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...“The problem for Cruise as a business is GM is dependent on it for all the software [revenue] targets the company has set,” said one....
...General Motors said last year’s six-week strike by its unionised workers cost the company $1.1bn and a dip in its market share, but it still beat analysts’ expectations for fourth-quarter earnings and presented...
...General Motors’ Cruise faces probes by numerous federal and state authorities, including the Department of Justice and Securities and Exchange Commission, after an accident that led to the shutdown of driverless...
...But each of the company’s past two pay increases topped $2 an hour....
...General Motors shares were up 4.4 per cent in pre-market trading in New York....
...The report, which Cruise and GM commissioned from law firm Quinn Emanuel, provides new details of the company’s response to the crisis, which has dealt a major blow to its expansion ambitions and renewed...
...Cruise, the autonomous driving unit of General Motors, said it will cut about a quarter of its workforce, as the company overhauls its business after California regulators banned its driverless vehicles...
...Nissan chief executive Makoto Uchida is blunt on the need for new partners, although the company insists its alliance with Renault and Mitsubishi Motors will not be unwound....
...The California Department of Motor Vehicles has accused the GM subsidiary of having “misrepresented” the details of the crash, and the carmaker has hired a law firm to review its response....
...General Motors-owned company from the state’s roads....
...Cruise’s fully autonomous cars, based on GM’s Chevrolet Bolt, had become a familiar sight on San Francisco streets in recent months, particularly in the evening when the company operated a fleet of 300 vehicles...
...Cruise, the self-driving car subsidiary of General Motors, targeted annual revenues of $1bn by 2025. Last year, the business reported sales of just $102mn amid a $3.4bn loss....
...“Across the three companies, 64 per cent of voting members voted in favour of the agreements”, the UAW wrote on X on Monday, locking in the tentative agreements reached with each company....
...GM declined to comment. Hours after announcing a deal with Stellantis, the UAW escalated its action against GM over the weekend, hitting its plant at Spring Hill, Tennessee. Read more on GM here...
...metal to General Motors....
...The United Auto Workers will expand its strike against Ford and General Motors, while sparing Stellantis from further action, citing progress with the company at the bargaining table....
...The United Auto Workers have been on strike for more than five weeks against GM, Ford and Stellantis....
...Honda is falling further behind in the battery EV race after scrapping a $5bn plan to develop affordable battery-powered cars with General Motors last year....
...Ford and GM have yet to publish their 2023 annual reports, which will give details of their chiefs’ pay. Ford CEO Jim Farley was paid $20mn in 2022, while GM’s Mary Barra made nearly $29mn....
...General Motors chief financial officer Paul Jacobson said the IRA had “tremendous benefit” to the EV market, helping stimulate sales....
...Workers can earn more through overtime or profit-sharing, which limits the companies’ payout to workers in lean years....
...California regulators have barred Cruise’s autonomous vehicles from the state’s roads and accused the company of misrepresenting details about an accident, dealing a sharp setback for the General Motors-owned...
...The GM deal is the first to be ratified by union members, with members at Ford and Stellantis still voting on their separate contracts....
...Ford and GM have pulled back on EV volumes and cut prices....
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