Mon, Sep. 26, 2:09 AM
- The union representing Canadian auto workers has won approval for a new four-year contract with General Motors (NYSE:GM), securing future support for Canada's weakening auto sector and eventually giving GM more capacity for its pickup trucks in the U.S.
- The deal, which was ratified by 64.7% of Unifor workers, clears the way for $544M in local investment, better job security and wage increases, but less favorable pensions than before.
Sat, Sep. 24, 9:00 AM
- General Motors (NYSE:GM) hopes to fill a void in the U.S. diesel market created by the Volkswagen emissions scandal. Volkswagen's sales in the U.S. have plummeted since the company admitted using an emissions test defeat device.
- The Detroit automaker plans to offer a diesel option of the 2018 Chevrolet Equinox and next year's Chevrolet Cruze. Execs feel there is still some underlying demand with consumers who prefer the advantages of diesel.
- GM has its bases covered with the development of the all-electric Bolt off to a strong start. The Bolt could be mass produced down the road if high gas prices stoke EV demand.
Fri, Sep. 23, 3:36 PM
- General Motors (GM -0.5%) is offering a buyout to 400 of its 925 Cadillac dealers, a key step to a coming brand overhaul to improve Cadillac's competitive outlook.
- The dealers were informed of the plan, which targets the smaller Cadillac dealers, this morning.
- Targeted dealers typically sell fewer than 50 models a year.
- They're being offered up to $180,000 in "transition assistance" aimed at those unwilling to invest in new standards -- "Project Pinnacle" -- that the company rolled out.
- Despite heavy investment, Cadillac sales have fallen far behind German rivals and those of Toyota's Lexus mark.
Tue, Sep. 20, 8:30 AM
- General Motors (NYSE:GM) continues to release crucial details on its all-electric Chevrolet Bolt ($37,495 MSRP, 238 miles driving range), although it's still unclear the extent of the EV roll-out this year.
- GM says it's still on track for a "late 2016" roll-out at "select dealerships" in the U.S. Electrek notes this could indicate the Bolt will only be introduced in ZEV states initially.
- Whether or not the Bolt is an all-in bet by GM or a proof-of-life concept car could be a key point for Tesla Motors (NASDAQ:TSLA) as its enters the mass market with the Model 3. Some analysts think Bolt production will only be around 30K units in the early stages which would pale in comparison to Tesla's targets.
- Previously: Positive reviews for the Chevy Bolt as analysts ponder demand (Sept. 16)
Tue, Sep. 20, 4:30 AM
- Narrowly averting a strike by 3,900 Canadian workers, General Motors (NYSE:GM) and Unifor have reached a tentative contract agreement that will bring new products to the Oshawa assembly plant and an engine factory in St. Catherines.
- Union President Jerry Dias said workers will also get raises and lump-sum payments, and about 700 temporary employees at the plants will go full-time if the deal is ratified by members.
Tue, Sep. 20, 2:30 AM
- In its most comprehensive statement yet on autonomous vehicles, the Obama administration said it would consider seeking the power to approve technology for self-driving cars and said U.S. states should not issue separate rules.
- The U.S. Transportation Department also included a 15-point set of "safety assessment" guidelines, covering issues like cybersecurity, black box recordings and how a vehicle would deal with potential ethical conundrums.
- Related tickers: F, GM, TM, GOOG, GOOGL, TSLA, MBLY, DLPH, TM, HTZ, CAR, HMC, UBER, LYFT
Tue, Sep. 20, 2:03 AM
- The least expensive Chevy Bolt (NYSE:GM) will start at $37,495 before a $7,500 federal tax credit, meaning it will sell for $29,995.
- The car will come with standard features, such as a rear vision camera, a 10.2-inch color touchscreen, and a steering wheel paddle that lets the driver brake and regenerate the battery.
- A premier version of the Bolt, which will include standard DC fast charging and other extras, starts at $40,905 before incentives.
Mon, Sep. 19, 9:11 AM
- Morgan Stanley shifts to an Overweight rating on General Motors (NYSE:GM) after having the automaker set at Neutral.
- The investment firm boosts its price target on GM to $37 from $29.
- "A move to Auto 2.0 requires a lengthy transition period (Auto 1.5) during which time GM can generate cash, return cash and nurture new businesses with potentially positive terminal values," reads the forward-looking MS note.
- Things have been looking up for GM on the EV front after the early reviews for the Bolt came in positive.
- Previously: Chevy Bolt dazzles in road test (Sept. 13)
- Previously: Positive reviews for the Chevy Bolt as analysts ponder demand (Sept. 16)
- GM +2.52% premarket to $31.75.
Mon, Sep. 19, 1:56 AM
- Contract negotiations between Canada's Unifor union and General Motors (NYSE:GM) are continuing around the clock, with the two sides divided over new investment, ahead of a looming strike deadline that could see 3,900 workers walk off the job by 11:59 p.m. Monday night.
- A strike would halt powertrain and vehicle production in at least two Canadian plants and potentially start a ripple effect for GM production in the U.S. that relies on those parts.
Sat, Sep. 17, 10:35 AM
- General Motors (NYSE:GM) is negotiating with Canadian labor group Unifor this weekend in front of a strike deadline set for midnight on Tuesday.
- GM is the lead target for Unifor as it looks to also rework the four-year contracts with Ford (NYSE:F) and Fiat Chrysler Automobiles (NYSE:FCAU) that expire on September 19.
- Despite all the sound and fury this week over Ford shifting small car production to Mexico, it's Canada which has been impacted the most by the technology advances of assembly plants in Mexico.
- Previously: Ford plays defense on Mexico strategy (Sept. 15)
Fri, Sep. 16, 6:13 PM
- The Canadian auto workers union says thousands of factory employees will strike at two General Motors (NYSE:GM) plants if a Monday night contract deadline is missed.
- Unifor President Jerry Dias says several weeks of negotiations with GM officials have not achieved the union’s stated goal of securing commitments for future production at GM's Canadian plants; the union has chosen GM as the target company in talks that will set a pattern for negotiations with Ford (NYSE:F) and Fiat Chrysler (NYSE:FCAU).
- A strike would disrupt the supply of the engines that go into the biggest versions of GM's sport utility vehicles including the Chevrolet Suburban and Cadillac Escalade, among the company's biggest money makers.
Fri, Sep. 16, 4:47 PM
- General Motors (NYSE:GM) has asked the U.S. National Highway Traffic Safety Administration to a delay a recall of 980K trucks with Takata air bag inflators to allow it to show that the vehicles are safe and avoid a hit to profits.
- GM says a one-year delay of a recall of 2007-12 full-size trucks and SUVs set to begin by year-end would allow it "to complete a long-term aging study and fully analyze the service life of these inflators."
- GM has said its Takata inflators do not pose a safety risk, and that its data showed no cases of an airbag rupturing among 44K deployments in large GM pickups and SUVs that contain Takata inflators; regulators have maintained that all front Takata airbag inflators without a drying agent must be recalled.
Fri, Sep. 16, 2:26 PM
- The Chevy Bolt will cost about $158 per mile of driving range, according to a breakdown by Bloomberg.
- That mark compares very favorably to the EV models out on road which vary from a low of $294 for the Tesla Model S to $523 for the BMW i3 on the high side. The Tesla Model 3 cost/range mile is estimated at $163.
- GM outsources battery production to LG Chemical (OTC:LGCLF, OTC:LGCEY) so it's not exactly clear where the company will find the batteries if demand for the Bolt outpaces expectations. The question of battery production has taken on more relevance after a wave of positive Bolt reviews have reset some expectations for the model once described as a "halo" car for the automaker.
- Some analysts think GM's lack of a supercharger-type network of charging infrastructure will crimp demand, while others say the Bolt is destined to satisfy needs in the ride-hailing space or for utilitarian fleets (delivery, commercial, campuses).
- Bolt reviews: The Verge, Wired, Car and Driver, Motor Trend.
Thu, Sep. 15, 6:28 PM
- Tesla's (NASDAQ:TSLA) request for a new dealership license to sell its all-electric vehicles in Michigan is rejected by state officials.
- The license was denied because the company’s business model of selling its vehicles directly to consumers is illegal under Michigan law, according to a final order released today.
- The move indicates that the home state for Ford (NYSE:F) and GM will stick to its ban on selling new cars directly to consumers.
Thu, Sep. 15, 7:47 AM
- Opel (NYSE:GM) car registrations +5.2% to 55,420 units in August, according to the European Automobile Manufacturers Association.
- Overall EU registrations +10.0% Y/Y to 819,126 units in August, led by strong growth in Italy and Spain. Registrations were up 8% in Germany and 3% in the U.K.
- Opel market share: 6.5% vs. 6.7% a year ago.
- Opel YTD registrations +6.9%.
- Results include the Opel, Vauxhall, Chevrolet, and other GM brands.
- EAMA release (.pdf)
Tue, Sep. 13, 9:02 AM
- General Motors (NYSE:GM) sent a strong message across the EV industry today when it released a range estimate of 238 miles for its all-electric Chevy Bolt. That mark more than stood up in a road test of the Bolt by the Los Angeles Times.
- Automobile reporter Charles Fleming successfully made the challenging 240.5 mile test drive from Monterey to Santa Barbara on a warm day (AC kicked in) on a single charge. He reports that the onboard computer indicated he even had another 50 miles of range, although the trip wasn't made at maximum highway speed. Other observations from the Bolt test run are posted below.
- "The Bolt EV was instantly likable. It’s quiet, comfortable and very easy to drive."
- "On city streets, the 60-KwH Bolt EV is peppy, applying ready torque to stop-and-go driving. On the highway, it settles into a calm purr."
- "The Bolt sits high and is shaped like an SUV. The generous use of glass allows extremely good visibility."
- "The Bolt’s regenerative braking system, which captures energy on downhill stretches, gave back another 10 miles of range before I hit the 101 again north of Santa Barbara."
- The early reaction to the Bolt introduction will be of high interest to Tesla Motors (NASDAQ:TSLA) which has a strong record of its own with performance reviews.