GM - General Motors Company
| Previous close | 35.31 |
| Open | 35.64 |
| Bid | 35.50 x 900 |
| Ask | 35.60 x 4000 |
| Day's range | 35.44 - 35.76 |
| 52-week range | 31.46 - 41.90 |
| Volume | 8,240,856 |
| Avg. volume | 9,070,429 |
| Market cap | 50.779B |
| Beta (3Y monthly) | 1.39 |
| PE ratio (TTM) | 5.79 |
| EPS (TTM) | 6.14 |
| Earnings date | 5 Feb 2020 |
| Forward dividend & yield | 1.52 (4.30%) |
| Ex-dividend date | 2019-12-05 |
| 1y target est | 47.33 |
- Yahoo Finance
20 businesses that died in the 2010s
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- Bloomberg
U.S. Payroll Gain of 266,000 Trounces Forecasts as Wages Heat Up
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.U.S. job gains roared back in November as unemployment matched a half-century low and wages topped estimates, giving the Federal Reserve more reason to hold interest rates steady after three straight cuts.Payrolls jumped 266,000, the most since January, after an upwardly revised 156,000 advance the prior month, according to a Labor Department release Friday that topped all estimates in a Bloomberg survey calling for 180,000 jobs. It was the first full month that General Motors Co. workers returned to work after a 40-day strike, adding 41,300 to automaker payrolls following a similar drop the prior month.Stocks in the U.S. climbed on the report and headed for their best gain in a month, while Treasuries fell and the dollar rose.The jobless rate dipped to 3.5%, matching the lowest since 1969. Average hourly earnings climbed 3.1% from a year earlier, exceeding projections, and the prior month was revised higher. Private employment jumped by 254,000.The data back the Fed’s view that the labor market remains strong, supporting consumers and continued economic growth. That may give the central bank more room to keep interest rates on hold at their meeting next week amid the uncertainty of President Donald Trump’s prolonged trade talks with China. Wage gains should also support holiday shopping and ease concerns about a slowdown.“It’s a significant surprise because economists were ready to go with the idea that payroll growth was slowing down because the job market had gotten tight,” said Stephen Stanley, chief economist at Amherst Pierpont. “The whole tenor has changed in terms of job growth. We’re back at steady-as-she-goes at a robust pace.”A separate report Friday showed consumer sentiment rose to a seven-month high and buying attitudes for household durables improved, adding to economic cheer as the holiday shopping season gets under way.Larry Kudlow, Trump’s top economic adviser, said in a Bloomberg Television interview that “despite a certain amount of pessimism, the economy is outperforming expectations, economic policies from the president are working.” Revisions added 41,000 jobs for the prior two months, bringing the three-month average to a 10-month high of 205,000.The report adds to recent data pointing to an economy holding up amid headwinds. Jobless claims remain near a half-century low, service-sector activity is expanding and consumer sentiment is within reach of the best levels of the expansion.What Bloomberg’s Economists Say“Bloomberg Economics is lowering its projection of the 2020 year-end unemployment rate to 3.3% from 3.4%. Hiring momentum continues to surpass the growth rate of the labor force, which is closer to 100,000-125,000 per month. On Nov. 3, 2020, as voters head to the polls, they will be facing the lowest election day unemployment rate since Dwight Eisenhower won his first term as president in 1952.”--Carl Riccadonna and Yelena Shulyatyeva. To see the full note, click hereManufacturers rebounded, adding 54,000 jobs after a 43,000 drop the prior month, mostly reflecting GM workers returning to work. Despite the boost, factories have faltered amid weak global demand and U.S.-China trade tensions curbing business expansion plans.Job gains were broad-based across industries, led by a 206,000 gain for private service providers that was the best since January.Fed Chairman Jerome Powell and other policy makers have said the labor market remains strong enough to maintain a stable economy. That’s contributed to expectations the central bank will hold rates through the end of 2021.The participation rate, or share of working-age people in the labor force, fell to 63.2% from a six-year high of 63.3% the prior month.The U-6, or underemployment rate, fell to 6.9%, matching the lowest level since 2000, from 7%; some analysts see this as a more accurate reflection of the labor market as it includes part-time workers who’d prefer a full-time position and those who aren’t actively looking.(Updates with consumer sentiment in seventh paragraph, Kudlow comment in eighth paragraph. An earlier version corrected the prior month’s figure in second paragraph to 156,000 from 128,000.)\--With assistance from Chris Middleton, Sophie Caronello, Alister Bull, Ana Monteiro and Reade Pickert.To contact the reporter on this story: Katia Dmitrieva in Washington at edmitrieva1@bloomberg.netTo contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Jeff KearnsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Strong U.S. job growth highlights economy's resilience
U.S. job growth increased by the most in 10 months in November as former striking workers returned to General Motors' GM.N payrolls and the healthcare industry boosted hiring, the strongest sign yet the economy was not in danger of stalling. The Labor Department's closely watched monthly employment report on Friday also showed steady wage gains and the unemployment rate falling back to 3.5%, suggesting consumers will continue to drive the longest economic expansion in history, now in its 11th year. U.S. central bank policymakers are expected to highlight the economy's resilience when they meet on Dec. 10-11, though trade tensions continue to reverberate in the background.
- Investing.com
Stocks - Tesla, Crowdstrike Rise Premarket; Uber, Zoom Video Fall
Investing.com -- Stocks in focus in premarket trade on Friday, 6th December.
- Reuters
Strong U.S. job growth showcases economy's resilience
U.S. job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, the strongest sign yet the economy is in no danger of stalling. The unemployment rate ticked back down to its lowest level in nearly half a century and wage gains remained near their strongest in a decade, the Labor Department's closely watched monthly employment report showed on Friday. The numbers suggest consumers will keep the longest economic expansion in history, now in its 11th year, chugging along into next year when Americans will decide whether to re-elect President Donald Trump.
- Investing.com
Top 5 Things to Know in the Market on Friday
Investing.com -- It's payrolls day, and hiring in the U.S. economy is expected to have rebounded in November from October's dip due to the end of the strike at General Motors (NYSE:GM). Elsewhere, OPEC and its allies are set to sign off on a largely symbolic cut in output through March 2021, while Saudi Aramco is now the world's most valuable company after completing its $25.6 billion IPO. Here's what you need to know in financial markets on Friday, 6th December.
- Reuters
Returning General Motors workers seen boosting U.S. November payrolls
U.S. job growth likely accelerated in November as former striking workers returned to General Motors' payrolls, which would confirm that the economy remained on a moderate expansion path despite a prolonged manufacturing slump. The Labor Department's closely watched monthly employment report on Friday is also expected to show steady wage gains and the unemployment rate holding near a 50-year low.
- Bloomberg
Weather, GM Among Crosscurrents Seen Buffeting U.S. Jobs Report
(Bloomberg) -- Economists project nonfarm payrolls climbed by about 183,000 last month, one of the highest estimates this year ahead of a jobs report, while unemployment remained near a half-century low and wage gains stayed solid.Such a figure in Friday’s Labor Department data would reflect a temporary boost from General Motors Co. autoworkers returning from a strike. While gains have broadly moderated from last year’s robust pace, the labor market still isn’t close to signaling recession, a fear that confronted investors earlier this year but has since faded. The data will be released at 8:30 a.m. in Washington.Estimates in Bloomberg’s survey range from 70,000 to 237,000, while the median projection for private payrolls growth is 179,000. The report is expected to show the jobless rate held at 3.6% for a second month while average hourly earnings climbed 0.3% on the month and 3% from year earlier.Read more: Job-Market Strength Gives Trump, Fed a Rare Chance to Be PatientManufacturing payrolls, which tumbled in October by 36,000, the most in a decade, amid the GM strike, are projected to make up lost ground with a 40,000 increase for last month.Here’s what economists are saying, with payroll projections listed from low to high:Goldman Sachs180,000 jobs, 3.6% unemployment, 3.1% annual wage growth“The tight labor market may have pulled forward hiring or reduced layoff activity,” Spencer Hill wrote in a report. “However, temporary factors including the late Thanksgiving holiday and snowstorms in the Midwest will likely weigh on” the job numbers.Morgan Stanley180,000 jobs, 3.5% unemployment, 3.1% annual wage growth“We expect the November payrolls report will show continued solid job growth,” economists led by Ellen Zentner wrote. “Headwinds to our November forecast come from weather, slightly higher jobless claims during the survey week, and mild consumer confidence.”Citigroup 183,000 jobs, 3.6% unemployment, 3.1% annual wage growth“We expect details of the employment report to show continued strength in service-industry employment,” Veronica Clark and Andrew Hollenhorst wrote. “While we expect an overall solid November employment report, markets are now pricing a scenario more in line with our fairly optimistic base case. This implies that market risks tilt to the downside with a stronger reaction to a negative than to a positive surprise.”Wells Fargo190,000 jobs, 3.6% unemployment, 3% annual wage growth“While we look for hiring to finish the year slower than last year, job gains should remain above what is estimated to be necessary to hold the unemployment rate steady,” the firm’s economists wrote. “There were five full weeks, compared to four, between the October and November payroll surveys, which traditionally results in stronger wage growth. These calendar considerations alongside the return of highly-paid GM workers should underpin earnings growth in November.”Bloomberg Economics205,000 jobs, 3.5% unemployment, 3% annual wage growth“Slowing growth is already taking a toll on the pace of hiring,” economists Carl Riccadonna and Yelena Shulyatyeva wrote in a report. “The six-month trailing average of nonfarm payrolls slipped to 156,000 in October compared to 234,000 in January. While slower job creation will weigh on household income generation, a tight labor market will mute the impact by averting a material deceleration in wage pressures.”\--With assistance from Sophie Caronello and Chris Middleton.To contact the reporter on this story: Jeff Kearns in Washington at jkearns3@bloomberg.netTo contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Sarah McGregorFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Waymo’s Autonomous Taxi Service Tops 100,000 Rides
(Bloomberg) -- More than 100,000 trips have been taken in robotaxis operated by Waymo, the self-driving car unit of Alphabet Inc. Now the service is expanding to iPhone users.On the first anniversary of its pilot program in Chandler, Arizona, Waymo said it will begin offering an iOS app for its robot ride-hailing service for iPhones. It also revealed new details of the pioneering robotaxi service, which has been slow to offer fully autonomous service without human “safety drivers” behind the wheel to take over in an emergency.Waymo, which began a decade ago as Google’s self-driving car project, said its service has 1,500 monthly users and has tripled the number of weekly rides since January. Since late summer, Waymo has ramped up a “rider only” option without human safety drivers to a test group of a few hundred commuters. While those people weren’t always charged initially, they are now paying rates that are competitive with Uber and Lyft ride-hailing services, according to a Waymo spokeswoman.Most Waymo rides occur in the late afternoon and evening, with commuters using the service for everything from getting to work to having a “date night,” Dan Chu, the company’s chief product officer, wrote in a blog post.The service is expanding and will add more riders who will join a wait list by using the new iOS app. The service has been available on Android phones since the spring.Still, John Krafcik, Waymo’s chief executive officer, told reporters in October he is unsure when commercial robotaxis will take off. General Motors Co. has delayed the rollout of its service and Ford Motor Co.’s CEO has said the industry overestimated the arrival of self-driving cars.“It’s an extremely challenging thing to do,” Krafcik told reporters at a dinner in Detroit. “I do share your sense of uncertainty, even in my role. I don’t know precisely when everything is going to be ready, but I know I am supremely confident that it will be.”(Updates with comment from company spokeswoman in third paragraph.)To contact the reporter on this story: Keith Naughton in Southfield, Michigan at knaughton3@bloomberg.netTo contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Investing.com
Day Ahead: Top 3 Things to Watch
Investing.com – Here’s a preview of the top three things that could rock markets tomorrow.
- Zacks
Zacks Market Edge Highlights: AAPL, GM, MSFT, SHW and VOO
Zacks Market Edge Highlights: AAPL, GM, MSFT, SHW and VOO
- Bloomberg
GM, LG Chem to Build $2.3 Billion Battery Plant in Ohio
(Bloomberg) -- General Motors Co. and its battery partner, South Korea’s LG Chem Ltd., said they will jointly invest $2.3 billion in a new electric-vehicle battery plant to be built in Lordstown, Ohio, the same city where the automaker controversially idled and then sold a 53-year-old compact-car factory.The two companies plan to hire 1,100 workers, about the same number that were laid off when the Lordstown assembly plant that used to make the Chevrolet Cruze compact was idled in March. GM then sold the assembly plant to an electric pickup-truck startup called Lordstown Motors Corp.GM said that the new plant will lower battery costs as the automaker prepares to launch a global family of electric cars, SUVs and pickups in the next couple of years. The factory will make battery cells for GM’s next-generation electric vehicles, including the truck it plans to build in Detroit starting in 2021.“With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions,” GM Chief Executive Officer Mary Barra said in a statement. “Combining our manufacturing expertise with LG Chem’s leading battery-cell technology will help accelerate our pursuit of an all-electric future.”For workers idled in Lordstown, the joint-venture plant is a mixed blessing. The company will make jobs available to those workers, but pay significantly less than the $32 an hour top wage that GM Assembly workers receive.The United Auto Workers would have to organize the plant like any new facility, Barra said. It is not part of GM’s master agreement with the union, which would make it a union plant governed by the national contract.“That’s up to the members, the workforce, because it’s a new facility,” Barra said.When Lordstown assembly stopped production in March, 1,200 workers were laid off. Many were transferred to other plants but some workers decided to leave GM and stay in their hometown.Lordstown Motors plans to build its Endurance pickup in the idle assembly plant, but the company is still raising money from investors to get the project moving.The battery plant will be a massive venture. GM and LG Chem said that the plant will have annual capacity to make 30 gigawatt hours of battery cells, compared to 20 gigawatt hours at Tesla Inc.’s Gigafactory in Nevada.GM and LG Chem have a long history together. The South Korean company supplies battery technology for the Chevrolet Bolt EV already. In a filing at home Thursday, LG Chem said it would invest about $900 million in its U.S. unit for the joint effort.Barra said GM is on a journey to get costs below $100 per kilowatt hour, to get electric vehicle costs close to that of gasoline powered cars. She also said that GM’s next-generation of EVs will be desirable, profitable and affordable.“Our intent is to grow and lead in electric vehicles,” Barra said.(Updates with CEO comment in the sixth paragraph. An earlier version corrected a name in second paragraph to Lordstown Motors Corp.)To contact the reporter on this story: David Welch in Southfield at dwelch12@bloomberg.netTo contact the editors responsible for this story: Chester Dawson at cdawson54@bloomberg.net, Kevin MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters - UK Focus
WRAPUP 3-U.S. trade deficit shrinks sharply; labor market tight
The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a broad decline in imports hinted at a slowdown in domestic demand. The Commerce Department said the trade deficit tumbled 7.6% to $47.2 billion, the smallest since May 2018, as both imports and exports of goods declined. The decreases in imports and exports suggested the White House's "America First" agenda, marked by a 17-month trade war with China, was reducing trade flows, which in the long run is detrimental to domestic and global growth.
- Bloomberg
British Icon MG Motor Unveils an Electric SUV in India
(Bloomberg) -- MG Motor unveiled an electric sport utility vehicle in India, becoming just the second automaker to launch such a product in a market where clean-energy cars have yet to make a dent.The iconic British brand also known as Morris Garages, now owned by Chinese giant SAIC Motor Corp., showed off its ZS model Thursday in New Delhi. The vehicle can go as far as 340 kilometers (211 miles) on a single charge, Rajeev Chaba, president of MG Motor India, told reporters.The vehicle will take on South Korea’s Hyundai Motor Co., the only other brand with an electric SUV in India. The companies are trying to grab an early mover’s advantage in the world’s fourth-largest automobile market as Prime Minister Narendra Modi pushes the country to adapt cleaner energy.SAIC Motor is the first Chinese entrant in a notoriously difficult market where the likes of General Motors Co. and Ford Motor Co. have struggled. Electric cars have a particularly steep hill to climb to lure buyers away from more traditional offerings: the nation’s best-selling gas guzzler costs just $4,000, or about double of what an average Indian earns in a year.The ZS comes with a skyroof and an inbuilt air purifier, and it’ll initially be sold in five major cities, including New Delhi and Mumbai. While the price will be announced next month, MG has previously said it could be about 2.5 million rupees ($35,000).SAIC will be up against Hyundai, which launched its Kona electric SUV earlier this year, as well as Maruti Suzuki India Ltd., the local unit of Suzuki Motor Corp. Together, they control two-thirds of the market where 3.4 million passenger vehicles were sold in the year through March. In contrast, barely more than 8,000 EVs were sold locally during the past six years, according to data compiled by Bloomberg.Challenging Hyundai and Maruti, which have a strong network of dealers and maintenance facilities across the country, has proven difficult. Ford in October agreed to move most of its assets in India into a joint venture with Mahindra & Mahindra Ltd. after struggling for more than two decades, while GM pulled out of India two years ago, scrapping a $1 billion investment and stopping sales of Chevrolet models.To contact the reporter on this story: Anurag Kotoky in New Delhi at akotoky@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
GM, LG Chem to build $2.3 billion electric vehicle battery plant in Ohio
General Motors Co and South Korea's LG Chem said on Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, creating one of the world's largest battery facilities. The plant, to be built near GM's closed assembly plant in Lordstown in northeast Ohio, will employ more than 1,100 people, the companies said.
- Reuters
UAW union leaders recommend approval of Fiat Chrysler labor deal
United Auto Workers leaders from Fiat Chrysler Automobiles NV's U.S. plants on Wednesday recommended approval of a tentative labor agreement that would allow the Italian-American automaker to avoid a strike as it works to merge with France's Groupe PSA. Fiat Chrysler (FCA) and PSA, the maker of Peugeot and Citroen, in October announced a planned $50 billion merger to create the world's fourth-largest automaker. The tentative four-year agreement with FCA, reached last week, must now be ratified by the 47,200 UAW members at the company, with voting set to begin Friday.
- Reuters - UK Focus
WRAPUP 1-U.S. services sector, private payrolls growth slow
U.S. services sector activity slowed in November as lingering concerns about trade tensions and worker shortages pushed production to its lowest level in a decade, which could heighten fears about the economy's health. Other data on Wednesday showed private employers hired the fewest workers in six months in November. The reports came on the heels of data on Monday showing manufacturing activity contracted for the fourth straight month in November and a decline in construction spending in October.
- Zacks
Are There Really Forever Stocks?
Buy and hold until retirement. Is it possible to really do that with your stock investments?
- Yahoo Finance
How the end of the GM strike may affect Friday’s jobs report
Wall Street is expecting a rebound in Friday’s payrolls report, even with Wednesday’s weaker-than-expected ADP private payroll figures.
- Bloomberg
Carmakers Shed 80,000 Jobs as Electric Shift Upends Industry
(Bloomberg) -- It’s turning out to be one of the worst years ever for auto workers across the globe amid shrinking demand and a tectonic shift in vehicle technology, with Daimler AG and Audi announcing almost 20,000 job cuts in just the past week.All told, carmakers are eliminating more than 80,000 jobs during the coming years, according to data compiled by Bloomberg News. Although the cuts are concentrated in Germany, the U.S. and the U.K., faster-growing economies haven’t been immune and are seeing automakers scale back operations there.The German companies joined General Motors Co., Ford Motor Co. and Nissan Motor Co. in massive retrenchments put in motion over the past year. The industry is sputtering as trade tensions and tariffs raise costs and stifle investment, and as manufacturers reassess their workforce in an era of electrification, autonomous driving and ride-on-demand services.The global auto industry will produce 88.8 million cars and light trucks this year, an almost 6% drop from a year ago, according to researcher IHS Markit. German auto-industry lobby VDA on Wednesday predicted that the decline will continue next year, forecasting global deliveries of 78.9 million vehicles, the lowest level since 2015.The pace of job cuts in the home of Mercedes-Benz, Porsche and BMW is expected to be “more pronounced in 2020,” VDA President Bernhard Mattes said at a press conference in Berlin, adding that the technology shift alone could lead to the loss of 70,000 jobs over the next decade.“A fundamental structural change with enormously high investments at a time of deteriorating market dynamics -- the tension is being felt at many companies,” said Mattes.Cuts are also being carried out in China, which employs the largest number of people in the industry and has been mired in a sales slump. Electric-vehicle startup NIO Inc., which has lost billions of dollars and watched its New York-listed shares plummet, dismissed about 20% of its workforce by the end of September, shedding more than 2,000 jobs.“The persistent slowdown in global markets will continue to dent automakers’ margins and earnings, which have already been hurt by increased R&D spending for autonomous-driving technology,” said Gillian Davis, an analyst with Bloomberg Intelligence. “Many automakers are now focused on cost-saving plans to prevent margin erosion.”Being an early leader in electrification hasn’t spared Nissan, which has been in turmoil since the arrest of former Chairman Carlos Ghosn a year ago.With profits plumbing decade lows, the Japanese automaker is shedding 12,500 positions in the coming years, mostly at factories across the globe, to reduce costs as it rushes to refresh an aging model lineup. A redesigned version of the battery-powered Leaf, which debuted later than planned because of the loss of the company’s longtime leader, isn’t giving the company much of a boost this year.Factory-floor workers have been rising up against the retrenching. GM’s more than 46,000 U.S. hourly workers staged a 40-day-long strike this fall — the longest against the company in almost half a century — but managed to coax the company into keeping open only one of the four American factories it made plans to shutter a year ago.On Nov. 22, about 15,000 people marched in the streets to protest job cuts and factory closures in Stuttgart, the German city that’s home to the global headquarters of Daimler, Porsche and major parts supplier Robert Bosch GmbH.Protesters in the historic downtown square of Schlossplatz wore red scarfs, blew whistles and waved red flags in support of Germany’s powerful labor union IG Metall, which organized the demonstrations. Top union officials who represent workers at Mercedes-Benz, Audi and many parts makers claim the companies are using the shift toward EVs as an excuse to push through deeper cuts and boost profits.“We don’t let our jobs be taken away just because some managers haven’t done their homework,” Roman Zitzelsberger, the regional head of IG Metall in the state of Baden-Wuerttemberg and the worker representative on Daimler’s supervisory board, told the crowd.The job concerns proved to be justified. Audi announced a week later it will eliminate as many as 9,500 positions in Germany through 2025 as parent Volkswagen AG prepares for a costly transition to electric vehicles. Daimler announced plans to shed more than 10,000 worldwide.If it were a country, the auto industry would be the world’s sixth-largest economy, according to Fircroft, a technical job-placement firm. In Germany alone, when including local operations of foreign manufacturers, about 150,000 jobs might be at risk in coming years, according to estimates by the Center of Automotive Management, near Cologne.The clouds started to form for U.S. carmakers last year, when Ford revealed plans for a years-long, $11 billion restructuring. The company has made a series of piecemeal announcements since then, slashing roughly 10% of its global salaried ranks and shutting six plants: three in Russia and one apiece in the U.S., U.K. and France. Of roughly 17,000 jobs Ford is eliminating, 12,000 will be in Europe.The state of car-factory jobs in the U.S. is less clear, mainly thanks to the new contracts Detroit-area automakers have been negotiating for the next four years.The prospects looked somewhat bleak for the United Auto Workers union when talks began this summer. With vehicle demand slowing, production shifts were being pared back across the country — by Nissan at its truck-and-van plant in Mississippi, Fiat Chrysler Automobiles NV at its Jeep Cherokee SUV factory in Illinois and Honda at an Ohio plant that mostly makes Accord sedans. Workers fear plug-in cars, which have fewer parts and require less labor to build, will doom auto jobs.In the end, the UAW has announced commitments by GM, Ford and Fiat Chrysler to invest almost $23 billion in U.S. facilities over the course of the next four years, and to add or retain more than 25,000 jobs. While that sounds like a lot, it remains to be seen whether the spending will actually boost production. It costs the companies billions to convert or retool existing factories for them to make new cars and powertrains.The union also didn’t emerge without some bruising losses, with the most notably being its lost battle to save GM’s spacious car plant in Lordstown, Ohio. The factory, opened in 1966, became a political football when the company announced production of Chevrolet Cruze sedans would end in March. President Donald Trump told supporters a year and a half earlier not to sell their homes, assuring them his administration would bring jobs back. GM sold the complex to cash-strapped electric-truck startup Lordstown Motors Corp. last month.For Scott Brubaker, GM’s offloading of the Lordstown plant could be a one-way ticket out of the auto industry. The automaker transferred him to its Corvette sports-car plant in Bowling Green, Kentucky, which meant leaving an Ohio farm his family has owned for four generations.The idling of the factory left him with two options: live in his camper trailer in Bowling Green and commute home on weekends, or take a $75,000 severance check from GM and find a new job near Lordstown. He has an offer to work for a company clearing land for developers, but it pays $5 an hour less than GM, and he says it would cost him his pension. Lordstown Motors is still raising money for its electric trucks, and Brubaker has his doubts it will succeed.“I went to GM for good pay and benefits,” Brubaker said. “What we did in the plant we did successfully, and GM still pawned us off.”(Adds comments from German auto lobby beginning in fourth paragraph)\--With assistance from Kristie Pladson, Keith Naughton, Gabrielle Coppola, Craig Trudell, Cécile Daurat and Chris Reiter.To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net;David Welch in Southfield at dwelch12@bloomberg.net;Anurag Kotoky in New Delhi at akotoky@bloomberg.netTo contact the editors responsible for this story: Emma O'Brien at eobrien6@bloomberg.net, Reed Stevenson, Michael TigheFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks
The Zacks Analyst Blog Highlights: Toyota Motor, Tesla, General Motors, Alphabet and NVIDIA
The Zacks Analyst Blog Highlights: Toyota Motor, Tesla, General Motors, Alphabet and NVIDIA
- Yahoo Finance
Why the 2010s were a decade divided
America is a nation at odds with itself, a state of affairs that has come to pass mostly over the previous 10 years.
- Bloomberg
GM, LG Chem to Build $2.3 Billion Ohio Battery Plant
Dec.05 -- Mary Barra, chief executive officer at General Motors, and Hak-Cheol Shin, vice chairman and chief executive officer at LG Chem, discuss their $2.3 billion joint investment in a new electric-vehicle battery plant to be built in Lordstown, Ohio. They speak with Bloomberg’s David Westin on "Bloomberg Markets."
