Tag Archives: GM

GM Sells Peugeot Shares. Claims Strategic Alliance Lives

As GM was issuing its statement, PSA shares in Paris were sinking after the automaker said more write-downs are coming with perhaps the need to raise more capital. GM has already written of part of its investment in PSA and it is clearly cutting its losses, with another write-down likely to follow in its Q4 results. Peugeot is trading at $15 a share, down from $30 in 2012. Continue reading

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Mary Barra to become GM CEO when Dan Akerson Retires

There’s the sound of breaking glass in Detroit this morning as General Motors says that Dan Akerson steps down as chairman and CEO on 15 January 2014 with Mary Barra, 51, currently executive vice president, Global Product Development is elected by the Board of Directors to become the next CEO.
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Chrysler Group Up, General Motors Down in Q3 Earnings

Both results were significantly less than Ford Motor Company’s Q3 profit of $2.6 billion, which was based largely on sales and financing in North America with some contributions from other regions, the same pattern at Chrysler an GM. Continue reading

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Peugeot Q3 Sales, Revenues Down. GM JV Scaled Back

The Peugeot Group this morning in Paris posted Q3 revenues of €12.1 billion, down -3.7%. Automotive revenues were €8 billion, down -5.8%. Continue reading

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GM Declares Dividend on Series B Preferred Stock

General Motors (NYSE: GM) will pay a quarterly dividend of $0.59375 per share on its Series B mandatory convertible junior preferred stock on 2 December 2013 to Series B holders of record as of 15 November. Continue reading

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GM to Buy Back UAW Held Stock. Dividends to Follow?

The VEBA currently holds 260 million shares of Preferred Stock, and Canada GEN Investment Corporation holds another 16 million shares. Until the ownership of these shares transfer back to GM or other independent buyers, the slur “Government Motors” still applies since the shares where part of a controversial but effective bankruptcy reorganization that Canadian and U.S.> taxpayers subsidized in 2009. Continue reading

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Chrysler, Ford, GM Post Double Digit August Sales Gains

Chrysler, Ford and GM all recorded double digit gains in U.S. August sales as the market went back to the pre-Great Recession levels of 2007. Robust pickup truck sales, a relatively trouble free changeover to the production of 2014 models, cheap credit and strong retail demand, all were factors in an overall industry that is now running at more than 16 million units annually. Continue reading

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Economics, Not Disinterest Explains Low Car Sales to Young

Disinterest in new cars by young people is a myth that ignores fundamental economic trends, General Motors Chief Economist Mustafa Mohatarem said at the CAR Management Briefings in Traverse City, Michigan. New car affordability, a crushing student loan debt and higher operating and insurance costs are delaying young people from buying new vehicles. “It’s not a permanent withdraw from the market, it’s more of a delay,” Mohatarem said. Continue reading

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GM Sales Up 4% in First Half of 2013. Chevrolet Sets Record

General Motors sold more than 4.85 million vehicles in the first half of 2013, an increase of under 4% compared to the same period in 2012. The question now is will GM remain Number Two in Global Auto sales when current leader Toyota Motor reports sales results for the period. GM in a rising global market increased its share only 0.1% year-over-year, while Toyota has been rebounding at a much higher rate. Continue reading

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GM OnStar Telematics Now in Mexico

OnStar Mexico, announced today that its telemetric services are now active on the new Chevrolet Cheyenne (aka Silverado) and GMC Sierra pickups, and will be available on the Cadillac ATS later this year. More vehicles across GM’s four vehicle brands – Chevrolet, Buick, GMC and Cadillac – will be equipped with OnStar throughout 2014. Continue reading

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Alan Batey Named Global Head of Chevrolet

In a convoluted position that likely resulted from GM insider politics and bureaucratic infighting, in his global Chevrolet role, Batey will report to GM Chairman and CEO Dan Akerson; in his U.S. Sales, Service and Marketing role, he will report to Mark Reuss, president, GM North America. Continue reading

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GM Maintains Number One Spot in China over VW Group

In the closely watched sales race in China, the world’s largest car market by far, the reigning champion GM held off its strongest contender, VW Group, for the Number One position, according to sales numbers through May. Continue reading

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General Motors Sales up Slightly in May as Trucks Dominate

Executive summary: GM remains Number One in the U.S. by 100,000 in sales over quality challenged Ford Motor, which has just announced another massive recall on its best-selling 2013 models. In terms of retail sales though, Toyota Motor continues to be Number One. Continue reading

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General Motors Sells 1 Million Vehicles in China

With total overall light vehicle sales projected at more than 20 million for 2013, China will easily retain its title as the world’s largest auto market followed by the U.S. at more than 15 million. Continue reading

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General Motors Global Q1 Sales Increase 3.6%

General Motors posted sales of more than 2.36 million during Q1 of 2013, an increase of 3.6%, in a global auto industry that was up 1.5%, compared with the same period in 2012. Continue reading

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