Paul Jacobson

DETROIT — General Motors' plans to diversify its business through trendy industries such as ridesharing and other "mobility" ventures or startups have largely fallen flat since the automaker started investing in such growth areas in 2016.Cruise, its majority-owned autonomous vehicle subsidiary, is increasingly looking like it might be next.The unit has quickly gone from one of GM's greatest business opportunities to a growing liability. Cruise, of which GM owns more than 80%, has confronted a wave of problems and…

The automaker says buyers are willing to pay for pricier models and features. The automaker says buyers are willing to pay for pricier models and features. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish…

American car shoppers have been flocking to dealerships, shaking off concerns about rising interest rates and inflationary pressures. American car shoppers have been flocking to dealerships, shaking off concerns about rising interest rates and inflationary pressures. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their…

Mary Barra, chief executive officer of General Motors Co., during the South by Southwest (SXSW) festival in Austin, Texas, US, on Tuesday, March 14, 2023.  Jordan Vonderhaar | Bloomberg | Getty ImagesDETROIT – When a company beats Wall Street's earnings expectations and raises guidance amid recessionary fears and other economic concerns, you would expect the stock to rally.Look no further to defy that logic than shares of General Motors, which are down nearly 6% this week since the company reported its first-quarter…

General Motors CEO Mary Barra, center, at the New York Stock Exchange, Nov. 17, 2022.Source: NYSEDETROIT — General Motors is set to report its first-quarter earnings before the bell Tuesday.GM Chief Financial Officer Paul Jacobson earlier this month said the first quarter was coming in "right alongside" the company's expectations, noting sales were up 18%."We gained share during that time period, and we did it without going after price. We did it without increasing and ramping up incentives," he said April 4 during a BofA…

Apple Inc.’s CarPlay, the app that allows drivers to use their iPhones through the car’s display, has become a staple in millions of cars and trucks sold each year and a mission-critical feature for some buyers.  Now, General Motors Co. is ditching the popular app on many of its new electric models, along with a similar one made by Alphabet Inc.’s Google for Android phones.  Apple Inc.’s CarPlay, the app that allows drivers to use their iPhones through the car’s display, has…

A GMC pickup truck is displayed for sale on a lot at a General Motors dealership on January 05, 2023 in Austin, Texas.Brandon Bell | Getty ImagesDETROIT – About 5,000 white-collar workers at General Motors opted to participate in a buyout program that was announced last month to lower the automaker's global head count and fixed costs.GM CFO Paul Jacobson said Tuesday the company expects to take a roughly $1 billion charge during the quarter as a result of the program. The head count reduction was part of GM's plans to cut…

A worker checks the quality of a vehicle before rolling off the assembly line at the production workshop of SAIC General Motors Wuling in Qingdao, East China's Shandong province, Jan. 28, 2023. (Photo credit should readCFOTO | Future Publishing | Getty ImagesGeneral Motors is losing ground in China, its top sales market for more than a decade and one of two main profit engines for the Detroit automaker.The company's market share in the country, including its joint ventures, has plummeted from roughly 15% in 2015 to 9.8%…

Mary Barra, CEO, GM at the NYSE, November 17, 2022.Source: NYSEDETROIT – General Motors is cutting hundreds of salaried positions as it follows other major companies, including competitors, in downsizing headcounts to preserve cash and boost profits.The cuts affect about 500 positions, according to a person familiar with the plans, which were announced internally Tuesday. They will be across various functions of the company, said the person, who asked not to be named because the plans are not public.The timing of the…

General Motors Co. GM 8.35% posted a $2 billion net profit for the fourth quarter, a surprisingly strong result as factory output rebounded from supply-chain troubles and pricing held strong despite mounting consumer pressures.The Detroit auto maker also said Tuesday it is investing $650 million in a mining company to jointly develop a lithium-extraction project in Nevada. It is the latest move by GM and other auto makers to lock in battery resources to support…