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7 minutes ago

LIVE: Gov. DeSantis delivers remarks at first presidential campaign event in Iowa

BREAKING NEWS

LIVE: Gov. DeSantis delivers remarks at first presidential campaign event in Iowa

MARY BARRA


Workers at GM joint venture battery plant vote to join UAW

Workers at a General Motors joint venture electric vehicle battery factory in Ohio have voted to join the United Auto Workers union.

GM CEO Barra says electric vehicles to be profitable by 2025

General Motors expects its portfolio of electric vehicles to turn a profit in North America by 2025.

GM sidesteps economic headwinds; Q3 profit jumps nearly 37%

General Motors’ third-quarter net profit rose 36.6% as vehicle sales began to rebound from persistent parts supply chain troubles.

GM spending $760M to convert Toledo factory to make EV parts

General Motors says it will spend $760 million to renovate its transmission factory in Toledo, Ohio, so it can build drive lines for electric vehicles.

Cheaper electric vehicles coming despite high battery costs

Auto companies are rolling out more affordable electric vehicles that should widen their appeal to a larger group of buyers.

GM venture starts building battery cells at new Ohio factory

General Motors says a new electric vehicle battery plant built in Ohio has started producing cells, which could help customers get federal tax credits.

Hobbled by chip, other shortages, GM profit slides 40% in Q2

General Motors’ second-quarter net income fell 40% from a year ago as computer chip and parts shortages hobbled factory output and caused the company’s U.S. sales to fall more than 15%.

Automakers targeting average households with new crop of EVs

In their first rollouts of electric vehicles, America’s automakers targeted people who value short-range economy cars.

GM CEO Barra says headquarters to stay in downtown Detroit

General Motors will keep its headquarters in its seven-building office tower complex in downtown Detroit, its CEO says.

The AP Interview: GM's Barra talks electric vehicles, future

The economy is a bit wobbly, but General Motors CEO Mary Barra isn’t backing off of an audacious prediction: She pledges that by the middle of this decade, her company will sell more electric vehicles in the U.S. than Tesla, the global sales leader.

Automakers ask Congress to lift electric vehicle tax cap

Major automakers are asking Congress to lift the cap on how many people can receive tax credits for buying a hybrid or fully electric vehicle.

Pay for female CEOs rose 26% in 2021, but ranks remain small

Pay packages for the women who run S&P 500 companies jumped in 2021 as the economy recovered and stock prices and profits soared.

CEO pay rose 17% in 2021 as profits soared; workers trailed

Pay for CEOs who run the biggest U.S. companies soared 17.1% last year, up to a median of $14.5 million.

GM's $2.94B 1Q profit tops Street views, but revenue misses

General Motors’ net income declined in the first quarter, as the automaker sold fewer cars and trucks worldwide, though higher prices helped boost revenue, especially in North America.

US electric-vehicle tax credits ending for new Toyota buyers

Toyota customers soon won’t be able to get U.S. federal tax credits for buying electric or plug-in hybrid vehicles.

No deal! Auto experts say dealership discounts are not coming back

Vehicle discounts, cashback offers and special deals are likely a thing of the past, according to Kelly Blue Book.

EXPLAINER: A scarcity of chips feeds frustration, inflation

Even coming off its fastest rate of annual growth in 37 years, the U.S. economy is still bogged down by a persistent shortage of the computer chips essential to the technology that connects, transports, and entertains us.

Biden gets CEO support for economic agenda

President Joe Biden is getting support from several business leaders on his economic agenda that has stalled in the Senate.

GM to spend nearly $7B on EV, battery plants in Michigan

General Motors is making the largest investment in company history in its home state of Michigan, announcing plans to spend nearly $7 billion to convert a factory to make electric pickup trucks and to build a new battery cell plant.

Scaled-back CES gadget show returns to Las Vegas Strip

Thousands of people have gathered in Las Vegas for a tech conference that’s been scaled back because of COVID-19 precautions.

New GM electric truck faces competition and skeptical buyers

Even though the consumer appetite for electric pickup trucks is a bit murky, the competition for buyers just got a whole lot tougher.

GM CEO says making ventilators changed the company culture

The CEO of General Motors says the automaker learned valuable lessons last year when it stepped in to boost emergency production of ventilators to treat severely ill COVID-19 patients.

Ford, GM profits fall as sales drop due to chip shortage

The global computer chip shortage cut into third-quarter profits at both Ford and crosstown rival General Motors, with both companies having to temporarily close factories, pinching supplies on dealer lots.

GM sets to double revenue, lead US in electric vehicle sales

General Motors plans to cash in as the world switches from combustion engines to battery power, promising to double its annual revenue by 2030.

From CVS to Goldman Sachs, FDA move prompts vaccine mandates

From Walt Disney World to Goldman Sachs, a flurry of private and public employers are requiring workers to get vaccinated against COVID-19 after the federal government gave full approval to the Pfizer shot.

GM posts $2.8B profit, but cautious tone sinks share price

General Motors posted a healthy $2.8 billion second-quarter profit Wednesday, but its cautious outlook for the rest of the year spooked investors.

Eying deal, GM softens on tough standards for car pollution

The nation’s largest automaker says it can support greenhouse gas emissions limits that other car manufacturers negotiated with California — if they are achieved mostly by promoting sales of fully electric vehicles.

Female CEOs saw ranks dwindle in 2020; median pay fell 2%

Most of the women running the biggest U.S. companies saw their pay increase last year, even as the pandemic hammered the economy and many of their businesses.

GM expects big 2021 profit, says it's managing chip shortage

General Motors’ first-quarter net income surged to $2.98 billion as strong U.S. consumer demand and higher prices overcame production cuts brought on by the global shortage of computer chips.

The Latest: New Mexico preparing for 'vaccine hesitancy'

New Mexico health officials say they are preparing to respond to pockets of vaccine hesitancy in some communities as overall interest increases in receiving the vaccine for COVID-19.

Union, automakers headed for fight over battery plant wages

The United Auto Workers union is calling on General Motors to pay full union wages at electric vehicle battery factories, thrusting what was a festering conflict into the spotlight because automakers want to pay less.

Leaders of GM, Ford among objectors to voting restrictions

The leaders of three-dozen major Michigan-based companies, including General Motors and Ford, have announced their objection to Republican-sponsored election bills that would make it harder to vote in Michigan and other states.

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.

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 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.

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.

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