Following a month of disruptions, delayed products, and the wrap-up of the contentious UAW negotiations after the 46-day Stand Up Strike, GM says it plans to share a business update on November 29th with some features similar to a quarterly earnings presentation and conference call.
Meant to bring financial analysts up to date on the situation at GM, the event will occur at 8 AM Eastern Time following the posting of related financial documents on The General’s investor website at 6:30 AM ET on the same day.
A number of significant events have happened over the past several months, many of which will likely be covered in the GM business update. The General was targeted by union walkouts at multiple facilities as the Big Three were hit by simultaneous strikes for the first time in the union’s history. The UAW strike had cost the company $800 million by late October.
The intense disruptions caused by the UAW wrangle prompted GM to reschedule its Investor Day presentation to March 2024 from its originally planned date of November 16th, 2023. Executives explained they wanted to hold the event at a point in time when its topics would no longer be dominated by the strikes and negotiations.
Other likely subjects for the upcoming business update include the postponement of Chevy Silverado EV and GMC Sierra EV production at the Lake Orion Assembly Plant. The models now won’t start rolling off the assembly line until late 2025, a delay of about a year. GM says the rescheduling has nothing to do with the UAW, leading to speculation that demand for the two EV models is weaker than originally thought. Possibly relatedly, GM recently dropped its plans to produce 400,000 EVs in North America by summer 2024.
Rounding out The General’s list of woes, its Cruise self-driving vehicle subsidiary is undergoing immense difficulties. It has suspended all robotaxi operations, even of vehicles with a human safety driver on board, following an accident in which a pedestrian struck by another vehicle was then dragged a short distance by a Cruise AV. Cruise founder and CEO Kyle Vogt resigned from his post this week as well, while investors are questioning the subsidiary’s ongoing financial losses.
GM says analysts dialing in to its business update conference call should call 15 minutes early to assure themselves a place in the queue. The call and webcast will be posted on the Investor Relations website for later replay once they have concluded.
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Change in leadership. No more crappy CEOs...
Yeah, GM would be far better off with some crude, old, arrogant, homophobic, misogynist white guy as CEO who thinks EV's are a fad and everybody really wants sedans and sports coupes. (This was sarcasm just incase it wasn't clear enough).
gm would be better off with competent leadership that gives the customers!what they want.
Unfortunately that’s the only tradition gm has left. Forty plus years of CEO incompetence is a streak only gm management could pull off.
lol let's talk about that massive EV investment that won't bare fruit and is being propped up by ridiculously priced ICE trucks and SUVs, combined with impending financial bomb. Massive blunder of the Gov to push EV transition so hard
I am not sure why GM is putting all their eggs in one basket with Electric Vehicles. The profit margin is lower and the unknowns like safety, longevity and price deter people from buying them. Less than 10% of the car market is EV’s and probably will not increase anytime soon. Gm made a reputation on building great sedans for decades right here in the USA and provided hundreds of thousands of jobs. Today they build 1 Chevy sedan here the Malibu which may not be around much longer. They also build only 1 Buick in the United States the Buick Enclave. Not all working people can afford Escalades priced over $100,000! GM market share is under 15% and probably will stay there. What a shame a great American company which provided so many jobs and great products lost their loyalty to the American worker! Signed a long time GM employee now retired.
I want to know is how long GM will stay in business with Barra trying to sink the ship.
Hard to even comment with these f/ing adds all over the place.
It would be awesome if lowercase gm could make some type of competitive smaller vehicle. An update to the VSS-F platform with a more composed drivetrain than the loud 3 cylinder hunting for gears in the Trax/encore gx/trailblazer... There's kinda a lot riding on the Malibu update imho. It would be nice to see a composed 4 cylinder w/ a traditional automatic transmission option with a hatchback. Will never happen, but it'd be intriguing.
Will GM put out a statement on full year profit guidelines. GM withdrawals of its full year earnings killed its stock prices for shareholders. Mary always comes out and say GM stock price should be higher, she is the one killing GM stock price with all the losses she has racked up on every new adventures GM has introduced over the last 4 years. All Electric and electrications, all Cruise related garbage, all autonomous bullcrap, all battery plants, etc,etc. She got in cohosh with Board of Directors and ran a sting on Dan Ammann, the only person that was looking out for the sharehoulders when he tried to spin off money losing Cruise.
What a shame on Thanksgiving Eve. As a long time stockholder. Been thru the bankruptcy, I have had alot of GM cars and trucks, two Hybrids. My hope is that someone takes over and gets this fixed.
What I would like to know from GM is the Colorado I order over five months ago is going to be built seeing production date for 2024 is December 11. All I get from dealership is oh don’t worry
currently they say build times are 4 months out. so make it 6 for delivery.. at least. its a joke
Getting information from gm is impossible. I've had a truck on order for almost a year. Dealer has submitted it, GM refuses to pick it up. If you're not going to build a vehicle DON'T OFFER IT! Anyone at GM care to repond ? I seriously doubt it.
Totally disgusted with GM's total lack of care for their customers.