Paul Jacobson
GM secures new $6 billion credit line as UAW strike costs reach $200 million
DETROIT – General Motors secured a new $6 billion line of credit as the automaker braces for additional strikes by the United Auto Workers union. “The facility that we announced today is a $6 billion line of credit that I think is prudent in light of some of the messages that we’ve seen from some […]
Read More
General Motors raises full-year guidance, announces deeper cost-cutting
Mary Barra, CEO, GM at the NYSE, November 17, 2022. Source: NYSE DETROIT — General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year. The Detroit automaker also said it is increasing cost-cutting measures through next year and […]
Read More
GM raised guidance, but its stock fell. Why Wall Street isn’t buying in
Mary Barra, chief executive officer of General Motors Co., during the South by Southwest (SXSW) festival in Austin, Texas, US, on Tuesday, March 14, 2023. Jordan Vonderhaar | Bloomberg | Getty Images DETROIT – When a company beats Wall Street’s earnings expectations and raises guidance amid recessionary fears and other economic concerns, you would expect […]
Read More
General Motors is set to report earnings before the bell. Here’s what Wall Street expects
General Motors CEO Mary Barra, center, at the New York Stock Exchange, Nov. 17, 2022. Source: NYSE DETROIT — General Motors is set to report its first-quarter earnings before the bell Tuesday. GM Chief Financial Officer Paul Jacobson earlier this month said the first quarter was coming in “right alongside” the company’s expectations, noting sales […]
Read More
GM says 5,000 salaried workers will take buyouts, expects $1 billion charge in first quarter
A GMC pickup truck is displayed for sale on a lot at a General Motors dealership on January 05, 2023 in Austin, Texas. Brandon Bell | Getty Images DETROIT – About 5,000 white-collar workers at General Motors opted to participate in a buyout program that was announced last month to lower the automaker’s global head […]
Read More
General Motors’ China business is hurting, and it’s not just because of Covid
A worker checks the quality of a vehicle before rolling off the assembly line at the production workshop of SAIC General Motors Wuling in Qingdao, East China’s Shandong province, Jan. 28, 2023. (Photo credit should read CFOTO | Future Publishing | Getty Images General Motors is losing ground in China, its top sales market for more […]
Read More
General Motors cuts 500 salaried employees
Mary Barra, CEO, GM at the NYSE, November 17, 2022. Source: NYSE DETROIT – General Motors is cutting hundreds of salaried positions as it follows other major companies, including competitors, in downsizing headcounts to preserve cash and boost profits. The cuts affect about 500 positions, according to a person familiar with the plans, which were […]
Read More
General Motors maintains 2022 guidance despite rising costs and supply chain issues
DETROIT – Amid rising costs and supply chain instability, General Motors reaffirmed its earnings expectations for 2022 despite reporting a lower net profit and margin compared to a year ago. CEO Mary Barra and CFO Paul Jacobson described the first-quarter results as “solid” and a testament to actions the company has taken in recent years […]
Read More