Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  General Motors Corporation    GM

GENERAL MOTORS CORPORATION (GM)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

General Motors : GM CEO will keep 'open mind' on plant closings, acknowledges anger

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/06/2018 | 01:36am CET
GM CEO Mary T. Barra visits Ohio Senators on Capitol Hill

WASHINGTON (Reuters) - General Motors Co Chief Executive Mary Barra on Wednesday vowed to keep an "open mind" about the future of an Ohio plant that will lose vehicle production, but warned the Detroit automaker has excess capacity and did not suggest the company was reconsidering the plan.

Barra came under pressure from Ohio's two U.S. senators and other lawmakers who want GM to shift production of a vehicle from Mexico or build electric vehicles at the Lordstown Assembly plant in their state that the automaker has said it intends to close.

"I want to make sure that the workforce knows that there are limitations and we do have an overcapacity across the country," Barra said, urging workers at plants set to close to take seriously offers of GM jobs in other parts of the countries.

In a brief Reuters interview after her meetings Wednesday, she said it would be "very costly" to shift production from Mexico of the Chevrolet Blazer due to be launched in the next few days.

U.S. President Donald Trump told GM last week that the company had "better" find a new vehicle to build at the plant in Ohio, which could be crucial to his re-election chances in 2020.

Asked about Trump's comments, Barra did not directly answer but said she understood the strong reaction in Washington.

"I understand this is something that impacts the country and I understand that there is a lot of emotion and concern about it," Barra said.

GM said last week it would close five North American assembly plants next year and cut up to 15,000 jobs as it blames slow selling car sales for the need to restructure.

The CEO said GM planned to add other products at U.S. plants next year and that the automaker would have some jobs to fill at other Ohio facilities in 2019.

She cast the decision as critical to keep GM competitive. In the interview, she said GM wanted to "do the right thing for our employees but also make sure General Motors is strong and lean in the future."

Senator Rob Portman said Barra made no promises about the future of the Lordstown plant in Ohio, where the soon-to-be-discontinued Chevrolet Cruze sedans are manufactured.

Barra said the plant's ultimate status will be determined during contract talks next year with the United Auto Workers (UAW) union.

"We're not asking for charity." Portman said, adding the members are asking for a new product for the plant to build.

GM has come under harsh criticism from lawmakers and from President Donald Trump since Nov. 26, when the No. 1 U.S. automaker announced the biggest restructuring since its bankruptcy a decade ago.

Portman said he spoke to fellow Republican Trump on Wednesday about GM.

Barra is in Washington for meetings with lawmakers, including Senate Democratic Leader Chuck Schumer as well as lawmakers from Ohio and Maryland. She was also expected to meet with lawmakers from Michigan on Thursday, among other meetings. After GM announced its plans, Trump threatened to eliminate subsidies for GM in retaliation.

Administration officials later said they wanted to end subsidies for electric cars in 2020 or 2021, affecting GM and other automakers.

Trump also said new auto tariffs were being studied, asserting, without evidence, that they could prevent job cuts such as those planned by GM.

The UAW has objected to GM's plan to end production in 2019 at four U.S. plants, saying it violates commitments made during contract talks in 2015. The union has asked GM to rescind the decision and resolve the fate of the plants in talks for a new labor contract next year.

(Reporting by David Shepardson; editing by Jonathan Oatis, Bill Berkrot and Richard Chang)

By David Shepardson

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GENERAL MOTORS CORPORATION
12/13GENERAL MOTORS : Trump says GM shift to electric vehicles is 'not going to work'
RE
12/13GENERAL MOTORS : Trump says GM shift to electric vehicles is 'not going to work'
RE
12/13GENERAL MOTORS : Silverado’s 6.2L V-8 Named to Wards 10 Best Engines List
PU
12/13GENERAL MOTORS : Enel starts operation at its first wind farm in Illinois, US
AQ
12/12GENERAL MOTORS : GM CEO Is Under Fire From Trump, Lawmakers Over Restructuring
DJ
12/12GENERAL MOTORS : Enterprise Holdings Partners with General Motors to Add 100,000..
AQ
12/12GENERAL MOTORS : Arrive safely with the five-star Holden Acadia SUV
PU
12/12China, U.S. discuss road map for next stage of trade talks
RE
12/11GENERAL MOTORS : Two lawmakers want GM to commit to producing all U.S. EVs domes..
RE
12/11General Motors, WPP rise; Stitch Fix, CalAmp fall
AQ
More news
Financials ($)
Sales 2018 145 B
EBIT 2018 10 392 M
Net income 2018 7 624 M
Finance 2018 4 966 M
Yield 2018 4,49%
P/E ratio 2018 7,06
P/E ratio 2019 5,98
EV / Sales 2018 0,31x
EV / Sales 2019 0,31x
Capitalization 49 554 M
Chart GENERAL MOTORS CORPORATION
Duration : Period :
General Motors Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GENERAL MOTORS CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 44,6 $
Spread / Average Target 27%
EPS Revisions
Managers
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Daniel Ammann President
Dhivya Suryadevara Chief Financial Officer
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL MOTORS CORPORATION-14.35%49 554
TOYOTA MOTOR CORP-5.89%198 278
VOLKSWAGEN-10.06%84 923
DAIMLER-32.85%57 681
BAYERISCHE MOTOREN WERKE-14.57%53 879
HONDA MOTOR CO LTD-20.66%49 201