General Motors Stock News

Japanese electronics giant Sony (SONY) is joining forces with automaker Honda (HMC) to develop and sell electric vehicles, with the first sales scheduled to begin in 2025. In a joint statement, Sony and Honda said they aim to establish a new company this year focused on electric vehicles. That company will design, develop, and sell electric vehicles but not own or operate manufacturing facilities. Honda will be responsible for manufacturing the electric vehicles at its existing plants. Sony will develop the mobility service platforms for the vehicles. Sony is already a key supplier of image sensors for smartphones and is increasingly designing microchips for cars. Sony said in January that it will set up a company called “Sony Mobility” to explore entry into the electric vehicle market. Honda has been transitioning to becoming an electric car company. The Japanese automaker said it would phase out gas-powered vehicles by 2040. Honda currently has a joint venture with General Motors (GM) to develop electric vehicles for the Asian market.

President Joe Biden has been pushing for more U.S. factory jobs — and he''ll be joined Friday by the CEO of technology company Siemens USA to announce a $54 million investment in producing equipment for the electrical infrastructure. The investment will lead to 300 additional jobs at locations that include California and Texas, according to senior Biden administration officials who insisted on anonymity to preview the event on the White House campus. Siemens USA CEO Barbara Humpton is among several manufacturing executives who''ve met with Biden in recent weeks to discuss their expansion plans. The White House previously highlighted plans by Intel to open a $20 billion plant in Ohio and General Motors committing $7 billion to create 4,000 jobs for making electric vehicles in Michigan. The U.S. has about 12.6 million manufacturing jobs, about 200,000 jobs shy of pre-coronavirus pandemic levels. Past presidents have pledged a factory boom, yet the economy had roughly 17.3 million manufacturing jobs toward the start of 2000 when outsourcing to China and other countries accelerated as employers sought to lower their costs.

These Are All The Companies That Have Cut Ties With Russia An ever-expanding list of public companies, including Apple, Exxon, GM, and Nike, are proudly announcing they are cutting ties to Russia as its invasion of Ukraine brings condemnation and sanctions. But while all this sounds very ''politically-correct'' and ''shared-sacrifice''-y, Bloomberg reports that if every U.S. tech firm followed Apple and disconnected from Russia, it would reduce revenue by only 1%-2% in a worst-case scenario , according to Wedbush analyst Dan Ives. So far, the lost business looks like it won’t have a major impact on profits (or stock prices), especially with China being by far Russia''s largest trading partner. You will find more infographics at Statista In fact, for some, like Exxon, cutting ties with Russia can spark a ''virtue-signaling'' ESG boost with minimal impact to the company''s actual business , and as Bloomberg''s Tim Culpan remarks in a very frank opinion piece, consumer brands halting sales in Russia "smells of opportunism" to some, with transportation constrained, limited access to international payments systems, and a sinking ruble: "While that sounds like an appropriate response to Moscow’s brutality, it also smells of opportunism… ...it’s hard not to wonder whether companies were taking a principled stand only once it was no longer feasible to do business in the country " Of course soaring oil and other commodities cost will strike at profits as expenses rise and consumers have less to spend.

GM said it''s reviewing the decision and deciding what to do next.

The electric vehicle (EV) company did something tone-deaf that outraged its biggest fans.

This week, US President Joe Biden tweeted out he below. “Ford is investing $11 billion to build electric vehicles, creating 11,000 jobs across the country. GM is making the largest investment in its history—$7 billion to build electric vehicles, creating 4,000 jobs in Michigan”. It’s a nice pat on the back for both Ford and […] The post Does Joe Biden hate Elon Musk? appeared first on Invezz .

COLUMBUS, Ohio (AP) — Ohio’s U.S. senators said Thursday that they have lined up bipartisan support in both houses of Congress for new legislation that would restore the terminated pensions of more than 20,000 salaried retirees of Delphi, the bankrupted former auto parts supplier. The move followed a U.S. Supreme Court decision in January declining to take up the retirees'' final legal appeal. U.S. Sens. Rob Portman and Sherrod Brown, a Republican and Democrat, respectively, are carrying the bill in the Senate. U.S. Reps. Tim Ryan and Mike Turner, a Democrat and Republican from Ohio, and U.S. Rep. Dan Kildee, a Michigan Democrat, introduced companion legislation in the House. It would require the U.S. Treasury to make up the difference between partial retirement benefits the retirees were granted by the U.S. Pension Benefit Guaranty Corp. after General Motors filed for bankruptcy in 2009 and what they were originally promised. The corporation cut pensions by as much as 70%, on grounds it could not pay more than the statutory maximum amount.

Shares of several companies in the auto & auto component space, including Ford Motor Company (NYSE: F ), Fisker Inc (NYSE: FSR ), General Motors Company (NYSE: GM ), Tata Motors Limited ADR (NYSE: TTM ) and Tesla Inc (NASDAQ: TSLA ), are all trading lower as stocks pull back on continued volatility amid Russian military aggression in … Full story available on Benzinga.com

Elon Musk taunted President Biden or the “person controlling” the President’s Twitter account for failing to mention Tesla’s investment in electric vehicle production during the State of the Union address. Biden tweeted an excerpt from his speech that outlined investments being made by Ford and GM in America. “Ford is investing $11 billion in electric […] The post Elon Musk Fact-Checks Biden Live During State Of The Union Address After Tesla Was Snubbed appeared first on The Political Insider .

Musk noticed that Biden snubbed him in his speech because, unlike GM and Ford, Tesla isn''t unionized and is therefore unworthy.

Tesla Inc (NASDAQ: TSLA ) CEO Elon Musk on Thursday challenged the United Auto Workers (UAW) labor union to hold a vote at their "convenience" at the EV maker’s Fremont factory in California and see if they manage to win. What Happened: President Joe Biden had on Tuesday failed to mention Tesla during his State of the Union speech while praising legacy automakers General Motors Co (NYSE: GM ) and Ford Motor Co (NYSE: F ) for their electric vehicle investments and job creation in the United States. Unlike GM and Ford, Tesla does not have unions at its factories. The Austin, Texas-based company had 99,290 full-time employees at the end of 2021. “I’d like hereby to invite UAW to hold a union vote at their convenience,” Musk wrote on the microblogging site … Full story available on Benzinga.com

Giant global businesses in every sector are abandoning Russia following the invasion of Ukraine. Why it matters: In addition to condemning the invasion, the companies see an impossible environment — from worker safety … to the logistics of getting supplies ... financial and sales disruption ... and the complexity of complying with sanctions. State of play: Financial sanctions have isolated Russia from the rest of the world . Businesses operating in Russia have an increasingly limited ability to collect revenue or pay workers and suppliers. Economic sanctions, including export controls, have curtailed imports . Some workers are being moved out of Russia. Restricted airspace and travel are preventing companies from getting equipment they need to continue to operate. Between the lines: Some companies that have very little physical presence in Russia — including many in tech , retail and media — are limiting how products are used in Russia, or have pulled them. Flashback: Since the Soviet Union''s collapse three decades ago, Russia had been seen as an emerging market with long-term growth potential.

NEW YORK: Ford announced yesterday it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles. Under the plan, which sent Ford shares sharply higher, the conventional internal combustion operations will be known as “Ford Blue,“ while the electric vehicle (EV) products will be run through “Ford Model e.” The reorganisation, while significant, keeps both operations under the same corporate roof and avoids a potential spin-off that had generated speculation on Wall Street. “Our legacy organisation has been holding us back,” said chief executive Jim Farley. “We had to change.” Ford said the intention is to give the EV venture “the focus and speed of a startup”, while the conventional business will try to excel at the challenges of a mature business, “relentlessly attacking costs, simplifying operations and improving quality”. The two ventures will each have distinct executive leadership and report their own financial results.

"Mad Money" host Jim Cramer on Wednesday discussed Ford''s internal restructuring and the electric-vehicle progress he sees from legacy automakers including GM.