Hill believe it's time to help out the auto industry. U.S. auto sales are estimated to fall by as much as 30% this year, they said. In April, the pace of auto sales fell to 8.6 million vehicles as North American auto plants remained closed for most of last month, according to the research firm AutoData, which tracks industry sales. That pace of sales is down 48% from 2019, when industry sales topped 17 million vehicles for a fourth straight year. It was crucial to an industry that would only sell 10.4 million vehicles that year, its lowest annual sales rate since 1982.cnbc.com
Vice President Mike Pence wears coronavirus mask at General Motors plant after criticism for Mayo Clinic visit
But at a roundtable discussion later during the visit, Pence removed his mask, as did other attendees, including Chao. Pence was accompanied during the visit to the GM facility in Kokomo, Indiana, by Transportation Secretary Elaine Chao, Indiana Gov. U.S. Vice President Mike Pence and CEO of General Motors Mary Barra visit the General Motors Components Holding Plant that is manufacturing ventilators for use during the coronavirus disease (COVID-19) outbreak, in Kokomo, Indiana, U.S. April 30, 2020. Pence, who once served as governor of Indiana, is leading the White House's coronavirus task force. The federal Centers for Disease Control and Prevention, in guidance issued in early April urging Americans to wear masks, says, "You could spread COVID-19 to others even if you do not feel sick."cnbc.com
From vehicles to ventilators, Ford and GM take on coronavirus
This week on 60 Minutes, correspondent Norah O'Donnell interviewed Ford executive chairman Bill Ford and GM CEO and chairman Mary Barra about the adjustments their companies have made during the pandemic. Detroit-based GM told 60 Minutes it began the ventilator production process on March 17. "We knew we were working as fast as we can," Barra told 60 Minutes in responding to messages posted on President Trump's Twitter account. Adam VerdugoBarra told 60 Minutes GM is making the ventilators at cost. "It's terrible that a crisis like this has to remind people how important a manufacturing base is," Ford told O'Donnell.cbsnews.com
How Ford and GM joined the fight against the coronavirus
Mary Barra, CEO of GMIn the "new abnormal," GM and Ford have each tapped into about $15 billion in private lines of credit to pay their bills. Part of the financial pressure is that under their contracts with the United Auto Workers union, Ford and GM continue to pay millions of dollars to their idled workers. Bill FordAs Ford and GM shut down auto production in March, Michigan emerged as a major COVID-19 hot spot. Ford workers manufacturing medical suppliesIn mid-March, it looked as if American hospitals would quickly need thousands of ventilators that didn't exist. I'm-- I'm waiting to make sure that you come home at night (CRYING) 'cause I don't know if you're gonna come home."cbsnews.com
GM offers manufacturing blueprints for face masks to 600 auto parts suppliers amid virus pandemic
General Motors Chairman and CEO Mary Barra on April 1, 2020 tours one of the company's facilities in Warren, Michigan that will produce Level 1 face masks. General Motors is encouraging and empowering its suppliers to assist in production of medical face masks for frontline workers amid the coronavirus pandemic. GM, according to a spokesman, will provided suppliers detailed specs on materials, equipment, and processes essentially, what suppliers would need to know to ramp up their own production lines. GM quickly set up and began testing production of Level 1 face masks last week at one of its shuttered parts plants in suburban Detroit. About two dozen paid volunteer United Auto Workers employees are expected to begin producing the masks for distribution on Monday.cnbc.com
Trump negative for coronavirus again, says wearing masks okay
WASHINGTON (Reuters) - President Donald Trump said he underwent a second coronavirus test on Thursday, using a new diagnostic that produced a result in less than 15 minutes, and it determined he has not been infected. U.S. President Donald Trump listens to a question during the daily coronavirus response briefing at the White House in Washington, U.S., April 2, 2020. A White House official said Trump took the newly released Abbott Laboratories (ABT.N) test that offers results in 15 minutes or less. At his daily White House news briefing, Trump said Americans should wear protective face masks if they wish. Vice President Mike Pence said Trump is expected to announce on Friday a plan to compensate hospitals for treating and testing uninsured coronavirus patients.feeds.reuters.com
GM, Honda partner to develop two new all-electric vehicles
GM CEO and chairman Mary Barra speaks during an "EV Day" on March 4, 2020 at the company's tech and design campus in Warren, Mich., a suburb of DetroitGeneral Motors and Honda Motor have agreed to jointly develop two new all-electric vehicles for the Japanese automaker, the companies announced Thursday. The vehicles are scheduled to be released for the 2024 model-year, the companies said. Honda will also offer GM's hands-free advanced driver-assist technology, known as Super Cruise, and the Detroit automaker's OnStar safety and security services in the two all-electric vehicles. Neither company disclosed the financial terms of the deal, which deepens the ties between the two companies regarding all-electric and autonomous vehicles. Previous collaborations include Honda investing $750 million in Cruise, GM's majority-owned autonomous vehicle unit; development of the Cruise Origin autonomous vehicle; and work on battery modules and fuel cell vehicles.cnbc.com
GM confirms production of critical-care ventilators following Trump criticism
General Motors and Ventec Life Systems said Friday they have agreed to build critical-care ventilators at one of the automaker's components plants in Indiana. Trump suggested he would invoke the Defense Production Act to force the companies to produce needed equipment like ventilators. GM and Washington-based Ventec said officials are "working around the clock to meet the urgent need for more ventilators," citing efforts to begin production at the Kokomo plant "already underway." The tie-up between the companies could be a precursor for a deal with the U.S. government to produce ventilators. GM is "in the blocks, ready to start" production of ventilators but is awaiting regulatory approval, sources told CNBC's Scott Wapner.cnbc.com
GM CEO calls meeting with union, as strike drags on
General Motors company CEO Mary Barra called United Auto Workers union President Gary Jones and Vice President Terry Dittes for a face-to-face meeting -- their first since the strike began, according to three sources familiar with the meeting. DETROIT - On the 24th day of the strike against General Motors, company CEO Mary Barra called United Auto Workers union President Gary Jones and Vice President Terry Dittes for a face-to-face meeting their first since the strike began, according to three sources familiar with the meeting. Other sources familiar with the meeting could not confirm discussion of the company's credit rating. Shares of GM closed slightly higher Thursday but are still down 11% since the start of the strike. Negotiations between GM and the union stalled over the weekend after the auto company rejected the union's latest contract proposal.
The facts about China, GM and its four plants slated for closure
Last week Trump unleashed his latest twitter attack on GM, incorrectly suggesting that it was the company's plants in China that were responsible for the decision to shut down the four US plants. Once GM is done with this round of plant closings it will have 29 US plants, down from 33. Also, GM did not "move" any plants to China. Chinese plants do not ship many cars back to the United States, and do not have any impact on US factories. Many of the more than 3,000 hourly employees who worked at those plants in November have been offered jobs at other GM plants, and many have taken the offer to move.