Selling 552,511 vehicles in India last year, Hyundai emerged as the country’s second-largest carmaker in terms of sales. For General Motors, the sale of the Talegaon factory enables it to exit from the Indian market in its entirety. The U.S. automaker last sold vehicles in India in 2017, amid dwindling sales. Its exit from India proved challenging, however, due to legal issues with workers as well as a struggle to sell the Maharashtra-based plant.

In 2019, General Motors came close to selling the factory when it entered talks with Great Wall Motors. Negotiations broke down last year after both parties were unable to obtain regulatory approvals due to the Indian government’s increased scrutiny of investments of Chinese origin.

The post Hyundai Moves to Purchase GM India Plant appeared first on theprimarymarket.com.

Amid workers’ concerns regarding work opportunities, GM manufacturing chief, Gerald Johnson, affirmed that the shift to EV production would not reduce the need for workers. “We actually expect our employment numbers to grow in 2024,” Johnson claimed in a video message.

GM’s pledge comes after several of its major competitors have embarked on a shift to EV-powered operations. Ford revealed that its EVs required 40% less labor to build than current internal combustion engine (ICE) vehicles.

Together with Chrysler-parent Stellantis, GM and Ford engaged in contract talks with the United Auto Workers (UAW) union last month ahead of the September 14 expiration of the current four-year labor deals with the auto companies.

The post GM Pledges to Boost Jobs Amid EV Shift appeared first on theprimarymarket.com.

Earlier this month, the company reported that its U.S. deliveries rose 18.8% to 691,978, its best result since the fourth quarter of 2022. This comes after General Motors beat its Q1 top and bottom-line revenue expectations, subsequently raising its 2023 full-year outlook as a result.

For Q2, Wall Street analysts are expecting GM to report a top-line revenue of $42.82 billion; a 19.8% increase from the previous year and a 7% rise from the previous quarter. The company is expected to report adjusted earnings per share (EPS) of $1.65 and adjusted net income of $2.52 billion; the latter figure being a 51.2% surge from the previous year.

Aside from its earnings, the company’s EV game plan is also in the spotlight. Previously, GM confirmed that it is aiming to build 50,000 EVs in North America during the first half of the year, doubling that figure in the second half.

The post Investors Await GM Earnings Results, Status on EV Game Plan appeared first on theprimarymarket.com.

According to Jacobson, the demand for the company’s electric cars remains “firm,” and the company intends to ramp up the production through this year in order to keep up. General Motors intends to produce 50,000 units in the first two quarters of 2023, meaning that the full-year production should come to 150,000 units if everything goes as planned. 

The company also revealed that it intends to halt the production of some of its popular EV models Chevrolet Bolt by the end of the year. Despite being GM’s best-seller in the EV department due to its affordable price, Bolt will be axed because of outdated battery cells. Equinox EV model, which is slated to roll out in the fall, is expected to take its place.

General Motors’ first-quarter earnings report on Tuesday beat the analysts’ estimates. The company had revenue of $39.98 billion versus an estimated $39.24 billion, while its diluted earnings per share came at $2.21 compared to the expected mark of $1.72 per share.

GM stock dropped to $32.91 per share on Tuesday compared to the close price of $34.28 the day prior. The company’s shares are 2.69% down year-to-date.

The post General Motors Plans to Double Its EV Production in the Second Half of 2023 appeared first on theprimarymarket.com.

The streaming giant announced on Thursday that it has reached an agreement with General Motors to feature vehicles such as the Chevrolet Bolt, the electric GMC Hummer pickup, and the Cadillac Lyriq in multiple TV shows and movies so long as there is a “relevant” opportunity to do so. The financial terms of the deal remain undisclosed.

General Motors and Netflix have agreed to introduce their new partnership by launching a commercial featuring Will Ferrell that is scheduled to air during the Super Bowl on February 12. Viewed by the two companies as a “part of a commitment to a more sustainable future,” Netflix affirms that the commercial will help creators “better understand how EVs can complement and enhance their stories.”

Among the shows that will feature GM vehicles are “Love is Blind,” “Queer Eye” and “Unstable.” Netflix added that it is open to exploring opportunities to feature other electric vehicles in TV series and films in the future.

The post Netflix to Feature Electric GM Vehicles in Programming appeared first on theprimarymarket.com.

Revenue for the quarter was $43.1 billion compared to an expected $40 billion, while adjusted earnings per share were $2.12, outpacing the estimated $1.69.

“GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions,” CEO Mary Barra said in her shareholder letter.

The company’s electric vehicle business excelled during the fourth quarter, with the Chevrolet Bolt EV and Bolt EUV hitting record sales figures. GM also proved to be a leader in the truck market, selling 1.1 million full-size pickups, mid-size pickups, and full-size SUVs.

For 2023, General Motors has forecasted earnings before interest and taxes of $10.5 billion to $12.5 billion, while it expects adjusted earnings per tax of $6.00 to $7.00.

The post GM Shares Surge Following Strong Quarterly Earnings appeared first on theprimarymarket.com.

Speaking at a recent All Markets Summit, GM’s CEO Mary Barra expressed optimism that the company can bounce back to reclaim the bigger piece of China’s competitive car market.

“We still think there’s tremendous opportunity there,” Barra explained.

According to Barra, GM is aware that the increasing competition, especially from the domestic automakers, will be hard to fend off. However, they believe the power of their brands, mainly Buick and Cadillac, as well as their track record in the luxury domain, can prove decisive. 

“We’re definitely seeing the landscape change, we’re seeing more competition from domestic suppliers, but we think especially in luxury and with Buick, the strength of those brands, we think, is going to remain strong,” she added.

General Motors had an awful second quarter in China, seeing a 35% drop compared to the same period in 2021. However, after the country eased its COVID-19 restrictions, GM was able to bounce back and sell 629,900 vehicles compared to 484,200 cars in QB. The sales results are even better than a year ago, rising by 1%.

The post General Motors CEO on China: “We Still Think There’s Tremendous Opportunity There” appeared first on theprimarymarket.com.

Hummel based his evaluation on the bleak outlook for the car sector in 2023. According to the analyst, demand destruction is “inevitable,” and the carmakers will soon face bloated inventory and an inability to meet the sales quotas. 

“We think it will only take 3-6 months for the auto industry to end up in oversupply, which will put an abrupt end to a 3-year phase of unprecedented OEM [original equipment manufacturer] pricing power and margins,” Hummel explained in a note sent out to clients.

Adjusting Ford’s previous rating of Neutral to Sell, Hummel set a price target of $10 per share, which represents 23% less than his previous estimate. Ford’s stock is sitting at $11.33 on Tuesday, being down close to 50% year to date.

GM stock also had its Neutral rating changed to Sell but received less favorable treatment. Hummel had a $38 per share price target on General Motor shares compared to the current price of $32.01. GM stock is 47.7% down year-to-date.

The post Ford and GM Stocks Dip After UBS Downgrade appeared first on theprimarymarket.com.

The GM employees received an email late on Friday detailing a plan that would require them to start working in the office three days a week starting later this year. The plan, as well as the timing of the announcement, caused an uproar among the workers, who felt blindsided by the decision.

On Wednesday, the company apologized for the way it handled the rollout and told the employees that it would delay the new return-to-office policy for the time being. However, the company intends to ask for “a more regular, in-person presence” from its workers at some point in the future. 

“We understand our employees have concerns and are committed to maintaining flexibility to ensure they can attend to personal commitments,” said GM spokesperson Maria Raynal in a statement to The New York Post. “As we implement this change, we are listening to employee feedback and will incorporate it into our planning.”

Back in April 2021, General Motors announced plans to allow its employees to choose whether they want to work remotely or in the office. At the time, the company said it is committed to ensuring its workers have the flexibility to decide which option will have “the greatest impact to achieve their goals and for their individual success.”

The post General Motors Revises Return-To-Office Policy Changes After Pushback appeared first on theprimarymarket.com.

Reportedly, all interested buyers will be able to trip $5,500 off the Lyriq price if they sign NDA, which would prevent them from sharing their experience on how the car drives and handles with anyone else except the carmaker. Also, the customer would have to allow GM to track how they use the car.

The Cadillac spokesman Michael Albano confirmed the discount when approached by Detroit Free Press but didn’t reveal further details. According to Albano, the company is making this move in hopes of improving the EV experience for its customers.

“Have engaged a small group of early customers who agree to share their vehicle information and customer behaviors,” said Albano. “Cadillac will use these learnings to elevate the experience for all our customers.”

The rear-wheel drive Cadillac Lyriq will cost $62,990, while the all-wheel drive edition will start at $64,990. Customers who have already placed orders are expected to start receiving their cars at some point in early 2023.

The post GM to Offer Discount on New EV Model in Exchange for NDA and Tracking appeared first on theprimarymarket.com.

Selling 552,511 vehicles in India last year, Hyundai emerged as the country’s second-largest carmaker in terms of sales. For General Motors, the sale of the Talegaon factory enables it to exit from the Indian market in its entirety. The U.S. automaker last sold vehicles in India in 2017, amid dwindling sales. Its exit from India proved challenging, however, due to legal issues with workers as well as a struggle to sell the Maharashtra-based plant.

In 2019, General Motors came close to selling the factory when it entered talks with Great Wall Motors. Negotiations broke down last year after both parties were unable to obtain regulatory approvals due to the Indian government’s increased scrutiny of investments of Chinese origin.

The post Hyundai Moves to Purchase GM India Plant appeared first on theprimarymarket.com.

Amid workers’ concerns regarding work opportunities, GM manufacturing chief, Gerald Johnson, affirmed that the shift to EV production would not reduce the need for workers. “We actually expect our employment numbers to grow in 2024,” Johnson claimed in a video message.

GM’s pledge comes after several of its major competitors have embarked on a shift to EV-powered operations. Ford revealed that its EVs required 40% less labor to build than current internal combustion engine (ICE) vehicles.

Together with Chrysler-parent Stellantis, GM and Ford engaged in contract talks with the United Auto Workers (UAW) union last month ahead of the September 14 expiration of the current four-year labor deals with the auto companies.

The post GM Pledges to Boost Jobs Amid EV Shift appeared first on theprimarymarket.com.

Earlier this month, the company reported that its U.S. deliveries rose 18.8% to 691,978, its best result since the fourth quarter of 2022. This comes after General Motors beat its Q1 top and bottom-line revenue expectations, subsequently raising its 2023 full-year outlook as a result.

For Q2, Wall Street analysts are expecting GM to report a top-line revenue of $42.82 billion; a 19.8% increase from the previous year and a 7% rise from the previous quarter. The company is expected to report adjusted earnings per share (EPS) of $1.65 and adjusted net income of $2.52 billion; the latter figure being a 51.2% surge from the previous year.

Aside from its earnings, the company’s EV game plan is also in the spotlight. Previously, GM confirmed that it is aiming to build 50,000 EVs in North America during the first half of the year, doubling that figure in the second half.

The post Investors Await GM Earnings Results, Status on EV Game Plan appeared first on theprimarymarket.com.

According to Jacobson, the demand for the company’s electric cars remains “firm,” and the company intends to ramp up the production through this year in order to keep up. General Motors intends to produce 50,000 units in the first two quarters of 2023, meaning that the full-year production should come to 150,000 units if everything goes as planned. 

The company also revealed that it intends to halt the production of some of its popular EV models Chevrolet Bolt by the end of the year. Despite being GM’s best-seller in the EV department due to its affordable price, Bolt will be axed because of outdated battery cells. Equinox EV model, which is slated to roll out in the fall, is expected to take its place.

General Motors’ first-quarter earnings report on Tuesday beat the analysts’ estimates. The company had revenue of $39.98 billion versus an estimated $39.24 billion, while its diluted earnings per share came at $2.21 compared to the expected mark of $1.72 per share.

GM stock dropped to $32.91 per share on Tuesday compared to the close price of $34.28 the day prior. The company’s shares are 2.69% down year-to-date.

The post General Motors Plans to Double Its EV Production in the Second Half of 2023 appeared first on theprimarymarket.com.

The streaming giant announced on Thursday that it has reached an agreement with General Motors to feature vehicles such as the Chevrolet Bolt, the electric GMC Hummer pickup, and the Cadillac Lyriq in multiple TV shows and movies so long as there is a “relevant” opportunity to do so. The financial terms of the deal remain undisclosed.

General Motors and Netflix have agreed to introduce their new partnership by launching a commercial featuring Will Ferrell that is scheduled to air during the Super Bowl on February 12. Viewed by the two companies as a “part of a commitment to a more sustainable future,” Netflix affirms that the commercial will help creators “better understand how EVs can complement and enhance their stories.”

Among the shows that will feature GM vehicles are “Love is Blind,” “Queer Eye” and “Unstable.” Netflix added that it is open to exploring opportunities to feature other electric vehicles in TV series and films in the future.

The post Netflix to Feature Electric GM Vehicles in Programming appeared first on theprimarymarket.com.

Revenue for the quarter was $43.1 billion compared to an expected $40 billion, while adjusted earnings per share were $2.12, outpacing the estimated $1.69.

“GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions,” CEO Mary Barra said in her shareholder letter.

The company’s electric vehicle business excelled during the fourth quarter, with the Chevrolet Bolt EV and Bolt EUV hitting record sales figures. GM also proved to be a leader in the truck market, selling 1.1 million full-size pickups, mid-size pickups, and full-size SUVs.

For 2023, General Motors has forecasted earnings before interest and taxes of $10.5 billion to $12.5 billion, while it expects adjusted earnings per tax of $6.00 to $7.00.

The post GM Shares Surge Following Strong Quarterly Earnings appeared first on theprimarymarket.com.

Speaking at a recent All Markets Summit, GM’s CEO Mary Barra expressed optimism that the company can bounce back to reclaim the bigger piece of China’s competitive car market.

“We still think there’s tremendous opportunity there,” Barra explained.

According to Barra, GM is aware that the increasing competition, especially from the domestic automakers, will be hard to fend off. However, they believe the power of their brands, mainly Buick and Cadillac, as well as their track record in the luxury domain, can prove decisive. 

“We’re definitely seeing the landscape change, we’re seeing more competition from domestic suppliers, but we think especially in luxury and with Buick, the strength of those brands, we think, is going to remain strong,” she added.

General Motors had an awful second quarter in China, seeing a 35% drop compared to the same period in 2021. However, after the country eased its COVID-19 restrictions, GM was able to bounce back and sell 629,900 vehicles compared to 484,200 cars in QB. The sales results are even better than a year ago, rising by 1%.

The post General Motors CEO on China: “We Still Think There’s Tremendous Opportunity There” appeared first on theprimarymarket.com.

Hummel based his evaluation on the bleak outlook for the car sector in 2023. According to the analyst, demand destruction is “inevitable,” and the carmakers will soon face bloated inventory and an inability to meet the sales quotas. 

“We think it will only take 3-6 months for the auto industry to end up in oversupply, which will put an abrupt end to a 3-year phase of unprecedented OEM [original equipment manufacturer] pricing power and margins,” Hummel explained in a note sent out to clients.

Adjusting Ford’s previous rating of Neutral to Sell, Hummel set a price target of $10 per share, which represents 23% less than his previous estimate. Ford’s stock is sitting at $11.33 on Tuesday, being down close to 50% year to date.

GM stock also had its Neutral rating changed to Sell but received less favorable treatment. Hummel had a $38 per share price target on General Motor shares compared to the current price of $32.01. GM stock is 47.7% down year-to-date.

The post Ford and GM Stocks Dip After UBS Downgrade appeared first on theprimarymarket.com.

The GM employees received an email late on Friday detailing a plan that would require them to start working in the office three days a week starting later this year. The plan, as well as the timing of the announcement, caused an uproar among the workers, who felt blindsided by the decision.

On Wednesday, the company apologized for the way it handled the rollout and told the employees that it would delay the new return-to-office policy for the time being. However, the company intends to ask for “a more regular, in-person presence” from its workers at some point in the future. 

“We understand our employees have concerns and are committed to maintaining flexibility to ensure they can attend to personal commitments,” said GM spokesperson Maria Raynal in a statement to The New York Post. “As we implement this change, we are listening to employee feedback and will incorporate it into our planning.”

Back in April 2021, General Motors announced plans to allow its employees to choose whether they want to work remotely or in the office. At the time, the company said it is committed to ensuring its workers have the flexibility to decide which option will have “the greatest impact to achieve their goals and for their individual success.”

The post General Motors Revises Return-To-Office Policy Changes After Pushback appeared first on theprimarymarket.com.

Reportedly, all interested buyers will be able to trip $5,500 off the Lyriq price if they sign NDA, which would prevent them from sharing their experience on how the car drives and handles with anyone else except the carmaker. Also, the customer would have to allow GM to track how they use the car.

The Cadillac spokesman Michael Albano confirmed the discount when approached by Detroit Free Press but didn’t reveal further details. According to Albano, the company is making this move in hopes of improving the EV experience for its customers.

“Have engaged a small group of early customers who agree to share their vehicle information and customer behaviors,” said Albano. “Cadillac will use these learnings to elevate the experience for all our customers.”

The rear-wheel drive Cadillac Lyriq will cost $62,990, while the all-wheel drive edition will start at $64,990. Customers who have already placed orders are expected to start receiving their cars at some point in early 2023.

The post GM to Offer Discount on New EV Model in Exchange for NDA and Tracking appeared first on theprimarymarket.com.