Archive for the ‘Opel’ Category

Accounting Adjustment Masks Record Full Year Earnings for General Motors

Workers will get $11,750 in profit-sharing.

by on Feb.06, 2018

GM CEO Mary Barra has pushed for major changes in GM's strategy, and the 2017 numbers suggest her approach is paying off.

General Motors officially reported a net loss for 2017, but the real numbers were masked by a series of accounting adjustments and actually climbed into record territory for the year.

The adjusted, $12.8 billion in pretax profits, which worked out to $6.62 a share – an 8.2% year-over-year gain – comes as good news to workers as well as investors at a time when economic uncertainty has shocked Wall Street. About 50,000 U.S. hourly employees will share the maker’s success with profit-sharing checks averaging $11,750 apiece. That bonus actually dipped from $12,000 last year.

Business News!

“The actions we took to further strengthen our core business and advance our vision for personal mobility made 2017 a transformative year,” said GM Chairman and CEO Mary Barra, in comments during a media and analyst conference call. “We will continue executing our plan and reshaping our company to position it for long-term success.”

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PSA Lays Out 3-Stage, 10-Year Roadmap for U.S. Return

CEO calls for “100% electrified” line-up by 2025.

by on Jan.19, 2018

PSA CEO Carlos Tavares has been credited with turning around the near-bankrupt French company.

After a 26-year absence from the North American market, French automaker PSA Group is formalizing plans to reenter the market, though in a series of interviews and appearances in Detroit this week, CEO Carlos Tavares made it clear he’s not in a rush.

With the once nearly bankrupt automaker now flying high in most of its other markets, Tavares outlined a three-stage process that will take as much as a decade to complete. In the meantime, he is focusing on several other critical endeavors, including the revival of the Opel/Vauxhall operations PSA purchased from General Motors last year, as well as a plan that call for the company to have 100% of its products electrified by 2025.

Industry News!

“When we go into a country we try to be really cautious,” Tavares said during a Thursday roundtable with a small group of journalists, one of several meetings he held in connection with the annual North American International Auto Show. The plan for North America is “more frugal, more humble” and will require only “a small investment,” he explained.

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