Posts Tagged ‘mary barra’

GM Boosting Bolt EV Production as Demand Surges

CEO Barra asking Congress to expand electric-car tax credits.

by on Mar.08, 2018

There's significant room to expand Chevy Bolt EV production at GM's Orion Assembly Plant.

General Motors plans to expand production of its first long-range battery-car, the Chevrolet Bolt EV, CEO Mary Barra said during an energy conference in Houston.

The Bolt has experienced stronger than expected demand in recent months, some analysts suggesting that is the result of the slow ramp-up of production for Tesla’s own mainstream EV, the Model 3.

Plug In Now!

Demand has also been buoyed by $7,500 federal tax credits that bring the base price of the Bolt down below $30,000. But under the current rules, GM is expected to soon see the credits phase out, something that could cut into demand, leading Barra to say that, “We feel tax credits should be expanded so our customers continue to receive the benefits going forward.”

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GM Shutting One Korean Plant, Considering Fate of Others

Government open to aid offer – but demands investment guarantees.

by on Feb.13, 2018

The Gunsan plant has produced several GM models, including the Chevy Orlando shown here.

Facing rising costs and declining sales, General Motors today said it will close one of four factories in South Korea and, as part of an ongoing restructuring program, the automaker is weighing the fate of the remaining three facilities.

South Korean government officials expressed “deep regret” at the news. The country’s trade minister left open the possibility of financial aid but cautioned that any assistance will depend on whether GM plans to invest in its operations in Asia’s fourth-largest economy. But it appears all sides are playing a game of brinksmanship, the U.S. automaker waiting to see what stakeholders, including its unions, might be willing to offer.

Global News!

“As we are at a critical juncture of needing to make product allocation decisions, the ongoing discussions must demonstrate significant progress by the end of February, when GM will make important decisions on next steps,” Barry Engle, GM executive vice president and president of GM International, said in a statement.

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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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Renault-Nissan-Mitsubishi Take Global Sales Lead

VW slips to second, Toyota to third.

by on Jan.30, 2018

Carlos Ghosn, shown at the debut of the latest Maxima, has turned the Renault-Nissan-Mitsubishi Alliance into a global juggernaut.

The global auto industry has a new king-of-the-hill, the Renault-Nissan Alliance, which got a helping hand with the inclusion of the long-troubled Japanese automaker Mitsubishi.

Combined together, the three members of the Franco-Japanese alliance sold 10.61 million vehicles during 2017, narrowly topping Germany’s Volkswagen AG. Toyota, which had led the sales charts for much of the past decade before itself being toppled by VW last year, slipped into third.

Global Auto News!

“This evolution reflects the breadth and depth of our model range, our global market presence and the customer appeal of our vehicle technologies,” said Carlos Ghosn, the chairman and CEO of the Renault-Nissan-Mitsubishi Alliance and CEO of both Renault and Mitsubishi.

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GM’s Barra Optimistic NAFTA Will Survive; Won’t Pull Silverado Out of Mexico

"I'm very confident NAFTA will be modernized."

by on Jan.14, 2018

Renegotiating NAFTA will be "good for all three countries" in the deal, said GM CEO Barra.

Even as Fiat Chrysler gets ready to pull its full-size pickup truck production out of Mexico, General Motors CEO Mary Barra told reporters over the weekend that GM will continue building its own trucks South of the Border.

Barra, who had briefly served on President Donald Trump’s corporate advisory council until it was disbanded early last year, has been one of the business world’s more vocal supporters of the controversial Commander-in-Chief’s economic policies. And she again defended the administration’s efforts to renegotiate the North American Free Trade Agreement.

Behind the News!

“I’m very confident NAFTA will be modernized and it will be very good for all three countries,” Barra said during a scrum following the debut of the all-new 2019 Chevrolet Silverado pickup.

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GM Net Goes $3b Into the Red for 3rd Quarter – But Still Beats Expectations

Bottom line hit hard by sale of Opel/Vauxhall subsidiary.

by on Oct.24, 2017

Despite a weak third quarter, analysts are showing appreciation for CEO Barra's strategy.

(This story was corrected to reflect the Q3 2017 EBIT-adjusted income for GM and the Wall Street forecast for the quarter.)

General Motors Co. posted a $2.98 billion loss for the third quarter of 2017, its net income hammered by a $5.4 billion charge resulting from the sale of its long-troubled European subsidiary Opel/Vauxhall.

Before taxes, GM actually earned $2.5 billion, a 32% decline from the $3.7 billion EBIT-adjusted number it reported during the July-September quarter in 2016. But Detroit’s automaker nonetheless managed to beat expectations, delivering per share earnings of $1.32 after factoring for one-time charges. Wall Street analysts had forecast earnings of $1.11 per share.

Financial News!

Excluding the hefty cost of exiting Europe, “The way to really think about the business is obviously continuing operations and the core business,” said GM Chief Financial Officer Chuck Stevens. Significantly, all of GM’s other operations – including North America, South America, China and other parts of the world — were profitable for the first time since the fourth quarter of 2014.

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GM Agrees to $120m Ignition Switch Scandal Settlement

Money going to 49 states and D.C.

by on Oct.20, 2017

One of the defective GM ignition switch units now blamed for causing at least 124 deaths.

General Motors has agreed to pay out $120 million to settle a lawsuit filed by 49 states and the District of Columbia over its handling of an ignition switch defect linked to at least 124 deaths and 275 injuries.

The problem was revealed in early 2014 and eventually led to the recall of 2.6 million vehicles and the firing of more than a dozen GM employees who either failed to act on early warning signs or attempted to sweep the problem under the carpet.

The Last Word!

“GM will continue ongoing improvements it’s made to ensure the safety of its vehicles,” a spokesman for the automaker said. That includes changes ordered by CEO Mary Barra after the problem was first revealed, as well as efforts that were agreed to as part of a settlement with the federal government in December 2015.

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End of Economic Councils Pose Trouble for Auto Industry

by on Aug.18, 2017

GM CEO Barra enjoyed a laugh with Trump during an automotive summit earlier this year.

Members of another White House advisory council resigned Friday, two days after President Donald Trump tweeted that he was “ending” a pair of economic advisory boards formed after his inauguration. In fact, the CEOs on those boards had voted to disband hours earlier in response to  the controversy over the president’s comments about the rioting in Charlottesville, VA over the weekend.

“General Motors is about unity and inclusion and so am I,” GM Chairman and CEO Mary Barra said, in a statement. “Recent events, particularly those in Charlottesville, Virginia, and its aftermath, require that we come together as a country and reinforce values and ideals that unite us – tolerance, inclusion and diversity – and speak against those which divide us – racism, bigotry and any politics based on ethnicity.”

Breaking News!

GM declined to comment when asked whether Barra would have joined the fast-growing list of executives who were quitting in response to the Trump’s comments on Charlottesville, but several company sources said the industry’s first female CEO was caught in a difficult position: needing to publicly express GM’s position on racism and the desire to maintain the close ear of the president. That’s especially significant considering the White House is addressing a wide range of issues that will have serious impact on the auto industry, including federal fuel economy standards and the North American Free Trade Agreement.

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Trump Disbands Economic Councils – Could Impact Auto Industry at Critical Time

GM CEO Barra faced growing pressure to resign in wake of president’s Charlottesville comments.

by on Aug.16, 2017

Merck CEO Kenneth Frazier with Pres. Trump before he resigned from the council and found himself rebuked in a presidential tweet.

(This story has been updated to include comments from GM CEO Mary Barra on the closing of the economic councils and the controversy over Charlottesville.)

Turning again to Twitter, President Donald Trump announced Wednesday that he is disbanding two economic advisory groups formed as he entered the White House last January and originally consisting of some of the nation’s top business leaders.

The move came shortly after the well-publicized resignation of an eighth council member, 3M CEO Inge Thulin. While some of the business leaders had resigned earlier in the year, the exodus had ramped up in recent days following a series of controversial remarks the president made regarding the weekend violence in Charlottesville, Virginia as neo-Nazis, KKK members and other White Supremacists marched through the city.

The Inside Story!

Other members of the council faced increasing pressure to resign, as well, including Mary Barra, the CEO of General Motors. But several industry insiders said Barra, in particular, faced a perplexing situation. The Trump Administration is considering several measures – including a possible rollback of mileage standards, and the renegotiation of the North American Free Trade Agreement – that could have substantial impact on GM. As part of the two councils, Barra had unusually good access to the president.

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GM Completes Sale of Opel/Vauxhall to France’s PSA

Detroit maker continues downsized focus on profitable markets.

by on Aug.01, 2017

PSA CEO Carlos Tavares and his GM counterpart Mary Barra celebrate the sale of Opel.

Moving faster than many expected, General Motors has completed the sale of its money-losing European operations to PSA Group, the French automaker’s chairman hailing “the birth of a true European champion today.”

The sale was announced last March and marked a major shift by General Motors away from being a global brand operating in virtually every possible market to one focusing on locales where it can be sure of turning a profit. The long-troubled Opel/Vauxhall unit had last operated in the black in 1999 despite repeated turnaround efforts.

Breaking News!

Itself running deep in the red until earlier in the decade, Parisian-based PSA, the parent of the Peugeot and Citroen brands, has delivered an unexpectedly strong turnaround of its own since the original Peugeot family gave up control of the company and Carlos Tavares was brought on board to run the company.

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