|Bid||17.88 x 1200|
|Ask||17.99 x 900|
|Day's range||17.85 - 18.78|
|52-week range||14.33 - 41.90|
|Beta (5Y monthly)||1.30|
|PE ratio (TTM)||3.95|
|Earnings date||05 May 2020|
|Forward dividend & yield||1.52 (8.36%)|
|Ex-dividend date||04 Mar 2020|
|1y target est||37.50|
General Motors Co (GM) will seek to extend maturities on US$6bn in revolving loans rather than refinance a US$16.5bn credit facility following discussions with its bank group during an unprecedented health crisis in the US. The company originally went out to its JP Morgan and Citigroup-led bank group in early March requesting to push maturities on the US$16.5bn in revolving credit facilities as part of its regular-way liability management operations. The transaction was meant to roll over maturities, but leave pricing unchanged, several sources familiar with the discussions said.
General Motors Co's vehicle sales in China fell 43.3% in the first three months of 2020 compared with the same period last year, the company said on Friday, as the coronavirus pandemic reduced demand in the world's biggest auto market. The pandemic has killed over 3,300 people in China, the world's second-biggest economy, and caused the government to lock down parts of the country to contain the spread. GM, China's second-biggest foreign automaker, delivered 461,716 vehicles in the first quarter, the company said.
General Motors Co on Thursday rolled out a series of safety measures for workers in Indiana who will make ventilators, outlining what could be a blueprint for opening U.S. auto plants in the coming weeks. More than 1,000 GM workers will make the ventilators at GM's Kokomo, Indiana, plant. The automaker aims to begin mass production by mid-April and to make 10,000 ventilators a month by summer.
The new vehicles will use GM batteries and be assembled in GM plants in North America, the companies said. Honda plans to begin selling the vehicles in the United States and Canada in 2024. "We are in discussions with one another regarding the possibility of further extending our partnership," Rick Schostek, executive vice president of American Honda said in a statement.
(Bloomberg) -- China, the biggest market for electric cars, is considering a reduction in rebates given to buyers and limits on the models that qualify even as it commits to extending the costly subsidy program for another two years.The country’s state council said Tuesday it would extend rebates on electric vehicles until 2022 to support the industry as the coronavirus pandemic hobbles demand. But various government bodies are in discussions over reducing the incentives by 10% later in 2020, according to people familiar with the matter. They’re also in talks to narrow the universe of cars that qualify for the discounts, the people said, asking not to be identified because the deliberations are private.A reduction in subsidies could temper benefits for the likes of Tesla Inc. and Volkswagen AG, which are counting on the world’s biggest auto market to buoy sales. Electric-car manufacturers are already facing a host of challenges, from the global pandemic to the plunge in oil prices, which makes internal-combustion vehicles cheaper to drive.The subsidy plans show the balancing act China’s government is facing as it works to bring the economy back from the debilitating blow the coronavirus delivered early this year. With manufacturing sliding the most on record in February, industries are clamoring for state support.In its bid to become a leader in new-energy vehicles, China has maintained a significant subsidy program for over a decade and was in the process of rolling some of the support back to allow the industry to become more independent when the virus hit.NIO shares fell 4.7% in New York Wednesday.China’s auto industry has been hit particularly hard in the wake of the coronavirus, with weekly car sales at one point plummeting 96%. Now it’s Europe and the U.S.’s turn. Manufacturers across both regions have shuttered factories after governments imposed restrictions to stem the spread of the virus.New-vehicle registrations in France and Spain plunged by more than two-thirds in March from a year earlier, figures released Wednesday show. Several brands in the U.S. reported more than 40% declines for the month.Industry SlumpChina began subsidizing EV purchases in 2009 to promote the industry but has been gradually reducing handouts in the past few years to encourage automakers to compete on their own. The government had planned to phase them out completely at end of this year.But cutbacks that took effect last summer triggered the first downturn in the country’s EV industry, and the pandemic has only worsened the slump.The government bodies involved in the talks -- the Ministry of Finance, Ministry of Industry and Information Technology and the National Development and Reform Commission -- didn’t immediately respond to requests for comment or referred queries elsewhere.China PlantChina is a centerpiece of Tesla Chief Executive Officer Elon Musk’s automotive ambitions. The company began delivering China-built Model 3s to local consumers in January. Constructing the plant near Shanghai was key to unlocking a greater share of the market by qualifying its cars for subsidies and more favorable tax treatment.While Tesla’s registrations have been slow out of the gate, much of the weakness can probably by chalked up to seasonality and the impact the virus has had on the whole industry.General Motors Co. also has high hopes -- and a lot of cash -- riding on China’s EV market. The automaker announced early last month that it’s investing $20 billion into electric and self-driving vehicles by 2025. Some of its battery-powered models already are hitting showrooms in China ahead of the U.S., where federal incentives for its plug-in cars are shrinking.President Donald Trump also just completed a three-year effort to ease fuel-efficiency rules, which will make it easier for companies like GM to meet environmental standards that the Obama administration envisioned giving EVs a boost.VW Electric PushChina is a critical market for German auto giants VW, Daimler AG and BMW AG in terms of profits and sales. VW, the world’s top-selling automaker, is gearing its global electric-car push this year by starting production of purely battery-powered cars at two new factories in China.Daimler, the maker of Mercedes-Benz luxury cars, has introduced the EQC electric SUV and plans to expand its lineup of purely battery-powered vehicles to at least 10 in coming years with China being one of the key markets.The company has also folded its Smart city-car brand into a joint venture with its largest shareholder Geely, which will be based in China and make zero-emission subcompact cars for global markets.(Updates with NIO shares in the sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Fiat Chrysler Automobiles NV's new "Drive Forward" marketing program includes online shopping tools that will for the first time allow U.S. customers to complete the purchase of a vehicle through an FCA dealer without setting foot in a dealership, a company spokesman said. GM and Fiat Chrysler's promotions of extended, no-interest loans - made less costly by the Federal Reserve's recent interest rate cuts - echo the "Keep America Rolling" sales push GM launched to jump start a paralyzed consumer market after the Sept. 11, 2001 attacks.
Deals were put on hold, investor meetings canceled, and fundraising schedules postponed as market participants faced a health crisis of unprecedented reach and magnitude. Healthcare companies such as Bausch Health and Pharmaceutical Product Development (PPD), as well as British technology firm Micro Focus pulled transactions as the borrower-friendly market all but vanished.
The auto industry is reeling amid the coronavirus. TPG Global senior advisors and former Ford CEO Mark Fields chats with Yahoo Finance.
Amazon faces worker complaints over its response to the COVID-19 pandemic, General Motors says it's moving fast to manufacture face masks and we've got some numbers quantifying the video conferencing boom. Yesterday, warehouse workers on Staten Island in New York walked off the job in protest of Amazon’s treatment amid the crisis. Meanwhile, workers at Whole Foods, which is owned by Amazon, are organizing a “sick out” strike to demand better protections on the job, Vice reports.
(Bloomberg Opinion) -- It’s a nice day for a drive. The sky is not the pristine swimming-pool blue that every New Yorker of a certain age recalls from Sept. 11. It’s partly cloudy, like the times. The Thruway is not crowded but it’s far from deserted. A tractor-trailer is weaving erratically in the middle lane. It’s such a modest, manageable, danger: I actually enjoy the command and control of steering around it.Heading north, I pass beneath a digital sign flashing slogans of survival: “flattenthecurve.” “Stay at Home.”I have not stayed. Instead, I’m going to pick up about a dozen masks from my friend Sal and deliver them to my friend David. David is a cardiologist in a major New York City hospital who has been enlisted in the city’s fight against Covid-19. He and his colleagues are expected to risk their lives, daily, with inadequate protection. A short drive upstate is the least I can do. It’s also apparently more than the federal government can do.This is my second trip upstate for masks. The previous weekend, I met Sal in the mostly deserted parking lot of a train station. He was there when I arrived. I rolled down the passenger window and he plopped a bag of construction masks on the empty seat. We chatted for a minute, bade each other good health and departed. The masks were not made for the disease engulfing New York hospitals. But I presume they are better than nothing. I dropped them on David’s back porch.The missing masks, like the absent ventilators that President Donald Trump considers someone else’s problem, are an emblem, a freak flag, of the government’s failure to respond to the crisis. On March 20, the president was asked if he would finally invoke the Defense Production Act to rush production of hospital equipment needed to save lives. He said he had, in fact, already done so — “yesterday.” Millions of masks are coming, he said. “They will be here soon.”It was not true, of course. He didn’t invoke the law until March 27, and then seemingly with an ancillary, or even primary, goal of punishing a single company, GM, which has a female CEO. He subsequently speculated that the reason hospitals have inadequate supplies is that staff are pilfering them. Lies that used to own the libs now kill people instead.I exit the Thruway and pass a little roadside cantina, someone’s meager living, now closed. I drive past the gun shop where, the weekend before, men were lined up outside, fleeing fear by tempting tragedy. I pass an antique shop, someone else’s livelihood, closed.I arrive at the train station parking lot a few minutes early so that this time I don’t keep Sal waiting. There are a couple dozen cars scattered across a lot made for hundreds, mimicking the social distance protocol of their owners. Sal pulls up moments later.The new set of masks came from a brewery. Sal had been out for a walk and decided to visit the friends who own it. They weren’t serving on the premises, but they were filling orders for delivery. Sal and his friends got to talking about the ugly state of things and the shortage of masks came up. Sal said he had delivered construction masks to someone last weekend. His friends noted that someone had just dropped off some masks for them to use. They offered the masks to Sal, who contacted his mask middleman: me.It might be a nice story if it weren’t a result of the world’s most powerful nation being caught wholly unprepared for a pandemic that had previously visited Asia and Europe and was headed for North America in a hurry. By the end of February, hospitals were already seeking to preserve dwindling supplies of protective equipment — gowns, gloves, shoe covers and eye shields in addition to masks.I take the masks from Sal and meet his new dog. Corona-conscious, I refrain from petting her even though she and I are both eager for a good ear scratch. I get back in the car, turn around and head home, past more closed businesses and a lot jammed with idle school buses. Another diner seems to have at least a dozen cars in the parking lot. Strange. Perhaps it’s a rebel holdout against the virus, where the patrons adopted the “hoax” mantra early on and just stuck with it, declining to join the grudging accommodation to biology made by the White House and Fox News.The masks on the seat beside me look a little odd — off-color, long, wide, unwieldy. But I’m no expert. I drop them on David’s porch and hope for the best.A friend emailed last week that she had been making masks herself until she ran out of elastic. Her daughter is an emergency room physician in another city, as is her son-in-law. Each is issued a single gauze mask to start the day; they have to make it last an entire grueling, traumatic, Covid-19 shift.She is worried for their lives. I am too. The president, not so much.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Francis Wilkinson writes editorials on politics and U.S. domestic policy for Bloomberg Opinion. He was executive editor of the Week. He was previously a writer for Rolling Stone, a communications consultant and a political media strategist.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
GM today announced manufacturing details around building much-needed medical face masks. The automotive giant said today in a released statement it expects to deliver 20,000 masks on April 8 and soon after, able to produce 50,000 masks a day once the production line is at full capacity. GM turned to global partners to create this manufacturing line within a week.
General Motors told suppliers on Monday it is postponing work on at least half a dozen future models to conserve cash during the coronavirus pandemic and suggested it could delay the planned launch in late April of its highly profitable large sport utility vehicles. GM previously told suppliers that it planned to begin production in late April of the redesigned 2021 Cadillac Escalade, GMC Yukon, Chevrolet Tahoe and Suburban full-size SUVs at its Arlington, Texas, plant after winding up production of the outgoing models this week, according to an email reviewed by Reuters. A GM spokesman reiterated on Monday what the automaker had said last week - that the situation with its U.S. plants was "fluid" and that the automaker would "continue to evaluate" whether and when to reopen those plants on a week-by-week basis, with "employee safety" guiding that decision.
As the rapid spread of the novel coronavirus caused a storage of ventilators around the world, these are the major manufacturers ramping up production to meet demand.
General Motors (GM) will manufacture VOCSN critical-care ventilators at its Indiana manufacturing facility, including the FDA-cleared ventilators scheduled for shipment as early as next month.
President Donald Trump, who excoriated General Motors Co on Friday and invoked emergency powers to compel the production of badly needed ventilators to tackle the coronavirus pandemic, has abruptly shifted gears to praise the automaker. Trump, who has been on the defensive for not moving faster to compel the production of medical equipment, invoked the Defense Production Act (DPA) for the first time on Friday, saying GM was wasting time in negotiations. GM had announced earlier on Friday, however, that it would begin quickly building ventilators.