Yesterday, 2:06 PM
- The 2016 Chevrolet Camaro will be 200 pounds lighter than previous models.
- The 5th generation of the muscle car will include aluminum in some of its body parts to help it shed the LBs and improve fuel economy/
- A top engineer with General Motors (GM +1.1%) says the braking and acceleration out of corners are more impressive with the new version than previous Camaros.
- The model debuts at an event in Detroit on May 16.
Yesterday, 7:22 AM
- General Motors (NYSE:GM) and Ford (NYSE:F) have China in mind with premium sedans the automakers are launching this week at the New York International Auto Show.
- The Cadillac CT6 from GM and Ford's Continental will be showcased at the event.
- Both models will be sized larger in order to appeal to consumers in China.
- The CT6 is expected to launch globally later this year, while the Continental will sell in 2016.
Thu, Mar. 26, 8:07 AM
- An official NHTSA recall notice has been issued to General Motors (NYSE:GM) on Chevrolet Volts issued between 2011 and 2013.
- The action covers 50,236 vehicles.
- "If the engine runs for an extended period of time in an enclosed space, there may be a build up of carbon monoxide, increasing the risk of personal injury," reads the letter from regulator.
- Previously: GM recalls 64K Chevy Volt hybrids (Mar. 13 2015)
- NHTSA letter to GM (.pdf)
Wed, Mar. 25, 9:50 AM
- U.S. sales for General Motors (NYSE:GM) will gain 0.3% Y/Y to 256.9K in March, according to an estimate from TrueCar.com.
- GM's market share is forecast to be 16.8% vs. 18.4% in February and 16.7% a year ago in March.
- Incentive spending by GM -7.8% Y/Y and +1.1% M/M to $3,137 per unit vs. the industry average of -1.3% Y/Y and +0.4% M/M.
- Total U.S. new vehicles sales are expected to fall 0.8% Y/Y during March to 1.5247M
Mon, Mar. 23, 3:47 PM| 20 Comments
Fri, Mar. 20, 11:10 AM
- A self-driving car from Tesla Motors (NASDAQ:TSLA) would be considered legal in 45 states at the moment, according to analysis from Wired.
- That 90% ratio is expected to change.
- The self-driving issue is likely to be teed up politicians and regulators over the next year as Tesla's new software update pushes up the timetable on the autonomous car concept.
- In Germany, for example, an explicit ban exists on autonomous driving.
- Another riveting puzzle: How does the software code get tested?
- There's also the question of what the insurance industry will have to say about the burgeoning technology and how much advanced sensor components will cost.
- Automobile experts think some functions such as self-parking, car retrieval features, and collision prevention technology will be approved federally and locally - while the full Muskonian dream may be a reach.
- BMW (OTCPK:BAMXY), Google (NASDAQ:GOOG), Audi (OTCQX:VLKAY), Mercedes-Benz (OTCPK:DDAIF), and Nissan (OTCPK:NSANY) are the other companies/brands out in front with self-driving car development.
- The Detroit Three (GM, F, FCAU) are mainly just kicking the tires on the concept.
- Previously: Tesla Motors talks range and self-driving features (Mar. 19 2015)
Thu, Mar. 19, 5:27 PM
- GM CEO Mary Barra will be deposed in October by lawyers representing consumers suing the company over the defective ignition switches equipped on millions of recalled vehicles.
- The lawyers leading the class action personal injury and death lawsuits against GM say the depositions of GM executives will begin May 6, including many of the 15 former lawyers and executives fired by Barra last year after an internal investigation, and continue for five months concluding with the deposition of the CEO on Oct. 8.
- The class action lawyers say documents turned over by GM raise questions about the internal report, and suggest that GM is involved in a coverup of what happened.
- The coming depositions precede a trial in the consolidated lawsuits against GM in New York that is set for January.
Wed, Mar. 18, 9:00 AM
- General Motors (NYSE:GM) plans to cease manufacturing at a plant in St. Petersburg indefinitely with the Russian automobile market in disarray.
- The company plans to stop selling Opel models in the nation by the end of the year and cut back on the number of Chevrolet models offered.
- GM will book a $600M special charge in Q1 to account for the pullout.
Tue, Mar. 17, 8:04 AM
- Opel (NYSE:GM) car registrations -8.3% to 60,484 units in February, according to the European Automobile Manufacturers Association.
- Overall EU registrations +7.3% Y/Y in February, led by double-digit growth in Spain, Italy, and the U.K. YTD registrations +7.0%.
- Opel market share: 6.3% vs. 7.4% a year ago.
- Opel YTD registrations -6.0%.
- Results include the Opel, Vauhall, Chevrolet, and other GM brands.
- EAMA release (.pdf)
Mon, Mar. 16, 3:53 PM
- General Motors (GM +1.3%) is facing some serious allegations by attorneys involved in the class action ignition switch lawsuit.
- Sealed documents produced by Delphi Automotive indicate higher-level GM execs knew safety issues with ignition switch existed, according to a statement from one plaintiff lawyer.
- The conclusion contrasts from the GM-sponsored Valuskas report which tied the ignition switch problems to ineffectiveness from lower-level employees.
Fri, Mar. 13, 5:41 PM
- General Motors (NYSE:GM) has settled a high-profile civil lawsuit brought by the family of a Georgia woman who died in a crash and blamed a faulty GM ignition switch, ending litigation that helped bring to light the company's decade-long delay in recalling millions of defective vehicles.
- The Melton family settled a civil suit against GM for $5M in 2013 but filed a second lawsuit last year, alleging GM knew more about the defect linked to the death than it had disclosed in the prior case and had committed fraud.
- It was not until early 2014 that GM ordered the first recalls of 2003-11 compact cars equipped with defective switches, and disclosed that company officials had known about the problems for years.
Fri, Mar. 13, 8:11 AM
- General Motors (NYSE:GM) recalls close to 64K Chevrolet Volt hybrids.
- The action covers Volt cars from the model years 2011 to 2013 over the potential risk of carbon monoxide buildup if the vehicles is left running.
- Other EV/hybrid recall news: Tesla component part of RAV4 EV recall (Mar. 12 2015)
- GM -0.10% premarket to $38.39.
Thu, Mar. 12, 2:14 AM
- General Motors' (NYSE:GM) approval this week of a new $5B buyback plan will likely delay one of its important goals: achieving a top-tier credit rating that would benefit its growing auto finance division.
- GM Chief Executive Mary Barra on Monday declared that maintaining an investment-grade balance sheet was key, although Standard & Poor's and Moody's analysts say the carmaker's next upgrade could be delayed due to its new capital allocation plan.
- Previously: GM concerned about credit ratings (Feb. 13 2015)
Tue, Mar. 10, 7:05 AM
- Automobile sales in China are up 8.7% Y/Y to 3.43M units after the first two months of the year, according to the China Association of Automobile Manufacturers.
- Analysts tend to look at the two months together to smooth out the impact from the Chinese New Year holiday.
- YTD sales growth by manufacturer: GM (NYSE:GM) flat, Audi (OTCQX:VLKAY) +10.5%, Honda (NYSE:HMC) -7.6%, Ford (NYSE:F) +14.6%, Toyota (NYSE:TM) +13.6%, Nissan (OTCPK:NSANY) +11.7%, BMW (OTCPK:BAMXY) +2.7%.
Mon, Mar. 9, 7:44 AM
- General Motors (NYSE:GM) approves a new buyback plan of $5B worth of stock.
- The repurchase allowance will start immediately and run through the end of 2016.
- The company also boosts its quarterly dividend to $0.36/share.
- GM confirms it's on track to match its 2016 financial target of 10% EBIT-adjusted margins in North America and says it's on a pace to return to profitability in Europe.
- A target cash balance of $20B is set by the automaker.
- Previously: GM plans buyback to avoid proxy fight (Mar. 09 2015)
- GM +2.20% to $37.65.
Mon, Mar. 9, 1:52 AM
- General Motors (NYSE:GM) will disclose plans to return billions of dollars to shareholders as soon as today, with the hope of avoiding a potential proxy fight with activist investor Harry Wilson, WSJ reports.
- Wilson, who has been critical of GM's cash management and share price, will drop a previous request to join the Detroit auto maker’s board in light of the buyback plan.
- Previously: GM board battle: Buffett takes aim at Wilson (Mar. 03 2015)
- Previously: GM +3.6% as Harry Wilson seeks board seat (Feb. 10 2015)
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