GM
New York (AFP) - General Motors reported higher profits Tuesday thanks to continued strength in North America that offset a loss in its China business, enabling the carmaker to lift its forecast. GM, which has benefited from consistently strong demand from US consumers for pickup trucks and other larger vehicles, increased its range for 2024 net income by $300 million to between $10.1 and $11.5 billion. "The team is executing well and making progress across the board," GM Chief Executive Mary Barra said in a letter to shareholders. Net profits in the first quarter rose 24 percent to $3.0 billi...
AFP
New York (AFP) - US vehicle sales got a boost from strong demand in 2023, due in part to attractive offers by automakers and dealers in the face of high interest rates and stubborn inflation. Industry experts estimate that around 15.5 million vehicles were delivered in the country last year, marking an increase of almost 13 percent from 2022. "Auto sales ended up being much stronger than most expected in 2023," said Garrett Nelson, senior equity analyst at CFRA Research. "We're getting closer to pre-covid levels," he told AFP. Sales exceeded 17 million vehicles annually over the 2015-2019 peri...
AFP
New York (AFP) - US automaker General Motors reported Wednesday a jump in vehicle sales for 2023, citing robust demand in a year also boosted by easing supply issues. The company logged sales of 2.6 million vehicles last year, a 14 percent rise from 2022, to hold on to its title of top US automaker. Toyota, the second-largest auto seller in the country, sold 2.2 million vehicles in the past year, marking a seven percent increase, the company said in a separate statement. GM's performance comes as it shakes off a hit from a six-week strike led by the United Auto Workers union, affecting the "Bi...
AFP
New York (AFP) - Workers from Ford, General Motors and Stellantis ratified new contracts with hefty wage hikes, their union announced Monday, closing the books on an historic autoworkers strike at the three Detroit giants. Members of the United Auto Workers voted 64 percent across the three companies in support of the contracts, said a UAW press release marking the official conclusion of the first-ever simultaneous stoppage at the three companies. "The members have spoken. After years of cutbacks, months of our Stand Up campaign, and weeks on the picket line, we have turned the tide for the Am...
AFP
New York (AFP) - Workers from Ford, General Motors and Stellantis ratified new contracts with hefty wage hikes, their union announced Monday, closing the books on an historic autoworkers strike at the three Detroit giants. Members of the United Auto Workers voted 64 percent across the three companies in support of the contracts, said a UAW press release marking the official conclusion of the first-ever simultaneous stoppage at the three companies. "The members have spoken. After years of cutbacks, months of our Stand Up campaign, and weeks on the picket line, we have turned the tide for the Am...
AFP
New York (AFP) - Workers at General Motors have voted to ratify a new labor contract with sweeping pay increases, according to figures published Thursday, a landmark step after a major auto industry strike this year. About 55 percent of GM's hourly workforce endorsed the contract, according to figures published by the United Auto Workers, which had launched an unprecedented simultaneous stoppage of Detroit's "Big Three" in September. The roughly six-week stoppage drew the attention of President Biden, who strongly endorsed worker demands and made history as the first US president to stand on a...
AFP
New York (AFP) - A wave of strikes that disrupted the three largest US automakers for six weeks looked to have been finally resolved Monday, as the auto workers union reached a tentative agreement with holdout General Motors. Joe Biden, who had joined striking employees on the picket line in a first for a sitting US president, praised what he called a "historic" pact that would "reward autoworkers who gave up much to keep the industry working." The GM deal announced by the United Auto Workers (UAW) union comes after pacts with Stellantis and Ford, appearing to end the strike on the "Big Three"...
AFP
New York (AFP) - The US auto workers union announced Tuesday it had extended its strike to a giant General Motors truck plant as it called on the company to sweeten a pay offer in light of strong quarterly profits. "Another record quarter, another record year. As we've said for months: record profits equal record contracts," said United Auto Workers President Shawn Fain in announcing the walkout of 5,000 workers from the assembly plant in Texas. "It's time GM workers, and the whole working class, get their fair share." The latest UAW stoppage, which drew sharp criticism from GM, came hours aft...
AFP
New York (AFP) - General Motors lifted its full-year forecast following another strong quarter on Tuesday as it girds for difficult labor negotiations and questions about the market for its growing electric vehicle business. The US automaker cited strong consumer demand, which has allowed for solid pricing while keeping incentives in check. Profits jumped 52 percent to $2.6 billion on revenues of $44.7 billion, which were up 25 percent. In the spring, market watchers had spoken of a potential cooling in the US vehicle market due to persistently high inflation. But Wall Street analysts have re...
AFP
New York (AFP) - Leading automakers reported a jump in quarterly US car sales Wednesday, reflecting increased vehicle inventory levels and the support of a strong US labor market. General Motors scored a 19 percent rise in deliveries for the second quarter to 691,978 behind strong gains in vehicle groups that included its Sierra pickup truck and its premium Cadillac brand. The big US automaker also pointed to higher sales from the Chevrolet Trax, a smaller sport utility vehicle at a more affordable price point. The Trax starts at $21,495, less than half the average vehicle price in the United ...
AFP
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