General Motors CEO Mary Barra stated on Tuesday the No. 1 U.S. automaker at present has no projects underway with ride-sharing company Lyft, where it is holding 9 percent stake. Competing automaker Ford Motor stated last year it will work with Lyft to deploy large amount of Ford self-driving vehicles on Lyft’s network by 2021.
General Motors will provide advanced batteries to Japan’s Honda Motor, the companies stated Thursday, a move that could apparently reduce the expense of future electric vehicles at both automakers after 2020. The automaker stated the new batteries, which it has branded EME 1.0 and first described last fall, will be smaller than present EV batteries,
General Motors agreed to settle a lawsuit submitted by a motorcyclist involved in a minor crash among its self-driving cars in San Francisco late last year, the U.S. automaker stated on Friday. Oscar Nilsson sued GM in U.S. District Court in January for negligence over a December last year crash in which he was injured.
Shares of General Motors and Ford Motor moved only marginally higher before the bell on Thursday following the Trump administration launch of a national security investigation into car imports which could result in new tariffs on foreign rivals while also stirring trade tensions. Washington stated on Wednesday it will open a so-called Section 232 investigation
General Motors, which prepares a ride-sharing fleet of robotaxis for 2018, is exploring at further business opportunities for self-driving cars, including custom designs that could be almost unrecognizable from those of present, a top executive stated on Thursday. Custom-designed vehicles could be owned or rented by individual customers, consisting of those outside of large cities,
General Motors will stay in South Korea for no less than 10 years and install its Asia-Pacific headquarters in the nation, government officials stated on Thursday, describing terms of a deal targeted at rescuing the U.S. automaker’s struggling GM Korea unit. The U.S. automaker’s Korean unit averted a bankruptcy filing with a wage deal clinched
South Korea stated on Wednesday that an upcoming deal with General Motors to refinance its regional unit will confirm the U.S. automaker remains in the country for at least one decade, as its rights to sell shares and assets will be curtailed. GM and South Korea reached an initial agreement last month to spend $4.35
General Motors stated on Thursday it was collaborating with design software company Autodesk Inc to produce new, lightweight 3D-printed parts that could help the carmaker meet its goals to add alternative-fuel automobiles to its product lineup. In 2017, the company announced it’s strategies to add 20 new electric battery and fuel cell vehicles to its
General Motors planned $3.6 billion cash infusion to save its South Korean business is going to be in the form of loans, while Korea Development Bank (KDB) will get preference shares for its $750 million investment in GM Korea, two sources knowledgeable with the issue stated on Wednesday. The Detroit automaker and state-run KDB agreed
General Motors has planned to provide $3.6 billion in fresh funding to its struggling South Korean unit, more than its earlier proposed $2.3 billion as part of a preliminary deal, South Korea stated last week. State-funded Korea Development Bank also stated the U.S. automaker agreed to swap the whole debt owed by its South Korean
General Motors’ South Korean unit dropped their plan of filing for bankruptcy following winning concessions on pay, bonuses and advantages from its labor union in a tentative deal reached on Monday. The deal will make the way for almost $500 million in fresh capital injection by the South Korean government, providing much-needed liquidity to South
The board of General Motors’ South Korean unit has postponed its decision on filing for court-led rehabilitation proceedings to Monday, according to two sources knowledgeable with the situation. GM Korea was not reachable for comment at the moment. The company and its union failed to reach a wage deal by Friday, failing a deadline earlier
South Korea’s finance minister stated on Monday that public funds could only be utilize to favor the South Korean auto unit of General Motors if it was obvious that the business could survive on its own long-term. Discussing with reporters following a policy meeting in Seoul, Kim Dong-yeon stated major shareholders and other parties involved
General Motors’ president stated common ground must be reached on a long-term financial restructuring of the automaker’s South Korean auto unit by next Friday and if there has been none, the operation would likely look forward to bankruptcy protection. The automaker shocked the country in February with strategies to close one local plant and leaving
South Korea on Friday prompted General Motors’s local subsidiary and labor union to gain a wage deal swiftly, adding the government will be able to talk about support for the money-losing unit on condition of an agreement. General Motors, which in February declared it would shut one of its South Korean factories, stated it will