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EXPLAINED: 7 | Vintage Vibes

G.M. To Lay Off 1,300 Michigan Workers Despite $824 Million in State Incentives

The bulk of the employees may be able to find work elsewhere within the company, but the state could still be on the hook for the promised cash.

Reason

GM Faces Another Challenge As EV Output Stalls: Investors

GM had a very tough year on the electric and autonomous vehicle front. That certainly didn't help its stock price.

InsideEVs

GM to 'rip off the Band Aid and significantly cut costs' by laying off 1,300 workers amid its transition to EVs

The layoffs will affect workers at two plants in Michigan as GM winds down production of its Chevrolet Bolt and Camaro models.

Fortune

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GM’s moonshot bet on self-driving cars sours as Cruise axes a quarter of its workforce

The GM subsidiary has been in non-stop crisis mode ever since a fateful accident at the start of October.

Fortune

Autonomous Auto Venture Cruise Cuts 24% Of Staff

US autonomous driving venture Cruise announced Thursday it will eliminate roughly a quarter of its workforce as it slows commercialization to address safety issues.

International Business Times

Chevrolet Equinox EV To Enter Production In Q1 2024: GM Mexico CEO

Production of the Equinox EV in Mexico was initially expected to start in Q4 2023, but CEO Mary Barra announced a delay by "a few months" in October.

InsideEVs

Automakers, dealers and shoppers dawdle on EVs despite strong year in US sales growth

The EV trend in the US at the end of 2023 is a little tough to tease out

The Independent UK

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Chevy’s Affordable Bolt EV Is Making Its Big Comeback in 2025

GM's CEO Mary Barra said that the Chevrolet Bolt is due to make a return in 2025 on the Ultium platform.

Inverse

The Next Chevy Bolt Will Arrive In 2025, CEO Mary Barra Confirms

The LFP battery-powered Chevy Bolt will launch in 2025, Mary Barra told the Automotive Press Association in Detroit without providing additional details.

InsideEVs

Fortune Future 50 still dominated by tech despite short-term pain

Tech companies dominate the list, which says something about where the world is headed.

Fortune

GM CEO Expects ‘Significantly Higher’ EV Production In 2024

Mary Barra said the company was “a bit disappointed” because of the manufacturing restraints in building EV battery cells.

InsideEVs

With Auto Strike Over, GM Announces Big Share Buybacks

General Motors announced hefty new initiatives Wednesday to return billions of dollars to shareholders, lifting its stock price as it estimated the recent labor strike hit at $1.1 billion.

International Business Times

GM boss Mary Barra’s high-tech bet unraveling after Kyle Vogt departs as CEO of embattled Cruise robotaxi unit

Kyle Vogt departs the company he founded, marking a stunning fall from grace for a tech startup that only this summer celebrated a major victory for the fledgling industry.

Fortune

GM’s Cruise CEO resigns amid concerns over driverless car safety

Kyle Vogt exits as Twitch co-founder Emmett Shear appointed as interim boss of OpenAI

The Guardian - UK

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Reason

Taxpayers Bankroll Electric Vehicles Even as Fewer People Buy Them

Ford and General Motors have tempered plans for E.V. production, but governments still spend billions of dollars in incentives.

Al Jazeera

California hits pause on GM Cruise self-driving cars due to safety concerns

Decision is latest instance of regulatory agencies expressing concern over safety of autonomous vehicles.

InsideEVs

GM Ditches Goal Of Building 400,000 EVs In North America Through Mid-2024

GM is reworking its North America EV strategy and will no longer challenge Tesla's lead in the US EV segment amid slowing EV sales growth, higher labor costs.

Fortune

GM’s Mary Barra is charging ahead on EVs and navigating the UAW auto strike. It’s a valuable lesson in playing the long game

Barra is an example of an executive who has found success by sticking to her mission.

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Reason

A Raise for Auto Workers May Imperil Biden's Electric Vehicle Ambitions

The president voiced support for the union's goals on the picket line but companies are already struggling to build fuel-efficient cars that Biden wants to prioritize.

The Guardian - US

Biden is right to praise the auto strike. His climate agenda depends on it

The president has a golden opportunity to prove that green jobs will bear dividends for the working class

Barchart

The UAW Strike Could Get Nasty: Use Friday’s Unusual Options Activity to Profit

The UAW strike spread to 5,600 more workers on Friday as they walked off the job at 38 General Motors and Stellantis parts distribution centers in 20 states. In midday trading, investors are taking it all in stride.

The Independent UK

General Motors CEO confronted over her own $29m salary amid UAW strike

Union argues wage rises haven’t matched company profits

The Independent UK

UAW justifies wage demands by pointing to CEO pay raises. So how high were they?

The United Auto Workers union has made CEO pay a central part of their argument for a big worker wage increase

The Guardian - US

‘We build those cars’: US workers on Ford picket line demand a fair share

Horns blare in support of strikers outside the carmakers’ plant in Wayne, Michigan, as union members attack ‘corporate greed’

Salon

UAW goes on strike for first time ever

"CEOs gave themselves 40% pay increases in the last four years," United Auto Workers president Shawn Fain said

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