GM matches Ford's (F) wage offer to UAW in bid to end strike

GM 'moderating the acceleration of EV production', some EVs will be delayed says CEO Barra

Shares of General Motors (NYSE: GM) moved up nearly 1.30% before sinking 1.44% into the red in pre-market trading after the Detroit automaker reported its 3Q earnings results Tuesday morning, while in the midst of ongoing labor strikes by the United Auto Workers union.

The automaker reported a top line beat with adjusted earnings coming in at $2.28 versus the streets $1.88 estimate, while revenue came in at $44.1B, ahead of the consensus estimate of $42.62B.

"In the U.S., our strong sales, healthy ATPs (average... More

General Motors (GM) metal workers go on strike in Brazil

Workers in the metal industry at General Motors' (NYSE: GM) Brazilian facilities have made the decision to commence a strike beginning next Monday. Their decision to strike stems from their objection to the recent workforce reductions implemented by the U.S.-based automaker in the region.

According to reports from the... More

UAW presses Detroit automakers for better offer, threatens more walkouts

By Joseph White and Ben Klayman

DETROIT (Reuters) -United Auto Workers President Shawn Fain on Friday warned of more walkouts at U.S. truck and SUV factories unless the Detroit Three automakers improved wage and benefit offers, insisting companies could afford more than the record packages on the table.

"We're striking the Big Three like we've never struck before," Fain said. "These extremely profitable companies have more to give."

After five weeks of strikes, Fain said the UAW had received fresh contract offers from General Motors and Chrysler-parent Stellantis in the past 24 hours. Ford made... More

General Motors (GM) Provides Offer To UAW Workers, Including $40.39 An Hour Wage- Bloomberg

General Motors (NYSE: GM) Provides Offer To UAW Workers, Including $40.39 An Hour Wage- Bloomberg

US EV sales skyrocket in 3Q, China expands reach

According to data released by Cox Automotive, US electric vehicle (EV) sales surged by almost 50% in the 3Q compared to last year, surpassing 300,000 units sold for the first time.

The current market trajectory suggests that the US may witness the sale of over a million EV cars this year, marking a significant milestone in the transition to auto electrification. A notable shift, coupled with Tesla's (NASDAQ:... More

General Motors (GM) October weekly 29 straddle into quarter results

General Motors (NYSE: GM) October weekly 29 straddle is priced for a move of 6% into the expected release of quarter results before the bell on October 24.

Toyota (TM) adopts Tesla’s (TSLA) NACS

Toyota (NYSE: TM) announced Thursday, the Japanese automakers North American segment has reached an agreement with Tesla (NASDAQ: TSLA) to adopt the electric vehicle giants North American Charging Standard (NACS) connection for its battery electric vehicles... More

General Motors (GM) option IV into release of quarter results

General Motors (NYSE: GM) October call option implied volatility is at 47, November is at 41; compared to its 52-week range of 27 to 60 into expected release of quarter results on October 24.

Ford Motor (F) October option IV bid

Ford Motor (NYSE: F) October call option implied volatility is at 48, November is at 40; compared to its 52-week range of 27 to 588.

Chinas CATL reports severe drop in profit growth as EV demand weakens

China's CATL, the leading global battery manufacturer for electric vehicles (EV), announced on Thursday that its third-quarter profits had grown by 10.7%, representing the companys slowest quarter since the beginning of last year. Management attributes the slowdown to a combination of reduced demand and intensified competition.

This growth figure stands in stark contrast to the 63.2% profit increase in the previous quarter and the substantial 188.4% surge experienced in the third quarter of 2022.

Recent data revealed that CATL witnessed a decline... More

Tesla (TSLA) follows GM and Ford (F), slows EV ramp as demand drops

Tesla (NASDAQ: TSLA), on Wednesday, echoed the cautious approach of General Motors (NYSE: GM) and Ford (NYSE: F) towards expanding electric vehicle (EV) production capacity. The company cited economic uncertainties and emphasized concerns about a possible decline in demand.

Tesla CEO, Elon Musk voiced his apprehension about the... More

Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread

By Abhirup Roy and Ben Klayman

SAN FRANCISCO (Reuters) -Tesla on Wednesday joined General Motors and Ford in being cautious about expanding electric vehicle (EV) production capacity, citing economic uncertainties and underscoring fears of a slowdown in demand.

Tesla CEO Elon Musk said he was worried that higher borrowing costs would prevent potential customers from affording its vehicles despite substantial price cuts, and that he would wait for clarity on the economy before ramping up its planned factory in Mexico.

"People hesitate to buy a new car if there's uncertainty in the economy," Musk said on a... More

Ford recalling 35,000 US Mach-E EVs over power loss reports

WASHINGTON (Reuters) - Ford Motor said on Wednesday it is recalling 35,000 Mustang Mach-E electric vehicles because high voltage battery main contactors may overheat resulting in a loss of driving power.

The new recall of 2021 and 2022 model year Mach-E vehicles with extended range followed an August investigation by the... More

Ford (F) announces management shuffle as UAW strikes continue

Ford Motor (NYSE: F), on Wednesday, revealed a restructuring of its management, appointing Kumar Galhotra, the head of the combustion vehicle unit, as the new chief operating officer.

This development comes despite the continued autoworkers strike showing scant indications of resolution.

Galhotra, formerly in charge of the Ford Blue unit responsible for gas and hybrid vehicles, will now oversee the global industrial system of the automaker.

Meanwhile, Andrew Frick, who previously handled sales and... More

GM cancels Nov. 16 investor day, will move to next year

(Reuters) - General Motors said it has canceled a Nov. 16 investor day event and will move it to early next year to allow company leaders to focus on ongoing labor talks.

GM faces an ongoing month-old strike by the United Auto Workers of two assembly plants and 18 parts distribution centers. Earlier this month, GM said it secured a new $6 billion line of... More

Ford reshuffles top management as UAW strike drags on

(Reuters) - Ford Motor Co on Wednesday announced a management rejig, promoting combustion vehicle unit chief Kumar Galhotra to the position of chief operating officer, even as the ongoing autoworkers strike shows little signs of ending.

Galhotra, who previously headed the Ford Blue unit that makes gas and hybrid vehicles, will now lead the automaker's global industrial system.

Andrew Frick, who previously managed Ford Blue's sales and distribution functions, trucks, SUVs and... More

Ford Motor (F) Appoints Ashwani Kumar Galhotra as COO

Effective October 12, 2023, Ashwani Kumar Galhotra was elected Chief Operating Officer of Ford Motor (NYSE: F). Prior to becoming Chief Operating Officer, Mr. Galhotra was President, Ford Blue. Mr. Galhotras compensation arrangements will be the subject of an amended 8-K filing.