General Motors has registered a strong third-quarter 2022 performance, hitting record revenue and double-digit growth in earnings before interest and taxes-adjusted margins. Net income for the quarter ended September 2022 was $3.3 billion, up by $885 million from $2.42 billion in September 2021, financial data from the company show. Revenues were at $41.89 billion, up…
General Motors Reports Jump in Profits on Strong Sales
October 26, 2022
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Business & Marketscar salesChevrolet Bolt electric vehiclesChevrolet Bolt PlantCompanieselectric vehicle (EV)General Motors CoMarketsUS
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EV Credits Ended for About 70 Percent of Previously Eligible Models
August 17, 2022
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Business & MarketsCompaniesElectric vehicle tax creditsFordGeneral Motors CoinflationInflation Reduction Act of 2022Marketssupply chain issuesUSUS News
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More than two-thirds of electric vehicles (EVs) on sale in the United States may no longer be eligible for tax credits after President Joe Biden signed into law the Inflation Reduction Act. According to the Alliance for Automotive Innovation, there currently are 72 EV models available for purchase in the country. Before the Inflation Reduction…
GM Agrees 8.5 Percent Raise With Mexico Union in Test of New Trade Deal
MEXICO CITY—U.S. automaker General Motors has agreed a 8.5 percent wage hike with a new, independent union at its pick-up truck plant in the central Mexican city of Silao, labor representatives said on Thursday, one of the highest recent raises in the country’s auto industry. The deal with union SINTTIA also marks the first major…
GM Reports First-Quarter Profit of $2.9 Billion, Affirms Full-Year Outlook
General Motors Co’s first-quarter profit beat analyst estimates on Tuesday, as the automaker focused on sales of more expensive models with higher margins, even with production still limited by chip shortages and supply chain disruptions. GM’s net income dipped slightly to $2.9 billion in the quarter, compared with analysts’ estimates of $2.45 billion, as higher…
Tesla Secures 5-Year Lithium Supply Deal Starting Next Year With Australia’s Liontown
Tesla Inc. has secured a five-year agreement with Australia’s Liontown Resources to supply lithium spodumene concentrate to the Elon Musk-led electric vehicle maker. What Happened Tesla will buy 100,000 dry metric tonnes (DMT) of the lithium concentrate in the first year and up to 150,000 DMTs annually thereafter, Liontown Resources said. Spodumene is considered a…
GM Launches New Credit Card With Goldman Sachs
NEW YORK—General Motors Co. on Monday launched a credit card with Goldman Sachs Group Inc. and revamped its rewards program to let customers earn more points to put toward buying or leasing Buicks, Cadillacs, and other GM cars, the automaker, and bank said in a joint statement. Issued by Mastercard Inc. through Goldman Sachs, the…
GM Releasing Kits That Can Convert Old Gasoline Cars to Electric Vehicles
December 25, 2021
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Business & EconomyCompanieselectric vehicle technologyGeneral Motors CoTechTech NewsUS electric vehicle battery
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General Motors (GM) plans on going beyond manufacturing a fleet of electric cars, according to an announcement Wednesday regarding electrification component sets, which are capable of converting most old gasoline-powered automobiles into new-age electric vehicles (EV). The technology will be used for EV conversion projects and GM expects to target a group of diverse commercial…
GM Will Launch Chevy Silverado E, GMC Sierra E in 2023: Exec
General Motors Co.will begin building the new Chevrolet Silverado E electric pickup in early 2023, Executive Vice President Doug Parks said at an investor conference on Thursday. The electric Silverado will be followed by the GMC Sierra E and ‘multiple’ electric vehicles in 2023, Parks said. GM plans to unveil the Silverado E in early…
GM to Begin Hummer Electric Pickup Deliveries in December
DETROIT—General Motors Co will begin deliveries of its GMC Hummer electric pickup truck in December, the brand’s chief said on Tuesday. The top-of-the-line “Edition 1” of the Hummer will have an electric driving range of 329 miles, Duncan Aldred told reporters on a conference call. GM is launching the vehicle with that model, with a…
Factories Struggling as Supply Constraints Hit, Costs Rise
LONDON/TOKYO—Global manufacturing activity took a big hit from supply chain bottlenecks and escalating costs, exacerbated by pandemic-induced factory shutdowns in Asia and signs of slowing Chinese growth, surveys showed on Friday. While countries where outbreaks of the Delta coronavirus variant receded saw an improvement in activity, growth shrank in some as chip shortages and supply…
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