General Motors

Ticker GM

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Price US dollars
As of 20:19 25 Mar 2019
Market cap. US dollars
51,850.15 million
As of 20:19 25 Mar 2019

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GM posts stronger sales

Donald Trump's use of a Cadillac limousine is said to have helped sales in China
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General Motors has reported better-than-expected quarterly profits following cost-cutting and stronger sales of some higher-priced vehicles in the US and China.

Earnings in the fourth quarter came in at $2bn, compared with a loss of $5.2bn in the same period a year ago. Revenues rose 1.8% to $38.4bn.

GM's sales total actually fell in both North America and China, the two most important markets. But the affect was offset by strong-sales of higher-priced trucks in the US. In China, the carmaker notched strong sales of the luxury Cadillac line.

The company's shares are more than 1% up.

GM to 'lay off 4,000' staff

GM logo
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General Motors is preparing to start laying off around 4,250 employees, according to the Detriot News.

According to the report, the process will begin on Monday.

It cites a statement from GM: "We are not confirming timing. Our employees are our priority, and we will communicate with them first."

In November, the carmaker had announced plans to halt production at five factories in North America and cut more than 14,000 jobs.

General Motors shutters factories during polar vortex

Ice and snow builds up along Lake Michigan in Chicago
Ice and snow builds up along Lake Michigan in Chicago

General Motors will suspend operations at 11 of its Michigan plants and its engineering campus after a utility company made an appeal to conserve natural gas in the extreme cold.

The US Midwest is currently facing record-breaking cold temperatures.

The largest US automaker said it had been asked by Consumers Energy, a unit of CMS Energy, to suspend operations to allow the utility to manage supply issues.

CMS chief executive Patricia Poppe said a number of large companies had agreed to halt production to tackle the problem, which was prompted by a fire at a Michigan facility and the record-breaking cold.

Car makers on trade wars

Today Programme

BBC Radio 4

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The BBC's Michelle Fleury has a report from the Detriot Motor Show.

Mary Barra, chief executive of General Motors, who has incurred criticism from Donald Trump for halting production at factories in North America and cutting more than 14,000 jobs, said she was optimistic that trade talks would reach a conclusion.

"Trade is very important. We remain optimistic that all the countries involved in the trade discussions will see that there is opportunity for all economies to grow if we have the right trade policies," she said.

But Jim Farley of Ford points that while China has temporarily reduced its retaliatory tariffs, they are "pretty high" at 15% for US imports to March. "We like certainty," he said.

GM sales slip

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General Motors' shares have fallen 2% after it said new vehicle sales in the US dropped 2.7% in the fourth quarter.

There were declines across most of its brands, including Chevrolet, Cadillac and Buick.

The figures are expected to reflect the market for 2019, when sales of new cars in the US are predicted to fall.

Barra heads to Washington

GM logo
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Mary Barra, the chief executive of General Motors, is reportedly heading to Capitol Hill next week in the wake of the row sparked by the car makers decision to shut plants and cut 15,000 jobs.

Donald Trump has said that if tariffs were imposed on imported cars then GM might not need to undergo such a radical restructuring.

Two of the plants being closed are in Michigan and Ohio and Ms Barra is expected to meet with politicians from both states.

GM 'very counter' to other auto firms, claims Trump

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