Detroit

2022 BOLT EUVSource: ChevroletDETROIT – Despite rising commodity costs, General Motors on Wednesday slashed the price of its 2023 Chevrolet Bolt EV, likely making it the least expensive electric vehicle on sale in the U.S.The Detroit automaker cut the price of the Bolt EV to a starting price of $26,595, down $5,900 from the 2022 model year. GM also reduced the price of its larger Bolt EUV by $6,300 to start at $28,195. All pricing includes a mandatory $995 destination charge.The price cuts come as automakers, especially…

Striking United Auto Workers members and supporters attend a speech by Vermont Sen. Bernie Sanders outside General Motors' Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit.Michael Wayland / CNBCDETROIT – The United Auto Workers union is accusing a new General Motors joint venture of denying access to workers to conduct a preliminary organizing vote.UAW Vice President Terry Dittes, in a letter to union leaders Tuesday obtained by CNBC, said leaders of the joint venture between GM and LG Energy Solution, called…

Spatial distribution of home gardens (N =478) and community gardens (N =130) in the 56 neighborhoods of Detroit, Highland Park, and Hamtramck. Image courtesy of the researchers A wide-scale look at Detroit's urban gardens finds that while they don't seem to foreshadow gentrification in the city, there are some unsettling trends about where they're located and the sociodemographics in those areas.…

Many renters believe that a cost-of-living crisis is brewing in America's major cities.New York City is showing up as a hotspot of rent inflation. The average rent for 1-bedroom apartments in Manhattan rose to $3,995 a month in May 2022 — a 41% increase from one year ago, according to Zumper.Sudden, double-digit rent spikes are hitting other hubs, including Chicago, Los Angeles, and Austin, Texas. Zumper data shows that growth is particularly strong in Sun Belt cities such as Miami, where rents have risen to $2,700 a…

Mary Barra, Chair and CEO of the General Motors Company (GM), speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022.Patrick T. Fallon | AFP | Getty ImagesDETROIT — Shares of General Motors on Thursday hit a new 52-week low and opened at their lowest price since November 2020, after Wells Fargo downgraded the stock and significantly slashed its target price for the company.Wells Fargo analyst Colin Langan lowered GM's rating after market close Wednesday to "underweight" from…

2023 Cadillac Escalade V-SeriesCadillacDETROIT – General Motors' newest Cadillac Escalade will be the most powerful and expensive version of the full-size SUV ever when it goes on sale this summer, starting at about $150,000.The Detroit automaker unveiled the 2023 Cadillac Escalade-V on Wednesday with a supercharged 6.2-liter V-8 engine that delivers 682 horsepower and 653 foot-pounds of torque. That's significant performance improvement over the 420 horsepower and 460 foot-pounds of torque of the SUV's current V-8…

A sign advertises cash paid for used cars in Alhambra, California on January 12, 2022.Frederic J. Brown | AFP | Getty ImagesDETROIT – Wholesale used-vehicle prices have notably fallen from a record high, set in January, signaling the worst of sky-high prices related to higher inflation in the U.S. may be behind us.Cox Automotive said on Friday that its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, declined 1% in April from March – marking the third straight…

DETROIT – General Motors will produce an electrified Chevrolet Corvette next year, followed by an all-electric version of the iconic sports car, GM President Mark Reuss said Monday.Reuss said the automaker will continue to manufacture traditional models with internal combustion engines alongside the electrified models. He declined to disclose when the all-electric Corvette would be released or whether the "electrified" model would be a traditional hybrid or plug-in hybrid electric vehicle."We will have an electrified…

The General Motors world headquarters office is seen at Detroit's Renaissance Center.Paul Hennessy | LightRocket | Getty ImagesDETROIT — There's growing concern among Wall Street analysts that higher costs and supply chain disruptions will put pressure on 2022 earnings for General Motors and Ford Motor — even more than initially expected.Ahead of the Detroit automakers' first-quarter earnings reports this week, several analysts cited such problems, including inflation and parts disruptions caused by the coronavirus…

DETROIT – Amid rising costs and supply chain instability, General Motors reaffirmed its earnings expectations for 2022 despite reporting a lower net profit and margin compared with a year ago.CEO Mary Barra and CFO Paul Jacobson described the first-quarter results as "solid" and a testament to actions the company has taken in recent years to lower operational costs, while navigating difficult circumstances.GM reaffirmed its pretax adjusted earnings forecast of between $13 billion and $15 billion for the year, while…