General Motors reports 40% drop in net income, warns of cost-cutting measures in 2Q earnings
For the three months ended June 30, 2022, General Motors reported net income of $1.7 billion compared to $2.8 billion for the same quarter in 2021
Company
General Motors Company
NYSE:GM
General Motors Company (GM) is a global automotive company. It develops, produces and markets cars, trucks and parts worldwide. GM also provides automotive financing services through General Motors Financial Company, Inc. (GM Financial), formerly AmeriCredit Corp. (AmeriCredit).
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GM bags US$2.5bn loan to build EV battery factories
It will be the US' Energy Department's first loan for batteries and is set to create 5,000 jobs in the United States
GM to invest US$7bn as battle for EV market heats up
The automaker said it will have more than 1mln units of EV capacity in North America by the end of 2025
GM steps up investment in electric vehicles in attempt to keep up with rivals
GM's investment through to 2025 will be more than the US$20bn outlined by Ford but still pales in comparison with the US$86bn planned by Volkswagen
GM unveils electric flying Cadillac and earthbound vans for families and deliveries
The self-driving vertical take-off and landing (eVTOL) vehicle will help cut down on urban congestion, the company said
General Motors and Ford run out of gas, post disappointing 4Q results
GM saw its operating profit drop precipitously by more than 95% to $105 million, while Ford's net loss deepened to $1.7 billion over the fourth quarter
US stocks rocket higher as November jobs growth soundly beats estimates
US non-farm payrolls increased by 266,000, compared with a consensus estimate of 187,000
Investments and investor services
US stocks blast higher after October jobs growth outpaces expectations
Non-farm payrolls rose by 128,000, while economists had expected paltry growth of only 75,000 jobs
General Motors beats Wall Street estimates again despite being hit by longest strike since 1970
The strike saw 34 of the firm's plants closed across the USA and disrupted operations in Canada and Mexico
FirstGroup appoints ex-Taylor Wimpey finance director as new CFO, former GM VP brought in as non-exec
The FTSE 250 transport group said Ryan Mangold would take up the CFO position, filling the vacancy left by Matthew Gregory who was promoted to chief executive last year
Investments and investor services
US automakers face diminishing March sales as consumers ditch passenger vehicles
Consumers frequently opted for SUVs and trucks, which are more profitable for manufacturers
Hardware & electrical equipment
Tekcapital jumps as self-driving car firm Guident launches commercial website
Guident focuses on the development of autonomous vehicles software apps and counts the former head of General Motors' Cadillac division among its directors
Late Movers: Walt Disney rallies after reporting 1Q results that beat estimates
Also moving were Electronic Arts and General Motors, which reports Wednesday
Hardware & electrical equipment
ROBO Global says 3D printing poised for a high-growth, ‘profitable future’
A senior research analyst at Robo Global writes that with major industries investing heavily in 3D printing, the sector is a ‘key area of focus’ for investors in the robotics, automation and artificial intelligence space
Hardware & electrical equipment
Tesla turns a profit for second quarter in a row, but Wall Street expected more
The car maker reported earnings per share of US$1.93 for the final quarter of 2018, but analysts had been looking for US$2.10
Investments and investor services
Late Movers: Activision Blizzard tumbles 10% after saying Destiny rights going to Bungie
GM led gains on the S&P 500 after CEO Marry Barra's comments
Investments and investor services
Fiat Chrysler posts November US vehicle sales gain as rivals see decline
The Ram and Jeep brands set the pace for automaker while Ford, Honda, Nissan and Toyota contended with reduced demand
EARLY MOVERS: General Motors to lay off 14,000 workers and reduce output as sales slide, while Tesla's China sales stats disappoint
Other stocks in focus in pre-market deals were United Technologies Corp and biopharma Amarin Corp
Berkshire Hathaway’s 13-F filing reveals Warren Buffett added $4B stake in JPMorgan
Buffett’s company bought a new stake in JPMorgan and upped its investment in Apple
Hardware & electrical equipment
Electrameccanica revs up to beat Tesla in the US
The Vancouver company has teamed with Chinese motorcycle maker Zongshen to produce a line of inexpensive electric cars for the US market