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)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

General Motors : GM confirms plans to build new EV, invest $300 million in Michigan plant

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/22/2019 | 10:34am EDT
General Motors Chief Executive Mary Barra poses for a photograph with Michigan Governor Gretchen Whitmer and United Auto Workers union Vice President Terry Dittes at the GM Orion Assembly Plant in Lake Orion

(Reuters) - General Motors Co confirmed on Friday it will invest $300 million in a suburban Detroit assembly plant, adding 400 jobs to build a new Chevrolet electric vehicle.

The largest U.S. automaker has come under heavy criticism from President Donald Trump in recent days over its decision to end production at its Lordstown, Ohio, assembly plant earlier this month.

GM officials said the announcement was planned well before Trump's series of angry GM tweets that started on Saturday. Trump called GM CEO Mary Barra on Sunday to urge her to reverse the decision to end production at the Ohio plant, which is in a crucial state for the 2020 presidential election. He again ripped the company in a speech in Ohio on Wednesday.

Barra, speaking to reporters after an event at the plant in Orion Township, outside Detroit, with Michigan Governor Gretchen Whitmer announcing the investment, said GM is focused on ensuring that all of the hourly workers at Lordstown find new jobs at other plants. But she has shown no indication it will reverse course and reopen the Lordstown plant.

She declined to say if she thought there was more tension between GM and Trump.

"We want to create jobs, good paying jobs," Barra said, saying her talks with Trump had a "business focus." She said GM needs to remain "strong" in order to continue to add jobs.

Reuters reported on Thursday on GM's investment plans for the plant.

Last year, GM said it would end production at five North American assembly plants and eliminate about 15,000 jobs, prompting outrage and a two-day visit by Barra to Capitol Hill to answer questions about the job cuts.

GM did not disclose the name or timing of the new GM EV but said it would be built on the same platform as the existing Chevrolet Bolt EV. GM did not disclose the name of the new EV or the timing of production.

The automaker said in total it is investing $1.8 billion in its U.S. manufacturing operations this year, creating 700 new jobs and supporting 28,000 jobs across six states.

Additional product information and timing for the new Chevrolet EV will be released closer to production.

Barra said after event that GM "supports" the proposed United States, Mexico and Canada Agreement "and we are making adjustments because we will comply" with new rules requiring additional North American content.

Reuters reported Thursday that GM was initially considering building the new EV in China.

In February, GM disclosed that it had hired Ballard Partners, a lobbying firm run by Brian Ballard, a fundraiser for Trump's presidential campaign. The company has been eager to try to smooth over relations with the White House after Trump first began harshly attacking GM last year.

(Reporting by David Shepardson; Additional reporting by Rebecca Cook in Orion Township, Michigan Editing by Dan Grebler)

By David Shepardson

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GENERAL MOTORS CORPORATION
02:47aFiat Dents Rivals' Pickup Power -- WSJ
DJ
05/19Fiat Chrysler Ram Pickup Is Closing In on GM and Ford
DJ
05/17GENERAL MOTORS : GM Honors Global Suppliers for Innovation, Quality and Performa..
PU
05/17U.S. lifts tariffs on Canadian, Mexican metals in boost for trade pact
RE
05/17Trump declares some auto imports pose national security threat
RE
05/17U.S. lifts tariffs on Canadian, Mexican metals in boost for trade pact
RE
05/17GENERAL MOTORS : GMC Innovation Continues with 2020 Sierra 1500
PU
05/17FIAT CHRYSLER AUTOMOBILES : GMC trucks to deploy adaptive cruise control system
RE
05/15MARKET SNAPSHOT: Stocks Close Higher As Tech, Internet-related Shares Underpi..
DJ
05/15Trump expected to delay auto tariffs decision by up to six months - officials
RE
More news
Financials ($)
Sales 2019 146 B
EBIT 2019 11 920 M
Net income 2019 8 693 M
Finance 2019 6 183 M
Yield 2019 4,24%
P/E ratio 2019 6,08
P/E ratio 2020 6,47
EV / Sales 2019 0,32x
EV / Sales 2020 0,31x
Capitalization 52 481 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
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 46,3 $
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Dhivya Suryadevara Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL MOTORS CORPORATION10.61%52 481
TOYOTA MOTOR CORP5.21%192 663
VOLKSWAGEN5.92%83 179
DAIMLER AG16.23%63 698
BAYERISCHE MOTOREN WERKE AG-6.42%48 042
HONDA MOTOR CO LTD0.43%46 256