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“GM board approves new $6 billion share buyback authorization” [TUE, JUN 11 2024]

“… …” https://www.cnbc.com/2024/06/11/gm-board-approves-new-6-billion-share-buyback-authorization.html

Business

“GM’s Cruise laying off 900 employees, or 24% of its workforce…”

“General Motors’ Cruise on Thursday announced internally that it will lay off 900 employees, or 24% of its workforce, the company confirmed to CNBC. The layoffs, which primarily affected commercial operations and related corporate functions, are the latest turmoil for the… Continue Reading…

Business

“GM initiates $10 billion buyback, boosts dividend and reinstates 2023 guidance after UAW strikes”

“…The Detroit automaker plans to increase its quarterly dividend next year by 33% to 12 cents per share; initiate an accelerated $10 billion share repurchase program; and reinstate its 2023 guidance to include an estimated $1.1 billion in earnings before interest… Continue Reading…

Business

“GM offers 10% wage hike in contract talks that UAW calls ‘insulting'”

“General Motors on Thursday made a counterproposal to the union representing its U.S. hourly workers in a bid to avoid a costly strike, but United Auto Workers President Shawn Fain called the offer “insulting.” The largest U.S. automaker said it… Continue Reading…

Business

“Lordstown Motors files for bankruptcy, sues Foxconn over $170 million funding deal”

“Struggling electric-truck maker Lordstown Motors filed for Chapter 11 bankruptcy protection on Tuesday and said that it would put itself up for sale amid an ongoing dispute over investments that had been promised by Taiwanese manufacturer Foxconn. Shares were down over 60% in… Continue Reading…

Business

“GM to invest more than $1 billion to produce new heavy-duty pickups”

“DETROIT – General Motors plans to invest more than $1 billion in two Michigan plants for production of next-generation heavy-duty trucks, the company said Monday. The investment includes $788 million to prepare its Flint Assembly plant to assemble next-generation heavy-duty gas and… Continue Reading…

Business

“General Motors’ U.S. sales jump 18% in the first quarter”

“General Motors said on Monday that its first-quarter U.S. sales rose 18% from a year ago, to just over 600,000 vehicles delivered, as it continued its rebound from the supply chain problems that limited global auto production in 2021 and… Continue Reading…

Business

“General Motors says sales rose 24% in the third quarter”

“DETROIT – General Motors’ third-quarter vehicle sales increased 24% compared to a year ago, when supply chain issues weighed more heavily on the company’s output. The Detroit automaker on Monday said it sold 555,580 vehicles from July through September, up from 447,000 a… Continue Reading…

Stocks

“Warren Buffett Finally Throws In The Towel On 4 Lousy Stocks”

“…Buffett’s Berkshire Hathaway (BRKB) sold off a least a portion of its four worst performers this year: Verizon (VZ), Store Capital (STOR), General Motors (GM) and U.S. Bancorp (USB). That’s according to an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith. Berkshire Hathaway retains a portion of the… Continue Reading…

Stocks

“GM beats Wall Street’s third-quarter estimates, guides toward ‘high end’ of 2021 earnings forecast”

“…The third quarter was expected to be a rougher one than the first half of the year for GM. Analysts, however, said they projected relatively solid results, despite a global shortage of semiconductor chips that has depleted vehicle inventories and shuttered plants.… Continue Reading…