• Fri. Dec 8th, 2023

GM to Provide Business Update on November 29 Following UAW Contract Approval


Nov 21, 2023

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo

General Motors (GM.N) has announced that it will hold a business update on November 29 following the ratification of new labor agreements in the United States and Canada. During this conference call with analysts, GM CEO Mary Barra and chief financial officer Paul Jacobson will provide updates on the company’s operations and financial performance.

On Monday, the United Auto Workers union announced that its members had approved a new labor deal through April 2028. This agreement marks a significant milestone for both the union and GM, as it ensures continued job security and competitive compensation for workers in the automotive industry.

However, despite this positive news for its labor force, GM continues to face mounting challenges at its self-driving unit Cruise. Since 2017, Cruise has lost over $8 billion, with $728 million lost in the third quarter of this year alone, according to GM financial disclosures. As a result, investors have become increasingly concerned about Cruise’s ability to generate profits and contribute to GM’s overall financial performance.

Despite these challenges, however, Barra remains optimistic about Cruise’s future prospects. In recent interviews with Reuters News Agency, she has expressed her belief that Cruise will be able to overcome its current financial struggles and become a profitable business by focusing on developing safe and reliable self-driving technology for consumers around the world.

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