GM CEO Mary Barra's two-word dress code still applies
Back when General Motors CEO Mary Barra was an HR executive at the automaker, she revised the dress code from several pages to two words: Dress appropriately.Back then there was some agreement on what that meant.Get market news worthy of your time with Axios Markets. Subscribe for free.Why it matters: Now as people slowly return to the office, there's confusion. Many grew accustomed to elastic waistbands; we haven't buttoned or zipped pants in a while. There are big questions: Are sweatpants OKnews.yahoo.com
GM CEO Mary Barra says company is worth more keeping EV battery unit in house
General Motors CEO Mary Barra on Wednesday once again pushed back on spinning off its emerging electric vehicle battery business. Keeping the unit within GM will create more value for the company than spinning it off, Barra said. "For an electric vehicle, it's all about the battery," she said in an interview on "Squawk on the Street." Barra touted the company's plans to sell its Ultium battery cells as well as its Hydrotech fuel cell technology to other companies. Speculation and pressure from Wall Street about a potential spinoff of GM's electric vehicle operations has been rampant for some time.cnbc.com
GM expands board to 13 with Meg Whitman and NBA's Mark Tatum
General Motors expanded its board of directors to 13, appointing former Hewlett-Packard chief Whitman and NBA executive Mark Tatum effective Thursday, March 25, 2021. Seven of GMs directors are now women, including board chair and Chief Executive Officer Mary Barra, who in 2014 became the first woman to lead a major U.S. automaker. (AP Photo/Richard Drew, File)DETROIT – General Motors said Thursday that it has expanded its board to 13 members and appointed former Hewlett-Packard chief Meg Whitman and NBA executive Mark Tatum as directors. There has been an acknowledgment in the U.S. and abroad that white men are overrepresented on the boards of major corporations. Women hold 43.8% of the board seats at companies in France’s 40 biggest publicly traded companies, the U.K. panel said.
Ex-HP CEO Meg Whitman and NBA COO Mark Tatum join General Motors board
DETROIT — General Motors is adding former Hewlett Packard executive Meg Whitman and National Basketball Association Chief Operating Officer Mark Tatum to its board, effective immediately. The elections come at a pivotal time for the automaker, which plans to transition to an all-electric vehicle lineup by 2035. They bring GM's board to 13 members, 12 of whom are independent directors. GM CEO and Chairman Mary Barra is the only company representative on the board. Tatum, 51, was appointed COO and deputy commissioner of the NBA in 2014.cnbc.com
GM and Ford take cues from Tesla's success, but try to avoid Musk's mistakes
Battery cell productionTesla has been producing battery cells domestically through a partnership with Panasonic since 2017. "We need to bring battery production to the U.S.," Farley said last month during a Wolfe Research conference. The event was compared by some to Tesla's "Battery Day." The monitoring also makes it so drivers don't have to "check-in" by touching the steering wheel like in Tesla vehicles. A view of the dashboard in a new Tesla Model S car at a Tesla showroom on November 5, 2013 in Palo Alto, California.cnbc.com
GM CEO Mary Barra: 'We're just at the beginning' of where company's stock will move
General Motors Chairman and CEO Mary Barra on April 1, 2020 tours one of the company's facilities in Warren, Michigan that will produce Level 1 face masks. General Motors CEO Mary Barra believes the automaker's stock has a long runway ahead of it as the automaker pivots to focus on all-electric vehicles. Barra said it's not just about GM's "convergence of electric vehicles, but it's also improving." She used GM's new EV commercial business BrightDrop as an example. The new unit is expected to supply EVs as well as logistical services and other products such as a propulsion-assisted, electric pallets to commercial customers.cnbc.com
Marriott CEO Sorenson, 62, dies of pancreatic cancer
FILE - In this Dec. 19, 2012, file photo, Marriott CEO Arne Sorenson speaks during a groundbreaking ceremony for a Marriott hotel in Port-au-Prince, Haiti. Sorenson was the third CEO in Marriotts 93-year history, and the first without the Marriott surname. Sorenson reduced his schedule at Marriott this month to pursue a more aggressive cancer treatment. He was first diagnosed with pancreatic cancer in 2019; a recent routine scan had confirmed the cancer had returned, the company said. Sorenson was the first Marriott CEO whose name was not Marriott, and only the third to lead the company in its 93-year history.
Cost of a single Bitcoin exceeds $50,000 for first time
– The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. Some businesses also accept bitcoin, but its popularity has stalled out in recent years. Overstock.com appears to accept Bitcoin for most listings on its website, including cameras, vacuums and clothes. When this bubble bursts and at what price Bitcoin settles at is anyone’s guess,” Reiners said.
GM's Chevy Bolt SUV joins parade of new US electric vehicles
The Bolt Electric Utility Vehicle will go on sale early this summer as a 2022 model. About 2.5 million electric vehicles were sold worldwide last year. Fully electric vehicles accounted for less than 2% of U.S. new vehicle sales last year, and Americans continue to spend record amounts on larger gas-powered trucks and SUVs. IHS Markit analyst Stephanie Brinley said the new SUV is another step toward wider adoption of fully electric vehicles, but it will take many more. The credit is phased out after manufacturers hit 200,000 in electric vehicle sales, and GM and Tesla have both passed that level.
Autoworkers face uncertain future in an era of electric cars
It also clouded the future for 50,000 GM workers whose skills — and jobs — could become obsolete far sooner than they knew. But President Joe Biden has made the development of a U.S. electric vehicle supply chain a key part of his ambitious plan to create 1 million more auto industry jobs with electric vehicles. The more environmentally focused plants of the future will need fewer workers, mainly because electric vehicles contain 30% to 40% fewer moving parts than petroleum-run vehicles. At the century-old transmission plant in Toledo, GM workers make sophisticated six-, eight-, nine- or 10-speed gearboxes. Eventually, those parts will be replaced by far simpler single-speed drivetrains for electric vehicles.
GM has no interest in following Tesla and investing in bitcoin
If there's strong customer demand for it in the future, there's nothing that precludes us from doing that." In the filing with the Securities and Exchange Commission, Tesla said it bought the bitcoin for "more flexibility to further diversify and maximize returns on our cash." GM, unlike Tesla, does not sell its vehicles directly to consumers. If GM were to accept the cryptocurrency for new vehicles, it would have to work the process out with its dealers and their shared systems. Billionaire businessman Tilman Fertitta told CNBC on Tuesday his luxury car dealership has sold 17 vehicles to buyers using bitcoin since it started accepting transactions using the digital currency nearly three years ago.cnbc.com
GM 2020 profit drops, but it makes $6.43B despite pandemic
General Motors net profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. (AP Photo/Richard Drew, File)DETROIT – General Motors' profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. GM predicted the shortage will cost it $1.5 billion to $2 billion in earnings before taxes this year due to lost production. Still, GM expects pretax income for the year of $10 billion to $11 billion, or $4.50 to $5.25 per share. Of that, $6 billion would go to electric vehicles and $1 billion would go to autonomous, Chief Financial Officer Paul Jacobson said.
GM warns chip shortage could cut 2021 earnings by up to $2 billion
GM's crosstown rival, Ford Motor, said last week the shortage could lower its earnings by $1 billion to $2.5 billion this year. Here's what GM reported versus what Wall Street expected, based on average analysts estimates compiled by Refinitiv. Adjusted earnings per share: $1.93 vs. $1.64 expected, based on average analysts' estimates compiled by Refinitiv. The automaker reported pretax adjusted earnings of $3.7 billion for the fourth quarter, up from $105 million a year earlier. Correction: The labor strike stopped GM vehicle production during the fourth quarter of 2019.cnbc.com
GM to eliminate gas-burning vehicles by 2035
The announcement, made on LinkedIn, puts a timeline onto GM's previously stated commitment to electric vehicles. That is why it is so important that we accelerate toward a future in which every vehicle we sell is a zero-emissions vehicle," Barra wrote. The announcement does not apply to heavy-duty vehicles, such as commercial trucks. GM, which makes Buick, Cadillac, Chevrolet and GMC vehicles, had previously sided with the Trump administration in its attempt to stop California from setting its own emissions standards. Gasoline- or diesel-burning vehicles today make up 98% of GM's sales and all of its profit, the Wall Street Journal reported.cbsnews.com
5 CES Trends to Watch
FILE - People look at a 145 inch Ultra Large UHD display in the LG booth at the CES tech show, on Jan. 8, 2020, in Las Vegas. CES, the annual gadget show that showcases the buzziest and brightest tech, looks different this year less Vegas glitz, more internet efficiency. Trends to watch reflect the tumultuous year that preceded it. These include COVID-related robots and gadgets, products that make it easier to work from home, more uses for 5G technology, AI infused in everything, and TVs that can bend or even become transparent. On the last day of CES, Samsung will debut its new 5G enabled iteration of its Samsung Galaxy phone — an event that isn't affiliated with CES but still likely to draw buzz.
GM charges up new unit to sell electric delivery vans, gear
This photo provided by General Motors shows EP1 electric pallet. General Motors is forming a new business unit to tap the market for delivery vehicles and equipment powered by electricity. Then GM will roll out a clean electric delivery van. Showing Wall Street’s fascination with electric vehicles, GM shares rose to their highest intraday price since the company left bankruptcy protection in 2010. GM has pledged to roll out 30 new electric vehicles globally and spend $27 billion developing them by 2025.
GM flips to California's side in pollution fight with Trump
DETROIT – General Motors is switching sides in the legal fight against California's right to set its own clean-air standards, abandoning the Trump administration as the president's term nears its close. CEO Mary Barra said in a letter Monday to environmental groups that GM will no longer support the Trump administration in its defense against a lawsuit over its efforts against California's standards. Already at least one other large automaker, Toyota, said it may join GM in switching to California's team. About a dozen other states follow California's standards. The Trump administration’s plan increased fuel economy by 1.5% per year, backing off an earlier proposal to freeze the requirements at 2021 levels.
‘More people may die’: Biden urges Trump to aid transition
“More people may die if we don’t coordinate,” Biden told reporters during a news conference Monday in Wilmington, Delaware. The Trump administration is working on its own distribution plan, while Biden’s chief of staff indicated his transition team will proceed with their own planning separately because of the obstruction. Last week, a larger group of Republicans in Congress called on the Trump administration to allow Biden to begin receiving national security briefings. Since defeating Trump, Biden has devoted most of his public remarks to encouraging Americans to wear masks and embrace social distancing measures. But on whether Biden should receive coronavirus briefings, many of Trump's allies on Capitol Hill remained dug in.
'More people may die': Biden urges Trump to aid transition
“More people may die if we don’t coordinate,” Biden told reporters during a news conference in Wilmington, Delaware. The Trump administration is working on its own distribution plan, while Biden’s chief of staff indicated his transition team will proceed with their own planning separately because of the obstruction. Last week, a larger group of Republicans in Congress called on the Trump administration to allow Biden to begin receiving national security briefings. Since defeating Trump, Biden has devoted most of his public remarks to encouraging Americans to wear masks and embrace social distancing measures. But on whether Biden should receive coronavirus briefings, many of Trump's allies on Capitol Hill remained dug in.
Rising star in Detroit departs suddenly for Silicon Valley
The chief financial officer at General Motors, Dhivya Suryadevara, is trading Detroit for Silicon Valley in a surprise departure to join Jack Dorsey's startup, Stripe. She has helped the company strengthen our balance sheet, improve our cost structure, focus on cash generation and drive the right investments for our future. Stripe is maintaining a $2 billion balance sheet, more fortress-like than besieged, as so many major companies have become during the COVID-19 crisis. Adding to Stripes client roster this year alone are the companies Caviar, Coupa, Just Eat, Mattel, NBC, and Paid. I really enjoy leading complex, large-scale businesses and I hope to use my skills to help accelerate Stripes already steep growth trajectory.General Motors named John Stapleton, GM North America chief financial officer, as acting global chief financial officer, effective Saturday.
Plug it in: Electric car charging station numbers are rising
There are now 26,000 electric vehicle charging stations open to the public in the U.S., with more than 84,000 plugs. Currently electric vehicles make up only about 1.3% of total new vehicle sales in the U.S., according to the Edmunds.com auto site. But the bulk of the nations public charging network is much slower. Electrify America now has over 450 charging stations in the U.S. with more than 2,000 fast-charging outlets, Moran said. Guidehouse analyst Sam Abuelsamid said the number of chargers is increasing rapidly and should be enough to meet demand as more electric vehicles are sold.
Europe's shift to electric cars picks up despite recession
The coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. Sales of battery-powered and hybrid cars have held up despite a deeply painful recession, mainly thanks to the action of governments. (AP Photo/Jens Meyer, file)FRANKFURT The coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. By contrast, electric car adoption is moving more slowly in the U.S. due to regulatory uncertainty. Last year, automakers sold 236,000 fully electric vehicles in the U.S., only 1.3% of the 17.3 million new vehicles that were purchased.
AMD's Lisa Su is first woman to top AP's CEO pay analysis
FILE - In this May 1, 2019 photo, Lisa Su, president and CEO of AMD, attends the opening bell at Nasdaq, in New York. Pay for women was up 2.3% from last year, looking at the median; the median change for men was 5.4%. The gain was driven primarily by rewards for performance, including $53 million in stock awards and $3 million in stock options, which vest over several years. To calculate CEO pay, Equilar adds salary, bonus, perks, stock awards, stock option awards, deferred compensation and other pay components that include benefits and perks. Stock awards can either be time-based, or performance-based, meaning the CEO has to meet certain goals before getting them.
GM CEO calls meeting with union, as strike drags on
General Motors company CEO Mary Barra called United Auto Workers union President Gary Jones and Vice President Terry Dittes for a face-to-face meeting -- their first since the strike began, according to three sources familiar with the meeting. DETROIT - On the 24th day of the strike against General Motors, company CEO Mary Barra called United Auto Workers union President Gary Jones and Vice President Terry Dittes for a face-to-face meeting their first since the strike began, according to three sources familiar with the meeting. Other sources familiar with the meeting could not confirm discussion of the company's credit rating. Shares of GM closed slightly higher Thursday but are still down 11% since the start of the strike. Negotiations between GM and the union stalled over the weekend after the auto company rejected the union's latest contract proposal.
The facts about China, GM and its four plants slated for closure
Last week Trump unleashed his latest twitter attack on GM, incorrectly suggesting that it was the company's plants in China that were responsible for the decision to shut down the four US plants. Once GM is done with this round of plant closings it will have 29 US plants, down from 33. Also, GM did not "move" any plants to China. Chinese plants do not ship many cars back to the United States, and do not have any impact on US factories. Many of the more than 3,000 hourly employees who worked at those plants in November have been offered jobs at other GM plants, and many have taken the offer to move.