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The Latest Breaking News from Paul Jacobson

General Motors Lifts 2024 Profit Forecast After Strong Q1

General Motors reported higher profits Tuesday thanks to continued strength in North America that offset a loss in its China business, enabling the carmaker to lift its forecast.

International Business Times

GM Knows It Loses Money On EVs But Plans To Fix That Next Year

The company's EV pretax margins are expected to improve significantly around the middle of the decade.

Motor1

GM Ditches Goal Of Building 400,000 EVs In North America Through Mid-2024

GM is reworking its North America EV strategy and will no longer challenge Tesla's lead in the US EV segment amid slowing EV sales growth, higher labor costs.

InsideEVs

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Autoworkers strike cuts into GM earnings, company sees further loses if walkouts linger

A strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that

The Independent UK

GM Having Difficulty Ramping Up EV Production, CFO Admits

GM CFO Paul Jacobson said the automaker had manufactured more than 1,000 Lyriq SUVs in July, which is still well below the automaker's initial expectations.

InsideEVs

GM Avoids Layoffs Thanks To 5,000 Employees Taking Voluntary Buyouts

The automaker wants to save $2 billion in costs by 2024.

Motor1

General Motors is offering buyouts in an effort to cut $2 billion in costs

The Detroit automaker says the buyouts will be offered to most U.S. salaried workers and some global executives.

WEKU

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GM cutting executive, white-collar jobs

A month after CEO Mary Barra said General Motors Co. was "not planning layoffs," the Detroit automaker is cutting a small number of executive-level and salaried jobs, The Detroit News has confirmed.

Tribune News Service

1 Auto Stock to Buy Now and Hold for the Long Haul

The automobile industry struggled last year, but General Motors (GM) stood out as it reclaimed the top spot from Toyota and grew its sales by 2.5% year-over-year. The company has guided for a solid fiscal 2023 driven by the high demand for its current EV and ICE vehicles portfolio. Given…

StockNews.com

GM Posts Record Earnings In 2022, Plans $2B In Cost Cuts By 2024

The CFO is clear that layoffs are not part of the cost-cutting strategy.

Motor1

GM says fourth battery plant 'very much on track,' envisions others

General Motors Co. is still planning a fourth battery plant and even more beyond that despite the reported breakup with supplier and partner LG Energy Solution.

Tribune News Service

GM reports nearly $10 billion in profit in 2022 despite headwinds

General Motors Co. booked $9.9 billion in net income last year, down from 2021's $10 billion despite chronic supply chain woes, rising interest rates and a slowing economy.

Tribune News Service

GM Expects EVs To Be Solidly Profitable With $50B Revenue In 2025

The company says it will increase its EV production to one million units annually across five North American assembly plants.

Motor1

GM Vows To Avoid "Opportunistic" EV Prices, Plays The Long Game

While consumers are still willing to pay a premium for EVs, according to research, GM will target similar prices to ICE vehicles, President Mark Reuss said.

InsideEVs

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Tribune News Service

GM tells investors its EV business will deliver profits by 2025

General Motor Co.'s electric vehicle portfolio will be profitable by 2025, executives told investors Thursday in New York, delivering what it called low- to mid-single-digit adjusted margins to the bottom line.

Tribune News Service

GM's 2Q profits down 40% amid supply challenges, reaffirms full-year guidance

General Motors Co.'s second-quarter profits dropped roughly 40% year-over-year amid nagging supply-chain disruptions, even as the Detroit automaker forecast production improvements in the second half of the year and maintained its full-year earnings guidance.

Benzinga

Morning Brief: Top Financial Stories Dominating on Wednesday, April 27

Reuters Kellogg Sues British Government Over New Sugar Rules

Benzinga

GM To Spend $2B On Self-Driving Startup Cruise This Year, Just A Permit Away From Charging Customers

General Motors Co (NYSE: GM) CFO Paul Jacobson said on Tuesday the company will spend about $2 billion on its self-driving taxi fleet Cruise this year.

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Tribune News Service

GM continues to book profit amid headwinds, looks to execute EV strategy

General Motors Co. CEO Mary Barra says the company is in "execution mode" for its electric vehicles and again touted its plans while reporting a first-quarter profit Tuesday — the same day crosstown rival Ford Motor Co. celebrated the launch of its electric F-150.

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