Tag: GM

Electric Vehicle Market Share Plummets in First Quarter as Consumers Sour

Minnesota Sun Staff
Tesla Showroom

Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.

Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.

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Top U.S. Automaker Reports $1.7 Billion Loss on Electric Vehicles in Fourth Quarter

Minnesota Sun Staff
Marry Barra

General Motors reported a $1.7 billion loss on Tuesday in its fourth quarter earnings call in the production and sale of its electric vehicle line, despite having positive net income growth in the quarter.

The automaker’s net income for the fourth quarter rose 5.2% year-over-year to $2.1 billion despite a reduction in revenue over that time frame of 0.3%, according to GM’s fourth quarter earnings report. The losses on EVs accompany a $1.1 billion total loss from a six-week-long strike by the United Auto Workers that partially halted operations, with the union gaining a new work contract that could raise labor costs in the coming year, according to the company’s investor earnings call.

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UAW Expands Strike Against GM Hours After Reaching Deal with Rival Stellantis and Ford

Minnesota Sun Staff

The United Auto Workers (UAW) union on Saturday expanded its strike against General Motors (GM) after it reached an agreement with its competitors on Wednesday and Saturday, the union confirmed in an X post.

The UAW and Stellantis (formerly Chrysler) reached a deal similar to the four-year agreement reached on Wednesday between Ford and the UAW, which provides a 25 percent pay increase and cost of living adjustments, as well as the ability to strike over plant closures. It was expected that GM would also make a deal with the union after Stellantis on Saturday, but instead employees at a Tennessee GM factory received orders to expand the company’s strike, the local union posted on X.

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Potential UAW Strike Looms in Michigan

The Center Square

Up to 146,000 United Auto Workers could strike starting this week if the Big Three auto companies don’t reach a new union contract agreement by 11:59 p.m. on Thursday. 

UAW Union President Shawn Fain has repeated his mantra “record profits mean record contracts.” He says Big Three executives at Ford, General Motors and Stellantis have received hefty pay raises while inflation has eaten away at UAW workers’ paychecks.

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‘Sustainable’ Electric Cars Are Getting Junked Over Minor Damage

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Insurers are being forced to write off many electric vehicles with only minor damage to battery packs, sending the batteries to scrap yards and hindering the climate benefits of going electric, Reuters reported.

Battery packs typically represent roughly half the cost of an electric vehicle, sometimes costing tens of thousands of dollars, often making it more economical for insurers to consider a car as totalled than replace a battery pack, according to Reuters. While many carmakers, including Ford and GM, told Reuters that their battery packs were repairable, many are unwilling to share key data with third-party insurers to help assess damage.

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General Motors Funds Transgender Programs in Elementary Schools

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General Motors (GM) gave a grant to an organization that supplies elementary schools with books promoting the transgender ideology.

The automotive manufacturing company donated money to the Gay Lesbian and Straight Education Network’s (GLSEN) “Rainbow Library Program,” according to a 2021 Social Impact Report published by GM.

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