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General Motors Co

GM profit shrugs off chip shortage with high-priced pickups, SUVs

GM profit shrugs off chip shortage with high-priced pickups, SUVs

  • Barra added that the No. 1 US automaker's "supply chain and manufacturing teams are maximizing production of high-demand and capacity-constrained vehicles."
  • In a conference call with reporters, Barra said that the chip shortage will worsen in the second quarter before starting to improve in the second half of the year.
Published 05 May, 2021 06:18pm
GM, LG Energy Solution to build 2nd US battery plant in Tennessee
Business & Finance

GM, LG Energy Solution to build 2nd US battery plant in Tennessee

  • The planned 2.8 million-square-foot plant, scheduled to open in late 2023, will employ 1,300 people and is expected to have a production capacity similar to the companies' Ultium Cells joint-venture plant in Lordstown, Ohio, of about 35 gigawatt-hours as they move to respond to the growing demand in the electric vehicle market.
  • LG Chem said in a regulatory filing that its LG Energy Solution unit will invest $933.5 million in the plant between this year and 2023.
Published 16 Apr, 2021 07:57pm
GM builds pickups without certain modules due to global chip shortage, hurting fuel economy
Business & Finance

GM builds pickups without certain modules due to global chip shortage, hurting fuel economy

  • The lack of the active fuel management/dynamic fuel management module means affected models, equipped with the 5.3-liter EcoTec3 V8 engine with both six-speed and eight-speed automatic transmission, will have lower fuel economy by one mile per gallon, spokeswoman Michelle Malcho said.
  • "By taking this measure, we are better able to meet the strong customer and dealer demand for our full-size trucks as the industry continues to rebound and strengthen," Malcho wrote in an email.
Updated 15 Mar, 2021 09:24pm
GlobalFoundries, Bosch to develop radar chips for self-driving car features
Business & Finance

GlobalFoundries, Bosch to develop radar chips for self-driving car features

  • Under the deal, Santa Clara, California-based GlobalFoundries said it will make high-frequency radar chips for Bosch at its Fab 1 facility in Dresden, Germany. Radar chips are widely used in vehicles for driver-assistance features such as emergency braking, lane-keeping and parking assistance.
  • Rather than source the chips from a third-party company to put inside a radar module, Bosch is working directly with the chip contract manufacturer to have its own design custom-made.
Updated 09 Mar, 2021 09:33pm
US factory orders surge, but business spending on equipment slowing
World

US factory orders surge, but business spending on equipment slowing

  • The Commerce Department said on Thursday that factory orders shot up 2.6% after rising 1.6% in December. Economists polled by Reuters had forecast factory orders advancing 2.1% in January. Orders increased 1.3% on a year-on-year basis.
  • Unfilled orders at factories edged up 0.1% in January after decreasing 0.2% in December.
Updated 04 Mar, 2021 09:52pm
US automaker group calls for compromise with Biden on fuel economy rules
Business & Finance

US automaker group calls for compromise with Biden on fuel economy rules

  • The Trump administration in March finalized a rollback of US Corporate Average Fuel Economy standards to require 1.5% annual increases in efficiency through 2026,
  • new nationwide emissions framework deal "should achieve improvements in GHG emissions roughly midway between current standards and those of the former Obama Administration.
Published 02 Feb, 2021 06:06pm
GM warns Indian state's move to block its exit could hit investment
Business & Finance

GM warns Indian state's move to block its exit could hit investment

  • GM's comments came after authorities in Maharashtra earlier this week rejected the automaker's application to cease operations at its plant in the western Indian state amid protests by workers.
  • In January 2020, it agreed to sell its second factory in the state's Talegaon district to Chinese automaker Great Wall Motor Co.
Published 22 Jan, 2021 08:31pm
GM will repay $28mn to Ohio in tax incentives after closing plant
Markets

GM will repay $28mn to Ohio in tax incentives after closing plant

  • GM's agreement with the Ohio Tax Credit Authority also requires the Detroit automaker to pay $12 million for "community support programs" in the Mahoning Valley.
  • GM said in a statement the authority had recognized "GM's substantial manufacturing presence across the state of Ohio."
Published 28 Sep, 2020 10:54pm
GM, Bosch stick with Nikola alliances despite Milton's exit
Markets

GM, Bosch stick with Nikola alliances despite Milton's exit

  • Nikola founder Trevor Milton, whose company become a darling of the stock market over the summer.
  • Milton has fought back, even after the US Securities and Exchange Commission and the Department of Justice said they were looking into the company.
Published 21 Sep, 2020 11:48pm