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Found 475 results

  1. General Motors and LG Chem are joining forces to invest $2.3 billion in a new battery plant near its old Lordstown Assembly complex in Lordstown, Ohio. The deal is a 50/50 partnership between GM and LG Chem and will create 1,100 jobs in the area. Construction of the plant will begin mid-2020 at a greenfield former manufacturing site. The employees will work for the joint-venture and will not be direct GM employees. Initially, the plant will solely supply batteries for GM vehicles, though with a maximum capacity of 30 gigawatt-hours annually, the company could expand to supply other manufacturers as well. GM and LG Chem are forming this joint venture in an attempt to bring down the unit cost of batteries for future vehicles. The plant's capacity, once completed, will be among the largest in the world. General Motors has said it wants to introduce 20 electric vehicles globally by 2023.
  2. General Motors and LG Chem are joining forces to invest $2.3 billion in a new battery plant near its old Lordstown Assembly complex in Lordstown, Ohio. The deal is a 50/50 partnership between GM and LG Chem and will create 1,100 jobs in the area. Construction of the plant will begin mid-2020 at a greenfield former manufacturing site. The employees will work for the joint-venture and will not be direct GM employees. Initially, the plant will solely supply batteries for GM vehicles, though with a maximum capacity of 30 gigawatt-hours annually, the company could expand to supply other manufacturers as well. GM and LG Chem are forming this joint venture in an attempt to bring down the unit cost of batteries for future vehicles. The plant's capacity, once completed, will be among the largest in the world. General Motors has said it wants to introduce 20 electric vehicles globally by 2023. View full article
  3. General Motors' lost $2.9 billion in profit due to the strike according to the company's Q3 earnings report released Tuesday. That number exceeded analyst estimates by $900 million. In the final two weeks of the strike, as further plants had to be shut down due to parts shortages, the company lost $750 million. The total loss is about $2.00 per share. The stock is up 4.71 percent over Monday's close at the time of this writing. The strike hit 31 factories and 21 other facilities including plants in Canada and Mexico which build the Chevrolet Equinox and Chevrolet Blazer respectively. Both plants were forced to shut down due to parts shortages caused by striking workers in the U.S. View full article
  4. General Motors' lost $2.9 billion in profit due to the strike according to the company's Q3 earnings report released Tuesday. That number exceeded analyst estimates by $900 million. In the final two weeks of the strike, as further plants had to be shut down due to parts shortages, the company lost $750 million. The total loss is about $2.00 per share. The stock is up 4.71 percent over Monday's close at the time of this writing. The strike hit 31 factories and 21 other facilities including plants in Canada and Mexico which build the Chevrolet Equinox and Chevrolet Blazer respectively. Both plants were forced to shut down due to parts shortages caused by striking workers in the U.S.
  5. The UAW has announced that their membership has ratified the new 4-year contract deal with General Motors 23,389 to 17,501. Roughly 46,000 union members will receive an $11,000 ratification bonus while temporary workers will get $4,500. According to GM, work is to resume Monday with the first shift, however GM was attempting to get volunteers to start production earlier on Saturday and Sunday at Flint Assembly and Fort Wayne Assembly where the GMC Sierra and Chevrolet Silverado are built. The strike, which lasted roughly 6 weeks, cost the company $450 million per week. The new agreement includes: No increase in healthcare contribution, retaining the current 3% rate 3% wage increases or 4% lump sum payments each of the 4 years of the contract $11,000 signing bonus to union employees, $4,500 for temporary employees $7.7 billion in investments in U.S. manufacturing plants, including Detroit-Hamtramck, a plant originally slated for closure Enhanced employee profit sharing with no cap A clear path for temporary employees to become permanent after three years of service beginning January 2020. View full article
  6. The UAW has announced that their membership has ratified the new 4-year contract deal with General Motors 23,389 to 17,501. Roughly 46,000 union members will receive an $11,000 ratification bonus while temporary workers will get $4,500. According to GM, work is to resume Monday with the first shift, however GM was attempting to get volunteers to start production earlier on Saturday and Sunday at Flint Assembly and Fort Wayne Assembly where the GMC Sierra and Chevrolet Silverado are built. The strike, which lasted roughly 6 weeks, cost the company $450 million per week. The new agreement includes: No increase in healthcare contribution, retaining the current 3% rate 3% wage increases or 4% lump sum payments each of the 4 years of the contract $11,000 signing bonus to union employees, $4,500 for temporary employees $7.7 billion in investments in U.S. manufacturing plants, including Detroit-Hamtramck, a plant originally slated for closure Enhanced employee profit sharing with no cap A clear path for temporary employees to become permanent after three years of service beginning January 2020.
  7. As part of General Motors' tentative agreement with the United Auto Workers, there is a planned $3 billion investment into the Detroit-Hamtramck plant to make electric trucks, SUVs, and vans. The program, called BT1 is part of a larger $7.7 billion investment in GM's plants over the next four years. The BT1 program includes an electric truck for GMC and an electric SUV for Cadillac for the 2023 model year. But before that happens, in 2021 a low volume BT1 pickup will start production under a different brand while a performance truck follows in 2022, and then an electric SUV in 2023. Rumor has it that these low volume BT1 vehicles could be sold under the Hummer brand, not used since 2010, but that decision has not been finalized. If GM did bring the Hummer brand back as an EV brand, it would have instant name brand recognition and a leg up on rival startup Rivian who has a truck due out in 2020. GM would not need to spend as much money to market the brand. The vehicles on the new BT1 platform would use a "skateboard" architecture that bundles the batteries and electric motor together. The architecture is highly flexible allowing GM to build vehicles in front, rear, or all-wheel drive configurations. View full article
  8. The UAW has been striking against General Motors for 31 days, the longest work stoppage since the 1970s. Now news comes that GM and the Union have reached a tentative agreement and the union council will vote today on whether to end the walkout of 46,000 workers or wait until the agreement is ratified by union members. The Union and GM plan to discuss the deal after the vote has taken place. We will update this article as more news comes. Update 1:20 pm: Healthcare remains as-is. Temporary employees have a path to full employment All current hourly workers will receive raises to at least $32.32 by the end of the contract term Wages subject to increases of 3% a year New hires reach full pay in 4-years instead of the current 8-years $11,000 signing bonus for full-time hourly workers Detroit-Hamtramck (Cadillac CT6, Chevrolet Impala) remains open. Lordstown and two transmission plants in Maryland and Michigan remain closed. Employees from closed plants can retire early or opt for a $75,000 buyout. Workers who retire early will receive a $60,000 bonus and start collecting pension in January or February. View full article
  9. As part of General Motors' tentative agreement with the United Auto Workers, there is a planned $3 billion investment into the Detroit-Hamtramck plant to make electric trucks, SUVs, and vans. The program, called BT1 is part of a larger $7.7 billion investment in GM's plants over the next four years. The BT1 program includes an electric truck for GMC and an electric SUV for Cadillac for the 2023 model year. But before that happens, in 2021 a low volume BT1 pickup will start production under a different brand while a performance truck follows in 2022, and then an electric SUV in 2023. Rumor has it that these low volume BT1 vehicles could be sold under the Hummer brand, not used since 2010, but that decision has not been finalized. If GM did bring the Hummer brand back as an EV brand, it would have instant name brand recognition and a leg up on rival startup Rivian who has a truck due out in 2020. GM would not need to spend as much money to market the brand. The vehicles on the new BT1 platform would use a "skateboard" architecture that bundles the batteries and electric motor together. The architecture is highly flexible allowing GM to build vehicles in front, rear, or all-wheel drive configurations.
  10. The UAW has been striking against General Motors for 31 days, the longest work stoppage since the 1970s. Now news comes that GM and the Union have reached a tentative agreement and the union council will vote today on whether to end the walkout of 46,000 workers or wait until the agreement is ratified by union members. The Union and GM plan to discuss the deal after the vote has taken place. We will update this article as more news comes. Update 1:20 pm: Healthcare remains as-is. Temporary employees have a path to full employment All current hourly workers will receive raises to at least $32.32 by the end of the contract term Wages subject to increases of 3% a year New hires reach full pay in 4-years instead of the current 8-years $11,000 signing bonus for full-time hourly workers Detroit-Hamtramck (Cadillac CT6, Chevrolet Impala) remains open. Lordstown and two transmission plants in Maryland and Michigan remain closed. Employees from closed plants can retire early or opt for a $75,000 buyout. Workers who retire early will receive a $60,000 bonus and start collecting pension in January or February.
  11. QUARTER 3 (CALENDAR YEAR-TO-DATE) JANUARY - SEPTEMBER 2019 2018 %Change Volume 2019 2018 %Change Volume Cascada 400 1,101 -63.7 2,458 3,393 -27.6 Enclave 13,274 12,807 3.6 41,013 35,227 16.4 Encore 25,008 21,112 18.5 73,905 69,747 6.0 Envision 8,088 5,803 39.4 24,849 22,617 9.9 LaCrosse 1,389 2,290 -39.3 6,778 13,409 -49.5 Regal 2,456 2,793 -12.1 8,849 11,008 -19.6 Buick Total 50,615 45,911 10.2 157,855 155,606 1.4 ATS 158 2,281 -93.1 1,051 10,028 -89.5 CT6 1,625 2,376 -31.6 5,675 7,270 -21.9 CTS 1,128 3,695 -69.5 5,999 8,777 -31.7 Escalade 10,284 9,533 7.9 26,535 27,299 -2.8 XT4 8,986 212 ***.* 23,092 212 ***.* XT5 12,315 15,093 -18.4 38,711 46,983 -17.6 XT6 4,316 0 ***.* 4,390 0 ***.* XTS 1,149 4,101 -72.0 10,242 12,664 -19.1 Cadillac Total 39,961 37,291 7.2 115,695 113,240 2.2 Blazer 20,312 0 ***.* 35,107 0 ***.* Bolt EV 4,830 3,949 22.3 13,111 11,807 11.0 Camaro 12,275 14,448 -15.0 36,791 39,828 -7.6 Colorado 31,657 34,963 -9.5 96,820 104,838 -7.6 Corvette 4,766 4,639 2.7 14,497 14,881 -2.6 Cruze 5,799 31,971 -81.9 45,276 109,662 -58.7 Equinox 79,799 78,014 2.3 253,956 234,379 8.4 Express 22,062 17,509 26.0 60,805 58,696 3.6 Impala 9,638 16,290 -40.8 35,433 43,952 -19.4 LCF 1,358 584 132.5 3,222 1,870 72.3 Malibu 32,432 31,041 4.5 97,603 107,458 -9.2 Silverado HD 34,212 31,939 7.1 95,249 108,410 -12.1 Silverado LD 119,641 101,390 18.0 314,067 315,993 -0.6 Silverado MD 1,629 0 ***.* 2,943 0 ***.* Sonic 2,148 7,283 -70.5 10,632 17,848 -40.4 Spark 6,616 7,029 -5.9 20,265 18,428 10.0 Suburban 12,391 15,572 -20.4 41,686 45,433 -8.2 Tahoe 26,308 28,951 -9.1 80,103 79,474 0.8 Traverse 41,116 32,908 24.9 113,491 106,998 6.1 Trax 37,407 20,549 82.0 83,777 67,538 24.0 Volt 874 5,429 -83.9 4,540 13,243 -65.7 Chevrolet Total 507,273 485,019 4.6 1,459,521 1,504,038 -3.0 Acadia 20,338 13,485 50.8 79,958 63,493 25.9 Canyon 7,437 8,425 -11.7 26,300 25,273 4.1 Savana 5,021 4,815 4.3 21,090 16,779 25.7 Sierra HD 18,455 16,817 9.7 41,643 43,839 -5.0 Sierra LD 47,743 34,551 38.2 121,958 108,403 12.5 Terrain 23,058 27,428 -15.9 73,410 82,719 -11.3 Yukon 18,737 20,896 -10.3 53,707 55,418 -3.1 GMC Total 140,789 126,417 11.4 418,066 395,924 5.6 GM Vehicle Total* 738,638 694,638 6.3 2,151,137 2,168,808 -0.8 76 selling days for the third quarter this year and 76 for same quarter last year.
  12. Negotiators have been meeting daily since the UAW went on strike on September 16th and according to sources, the two sides are nearing a deal as talks have intensified over the last 48 hours. All of the issues have reached the "Main Table" and are out of subcommittee which is a sign that a deal is imminent. The initial offer from GM included $7 billion in investments in eight of its US facilities, while also adding 5,400 new jobs. The UAW rejected the initial offer saying that it wasn't enough in terms of pay raises, healthcare, and tenure requirements. GM also offered an $8,000 signing bonus per member to accept the deal. The primary issues are GM's use of temporary workers and the slated closure of a number of plants. If a proposal is reached, the union has to take the proposal to the GM-UAW council and then to team members to approve. It usually takes two weeks for that process, but could be expedited if the UAW decides to keep striking during the voting process. This is the first national strike against GM since 2007 and the longest since the 1970s. The strike is estimated to be costing General Motors $50 million a day. View full article
  13. Negotiators have been meeting daily since the UAW went on strike on September 16th and according to sources, the two sides are nearing a deal as talks have intensified over the last 48 hours. All of the issues have reached the "Main Table" and are out of subcommittee which is a sign that a deal is imminent. The initial offer from GM included $7 billion in investments in eight of its US facilities, while also adding 5,400 new jobs. The UAW rejected the initial offer saying that it wasn't enough in terms of pay raises, healthcare, and tenure requirements. GM also offered an $8,000 signing bonus per member to accept the deal. The primary issues are GM's use of temporary workers and the slated closure of a number of plants. If a proposal is reached, the union has to take the proposal to the GM-UAW council and then to team members to approve. It usually takes two weeks for that process, but could be expedited if the UAW decides to keep striking during the voting process. This is the first national strike against GM since 2007 and the longest since the 1970s. The strike is estimated to be costing General Motors $50 million a day.
  14. The UAW declared a national strike against General Motors, a first since 2007, after GM failed to reach a deal with union leaders over wages and benefits. A union spokesman said it was a unanimous vote to strike and that the status of the negotiations are unclear. General Motors said that its offer to the UAW included more than $7 billion in U.S. investments, jobs, higher pay, and improved benefits. It included an offer for more than 5,400 jobs, the majority of which would be new. The offer would allocated an electric truck to Detroit-Hamtramck assembly plant and Lordstown would be reopened as a battery assembly plant. The UAW's previous contract with General Motors expired on Saturday at midnight, but workers were told to continue to show up to work under the terms of the prior contract while negotiations were ongoing. Fiat Chrysler Automobiles and Ford Motor Company have extended their current contracts while the GM talks are happening. View full article
  15. The UAW declared a national strike against General Motors, a first since 2007, after GM failed to reach a deal with union leaders over wages and benefits. A union spokesman said it was a unanimous vote to strike and that the status of the negotiations are unclear. General Motors said that its offer to the UAW included more than $7 billion in U.S. investments, jobs, higher pay, and improved benefits. It included an offer for more than 5,400 jobs, the majority of which would be new. The offer would allocated an electric truck to Detroit-Hamtramck assembly plant and Lordstown would be reopened as a battery assembly plant. The UAW's previous contract with General Motors expired on Saturday at midnight, but workers were told to continue to show up to work under the terms of the prior contract while negotiations were ongoing. Fiat Chrysler Automobiles and Ford Motor Company have extended their current contracts while the GM talks are happening.
  16. Back in early May, we reported that electric truck maker Workhorse was in talks with General Motors to buy the shuttered Lordstown Assembly plant that formerly built the Chevrolet Cruze. The plan seemed founded more on hopes and dreams rather than actual financial reality. Workhorse's only model, the W-15 is a truck with an 80 mile range and a built in range extender, has not exactly been climbing the sales charts. In fact, the company booked only $6,000 in sales in the 2nd quarter of 2019, roughly $70 per day. Following that report, the company's stock plunged 35%. Deliveries of the truck are currently on hold and will resume in the 4th quarter this year. There is currently a $70 Million backlog of orders to fill. Hopes of a solution for Lordstown coming from Workhorse are dim, but there is one thing that could save the deal: a $6.3 Billion contract from the US Postal Service to build the next generation of mail trucks, though Tom Colton, a spokesman for Workhorse said that the Lordstown deal isn't contingent on the contract from the USPS. Under the proposed Lordstown deal, a new company would be formed called Lordstown Motors Corp. which would license the Workhorse technology to produce vehicles based on the W-15 model. Workhorse itself would own a minority stake in the company. The UAW is still in talks with General Motors to reopen the plant and assign new product to it. View full article
  17. Back in early May, we reported that electric truck maker Workhorse was in talks with General Motors to buy the shuttered Lordstown Assembly plant that formerly built the Chevrolet Cruze. The plan seemed founded more on hopes and dreams rather than actual financial reality. Workhorse's only model, the W-15 is a truck with an 80 mile range and a built in range extender, has not exactly been climbing the sales charts. In fact, the company booked only $6,000 in sales in the 2nd quarter of 2019, roughly $70 per day. Following that report, the company's stock plunged 35%. Deliveries of the truck are currently on hold and will resume in the 4th quarter this year. There is currently a $70 Million backlog of orders to fill. Hopes of a solution for Lordstown coming from Workhorse are dim, but there is one thing that could save the deal: a $6.3 Billion contract from the US Postal Service to build the next generation of mail trucks, though Tom Colton, a spokesman for Workhorse said that the Lordstown deal isn't contingent on the contract from the USPS. Under the proposed Lordstown deal, a new company would be formed called Lordstown Motors Corp. which would license the Workhorse technology to produce vehicles based on the W-15 model. Workhorse itself would own a minority stake in the company. The UAW is still in talks with General Motors to reopen the plant and assign new product to it.
  18. DETROIT — General Motors Co. (NYSE: GM) delivered 746,659 vehicles in the United States in the second quarter of 2019. Crossover sales set a new second quarter record after sales grew year over year by 17 percent. Sales of the Chevrolet Silverado 1500 crew cab and GMC Sierra 1500 crew cab were both up 12 percent year over year. The Chevrolet Equinox and Traverse and GMC Canyon all delivered record second quarter sales. Sales of every Buick crossover were up year over year, with the Envision posting a 28 percent sales increase. The Enclave was up 21 percent and the Encore was up 5 percent. Buick deliveries were up 5 percent and GMC deliveries were up 10 percent. The all-new Cadillac XT4 continues to lead its segment and the all-new Cadillac XT6 has begun shipping to dealers. Cadillac crossover deliveries were up 19 percent in total year over year, helping the brand grow both total and retail sales. The Chevrolet Suburban, Tahoe and GMC Yukon XL were each up more than 20 percent compared to a year ago. Overall, GM deliveries during the second quarter were down 1.5 percent versus a year ago, in line with third-party estimates for industry sales. The company estimates that its retail market share was even with a year ago, with truck and crossover deliveries offsetting lower passenger car sales. QUARTER 2 (CALENDAR YEAR-TO-DATE) JANUARY - JUNE 2019 2018 %Change Volume 2019 2018 %Change Volume Cascada 1,312 1,374 -4.5 2,058 2,292 -10.2 Enclave 15,159 12,551 20.8 27,739 22,420 23.7 Encore 24,291 23,167 4.9 48,897 48,635 0.5 Envision 9,138 7,118 28.4 16,761 16,814 -0.3 LaCrosse 2,487 4,053 -38.6 5,389 11,119 -51.5 Regal 2,985 4,507 -33.8 6,393 8,215 -22.2 Buick Total 55,373 52,891 4.7 107,240 109,695 -2.2 ATS 371 3,785 -90.2 893 7,747 -88.5 CT6 1,862 2,427 -23.3 4,050 4,894 -17.2 CTS 2,443 2,640 -7.5 4,871 5,082 -4.2 Escalade 9,432 9,655 -2.3 16,251 17,766 -8.5 XT4 7,080 0 ***.* 14,106 0 ***.* XT5 13,118 17,045 -23.0 26,396 31,890 -17.2 XT6 74 0 ***.* 74 0 ***.* XTS 5,359 3,665 46.2 9,093 8,563 6.2 Cadillac Total 39,739 39,222 1.3 75,734 75,949 -0.3 Blazer 11,772 0 ***.* 14,795 0 ***.* Bolt EV 3,965 3,483 13.8 8,281 7,858 5.4 Camaro 12,433 13,588 -8.5 24,516 25,380 -3.4 Colorado 31,669 41,016 -22.8 65,163 69,875 -6.7 Corvette 5,788 5,785 0.1 9,731 10,242 -5.0 Cruze 16,166 37,836 -57.3 39,477 77,691 -49.2 Equinox 85,657 73,967 15.8 174,157 156,365 11.4 Express 21,528 21,413 0.5 38,743 41,187 -5.9 Impala 12,536 13,595 -7.8 25,795 27,662 -6.7 LCF 1,305 756 72.6 1,864 1,286 44.9 Malibu 30,974 42,267 -26.7 65,171 76,417 -14.7 Silverado HD 31,496 37,452 -15.9 61,037 76,471 -20.2 Silverado LD 109,930 118,077 -6.9 194,426 214,603 -9.4 Silverado MD 1,038 0 ***.* 1,314 0 ***.* Sonic 4,024 4,582 -12.2 8,484 10,565 -19.7 Spark 7,226 4,454 62.2 13,649 11,399 19.7 Suburban 18,266 15,136 20.7 29,295 29,861 -1.9 Tahoe 32,942 26,880 22.6 53,795 50,523 6.5 Traverse 38,152 35,892 6.3 72,375 74,090 -2.3 Trax 21,790 26,507 -17.8 46,370 46,989 -1.3 Volt 1,146 4,336 -73.6 3,666 7,814 -53.1 Chevrolet Total 499,847 528,100 -5.3 952,248 1,019,019 -6.6 Acadia 28,420 20,108 41.3 59,620 50,008 19.2 Canyon 11,909 9,635 23.6 18,863 16,848 12.0 Savana 9,503 7,167 32.6 16,069 11,964 34.3 Sierra HD 13,946 14,364 -2.9 23,188 27,022 -14.2 Sierra LD 42,911 45,042 -4.7 74,215 73,852 0.5 Terrain 24,988 22,327 11.9 50,352 55,291 -8.9 Yukon 20,023 19,520 2.6 34,970 34,522 1.3 GMC Total 151,700 138,163 9.8 277,277 269,507 2.9 GM Vehicle Total 746,659 758,376 -1.5 1,412,499 1,474,170 -4.2
  19. General Motors and Bechtel are teaming up to form a new company to deploy a widespread fast-charging network. Neither company plans to put any money into the project, outside investors are being solicited. The network will help General Motors, which plans to introduce 20 new EVs by 2023. It will also help other manufacturers of EVs. General Motors will provide data to help decide where to locate the EV charging stations and Bechtel will use its own experts for the engineering and building of the stations. Much of the data will come from GM's OnStar system to help learn where people tend to park. Data from both electric and gasoline powered vehicles will be used. Additional fast-charging infrastructure is seen as a requirement to increasing electric vehicle sales. According to a survey by AAA, one of the biggest concerns Americans have about EVs is having enough locations to charge them. The network built by Bechtel and GM will not be limited to interstate highways where most fast charging stations have been located so far. The company will also locate chargers in urban areas targeting apartments and condos where drivers cannot have a home charger of their own. The new venture joins major initiatives from Electrify America, a Volkswagen funded EV station program, and Tesla with Supercharging, to build out a nationwide network of charging stations. View full article
  20. General Motors and Bechtel are teaming up to form a new company to deploy a widespread fast-charging network. Neither company plans to put any money into the project, outside investors are being solicited. The network will help General Motors, which plans to introduce 20 new EVs by 2023. It will also help other manufacturers of EVs. General Motors will provide data to help decide where to locate the EV charging stations and Bechtel will use its own experts for the engineering and building of the stations. Much of the data will come from GM's OnStar system to help learn where people tend to park. Data from both electric and gasoline powered vehicles will be used. Additional fast-charging infrastructure is seen as a requirement to increasing electric vehicle sales. According to a survey by AAA, one of the biggest concerns Americans have about EVs is having enough locations to charge them. The network built by Bechtel and GM will not be limited to interstate highways where most fast charging stations have been located so far. The company will also locate chargers in urban areas targeting apartments and condos where drivers cannot have a home charger of their own. The new venture joins major initiatives from Electrify America, a Volkswagen funded EV station program, and Tesla with Supercharging, to build out a nationwide network of charging stations.
  21. Maven, General Motors' car-sharing service launched in 2016 will be ceasing operation in several cities in the U.S. The news was first broken by the Wall Street Journal on Monday and has been confirmed by a GM spokeswoman. Eight out of the seventeen markets that the service operates including Boston and Chicago will be closed down within the next few months. According to the spokeswoman, the shutdown is due to GM wanting to "concentrate on markets in which we have the strongest current demand and growth potential." Those markets in question include Detroit, Los Angeles, and Toronto. Another possible reason is the lack of awareness of Maven in the eight markets being shut down. There isn't enough demand for people wanting to use car-sharing or wanting to allow the use of their vehicles. Source: Wall Street Journal (Subscription Required), Automotive News (Subscription Required) View full article
  22. Among General Motor's restructuring and cost slashing activities of 2018, GM was apparently in talks to sell their headquarters in Detroit. GM bought the Renaissance Center in 1996 for $70 million and has made substantial renovations over the years. The RenCen, as it is also known, was originally built by Ford in 1971 who later sold it in the 1980s. The potential buyer was billionaire Dan Gilbert. Talks fell through rather early because the aging structure requires expensive upgrades to its heating and air conditioning systems along with other renovations. There does not appear to be another buyer in talks with GM at this time. News of the potential sale follow a year of cost cutting measures by the company that include closing five North American plants and cutting up to 14,000 jobs. The company hopes to have $6 Billion in annual savings by 2020. View full article
  23. Maven, General Motors' car-sharing service launched in 2016 will be ceasing operation in several cities in the U.S. The news was first broken by the Wall Street Journal on Monday and has been confirmed by a GM spokeswoman. Eight out of the seventeen markets that the service operates including Boston and Chicago will be closed down within the next few months. According to the spokeswoman, the shutdown is due to GM wanting to "concentrate on markets in which we have the strongest current demand and growth potential." Those markets in question include Detroit, Los Angeles, and Toronto. Another possible reason is the lack of awareness of Maven in the eight markets being shut down. There isn't enough demand for people wanting to use car-sharing or wanting to allow the use of their vehicles. Source: Wall Street Journal (Subscription Required), Automotive News (Subscription Required)
  24. Among General Motor's restructuring and cost slashing activities of 2018, GM was apparently in talks to sell their headquarters in Detroit. GM bought the Renaissance Center in 1996 for $70 million and has made substantial renovations over the years. The RenCen, as it is also known, was originally built by Ford in 1971 who later sold it in the 1980s. The potential buyer was billionaire Dan Gilbert. Talks fell through rather early because the aging structure requires expensive upgrades to its heating and air conditioning systems along with other renovations. There does not appear to be another buyer in talks with GM at this time. News of the potential sale follow a year of cost cutting measures by the company that include closing five North American plants and cutting up to 14,000 jobs. The company hopes to have $6 Billion in annual savings by 2020.
  25. The Society of Automotive Engineers has announced today that they are joining with Ford, General Motors, and Toyota to form the Automatic Vehicle Safety Consortium (AVSC), a group that will work together to test the deployment and development of Level 4 and Level 5 automated vehicles. The AVSC will provide a safety framework for the advancement of the technology in a safe and responsible manner. The group will use the expertise of its current members to establish a set of guiding principles for safety. GM, Ford, and Toyota already have autonomous vehicle development well underway. GM is producing driverless Chevrolet Bolt EVs as part of a development and testing program via its GM Cruise unit. View full article

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