Two executives at General Motors, both holding vice presidential positions in the company, just sold several thousand shares of GM common stock, obtaining between $200,000 and a quarter-million dollars with the transaction.
Both opted to keep the majority of their stake in the company with well over 10,000 shares of GM stock remaining in each of the executives’ portfolios following stock sales, as reported by Investing.com in a pair of articles, one for Rory Harvey and the other for Chief Accounting Officer Christopher Hatto.
Rory Harvey
Christopher Hatto, who occupies the positions of Vice President and Chief Accounting Officer at GM, made the larger sale, selling off 6,000 shares of the automaker’s stock while keeping 15,507 shares for now. The sale gained Hatto roughly $252,000, with the average selling price for the shares coming in at $42.01. The SEC filing did not provide any reason for Hatto’s sale.
Meanwhile, Rory Harvey, the company’s Executive Vice President, trimmed his General Motors stock holdings by 5,100 shares while he retained 12,658 additional shares in his possession. At an average of $43.04 per share, Harvey raked in just under $220,000 with the sale, with no reason for the sell-off provided publicly.
As detailed in GM Authority’s previous report on GM stocks, the automaker’s stock’s share price increased from March 18th to March 22nd, 2024. The week ended with a share price of $43.06 at market close on Friday, up 5.82 percent week-over-week. The price of common stock shares rose by $2.37 compared to the $40.69 per share at the market close on Friday the previous week.
Several factors may be feeding into the market sentiment that produced gains for The General’s stock value. Several of its EV models recently regained U.S. EV tax credit eligibility, with the 2024 Chevy Blazer EV regaining the credit in early March and also benefiting from the end of a stop-sale placed while software issues were resolved.
Additionally, the U.S. Department of Energy extended the schedule for its new, stricter fuel economy rules, potentially sparing automakers significant fines or at least delaying any disruptions the rules eventually cause. The Department also handed out grants for hydrogen-based projects related to the automotive sector, including $30 million to General Motors.
Ford stocks also ended the week at a higher price.
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Comments
Executives know when to get out. They know the ship is heading in the wrong direction, thanks Mary. Back your products with extending warranties on know problem parts like the crappie 8 spd transmissions !
GM lost a lifelong customer in me with their POS 8-speed automatic transmissions as I experienced in 2 – 7th Gen Corvettes and a Gen6 Camaro SS. I’m buying Mercedes-Benz products now, as even my 2016 E400 drivetrain is worlds smoother than my wife’s 2021 XT-5. Such a shame, as GM powertrains were once world-class products.
So two bad same transmissions that have been corrected and many times is failed due to neglect (not getting it corrected soon enough) and you jump ship to a German brand. Have fun with that, I guess if you just want smooth shifts in your performance car have at it, but they aren’t known for their reliability or lack of cheap issues!
Your response indicates you clearly are unaware of the magnitude of this transmission problem, with multiple lawsuits having been filed against GM and a couple having been granted class action status. The cars I owned were new and multiple fluid flushes did not fix the problem. I wouldn’t call these issues “laughable” when they occurred in vehicles selling for well over $50,000.
Good luck with German cars. You may not have transmission issues, but you will have other issues. Your not going to get away from vehicle issues by going “German”. You will find out. Everyone has choices, you made yours and will have to live with them. I can understand your dislike for GM with issues you have had, but I would not of went in the direction you did.
Thanks for your advice, but I’ve owned 3 BMWs and another Mercedes in the past, in addition to the many GM cars I’ve owned. I’ve always made a point to have full warranty coverage, either OEM or extended, on the German cars for he period that I’ve owned them, because I know the parts and labor costs for repairs are significantly higher than domestic cars.
If you’ve ran through that many German cars and corvettes in the recent years, sounds like you don’t hold onto any car past the first oil change. IDK if I can take anything you say on long term reliability. Most 8 speed shudder issues appeared on lightly driven vehicles in the 15-20 K range. Good luck with the ZF8 speed. Shift quality is Pi$$ poor compared to the 8l90
The ZF transmission in this 2016 E400 is a 7-speed and shifts better than any automatic I’ve owned in the past two decades, under all conditions. You clearly don’t have a clue as to what you are talking about. I haven’t owned any automatic transmission that shifted as badly as GM’s 8-speed automatic, and there are thousands of owners who are as upset as me about that transmission’s performance. BTW, I had the 2016 Camaro SS until ~94,000 miles.
Maybe it is the WAY you took care of it.
Or most 8 speed issues appeared with people who NEGLECTED their transmission upkeep. There are some 8 speeds WELL over 200k miles and are doing fine.
Ramaswamy Narayanaswamy – You are totally misinformed on this 8-speed transmission issue. The transmission shudder occurred after a few weeks of owning the cars, and GM will have to defend against at least two class action lawsuits on this issue. GM’s recommended solution for the problem was to flush and refill the transmission fluid. The problem is that if owners operated their cars with the shudder condition for a period, it could cause permanent damage to the torque converter. Regardless of all the excuses you seem to want to make for GM, it was a poorly designed product from a company that designed some of the best automatic transmissions in the world in the 1960’s.
No, I am NOT misinformed. GM issued multiple fixes, and some people do not KNOW how to maintain their transmissions.
WHY do you think the class action lawsuit did not pass?
I am sure some of those people who make excuses may not have knowledge of maintaining their transmissions, as I SAID EARLIER.
Yes it had its issues, but the 6 speed before it was MUCH WORSE.
The maintenance costs on German cars especially the GoFast models will get your attention. They are nice vehicles as long as your pockets are deep.
Yeah, because no one later on in the career is starting to gear up for retirement or using stocks for a large purchase as opposed to other tax implicated retirement accounts. But you know and think Mary is the problem even though they have been severely outperforming the US competition and have high ASP, revenue and stock prices…
There’s a fish that has an automatic transmission?
Yup, 5% increase in stock price. Ship’s definitely heading in the wrong direction….
Bought son a new 2017 Camaro RS, V6, A8 in 2018. Noticed A8, shutter on the way home but thought it was rough roads. Read about the shutter on Camaro6 forum. First flush with old fluid didn’t help. Second flush with new fluid, no more problems 6 years later, 25K miles later (Son hates putting miles on it and plans to always keep it as first car he ever had). Big mistake letting ICE Camaro die from neglect again.
Like I told mr life longer who bailed to the Germans for reasons that are frankly, laughable. Many of times it was neglect that caused issue. The fluid was the culprit, it had to be changed early and properly. The later models barely had any issues and the transmission was well reviewed. Just the early adapters with the wrong fluid tried to make a big stink. You did it right, would be nice to see the Camaro out for an ICE 7th gen, but the Mustang won’t be too far behind and the Dodge boys are already heading the same way.
Also need to be careful what fluid goes into it. I had a 9T60 I bought used g on through a fluid change at a dealer once it hit 120K. It developed shudder 10K latter. I changed the fluid myself with full synthetic valvoline and it went away. Dealership probably was trying to save 10$ using cheap fluid. No problems since.
They know without hybrids this company is sunk.
If you keep up with any news you know they are coming.
Hybrids? Recession? GM is way better positioned than any other automaker out there. They have a good ICE portfolio, and a good “greenie” portfolio.
More than likely, these execs are selling off, buying bonds, and will buy back into GM once the market tanks for a reduced price. AKA, arrest them. This is insider trading
TMI u don’t know Shiit. My 22 Colorado trans is crap. Gm should only be using 10 spds like ford. Get ride of the 8 spd. Truck has had problems from new. 5,000 miles now and shouldn’t need to be serviced , junk
So, the vice of accounting sells a sizeable chunk of his stock portfolio and says he is keeping 15,000 shares, “for now”. Hmmmm. Is it me or can you possibly read something into that. And when did they make Piers Morgan VP of accounting?
Loans are crashing, customers are letting go of their debts, GMs customers are looking for more reasonable alternatives, and Mary time ruining GM is coming to an end. This is just the beginning of cashing in GM stocks for liquidity. Think of it as a bonus for the Executives for sticking it to loyal GM customers with lemons that cannot be turned into lemonade. Shame on those FatCats for milking the everyday hardworking loyal consumers.
Mary did a big interview today saying, “GM is all in on EVs.” We’re gonna sell more than Tesla. She did the interview from the driver’s seat of a Corvette E-Ray????? You know, the one with a big ICE right behind her right shoulder. Man this company is f@&#ed.
GM Lost a long time customer with their POS of the Lyriq that thing is a death trap it started braking on its own and left mw srranded 2 times and they are tKinf for real to do a buyback.
Maybe YOU treated it in such a way that it became a deathtrap. Don’t try excuses.