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Archive for the ‘GM’ Category

FCA CEO Marchionne Earns Nearly $12 Million in 2017

Last year's compensation package slightly higher than previous year's.

by on Feb.20, 2018

FCA CEO Sergio Marchionne's compensation package for 2017 totaled nearly $12 million.

Fiat Chrysler Automobiles NV enjoyed a profitable 2017 and as a result CEO Sergio Marchionne received a raise to nearly $12 million in compensation. The company’s soon-to-retire leader made $11.5 million in 2016.

In addition, Marchionne also received stock for the first time in the last three years due to the company’s success. He is expected to retire later this year.

Breaking News!

Marchionne’s compensation is a mix of salary, bonuses and other benefits. His base salary in 2017 was $4.3 million and he earned a $7.6 million performance bonus for the company’s results in 2016, according to Securities and Exchange Commission filings. (more…)

GM Plans Month-Long Shutdown at Flint Truck Plant

Plans are two weeks longer than usual.

by on Feb.19, 2018

GM is going to be laying off employees at its plant in Flint, Michigan, for two weeks after the company's traditional two-week shutdown.

General Motors told employees it plans to close down the company’s big truck assembly plant in Flint, Michigan, for the month of July.

The company said in a memo circulated to employees of the truck assembly plant that the plant will be closed for a “mandatory” two-summer vacation shutdown starting in early July. The two-week vacation shutdown will be followed by a two-week layoff for most of the employees at the plant, according to the memo, which was posted to a union website.

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The memo said some employees will be required to work during the temporary shutdown as the plant will be undergoing a series of improvements to the plant, which a key center for production of GM’s Chevrolet and GMC heavy-duty pick-up trucks. (more…)

Union Group Claims Racist Activities Increasing in Auto Plants

Reports of hanging nooses, harassment on the uptick.

by on Feb.16, 2018

UAW President Dennis Williams said that the union is trying to eliminate racism and sexual harassment in plants.

Union activists have detailed a recent series of racial slurs and taunts in plants belonging to car makers and suppliers.

The report follows recent complaints by the EEOC detailing a climate of sexual harassment at Ford Motor Co. plant in Chicago that prompted warnings such behavior would not be tolerated from the company’s top executives, including CEO Jim Hackett, who visited the plant to re-inforce the message.

Union News!

United Auto Workers President Dennis Williams also said the union, which represents more than 415,000 employees at work sites across the country, harassment should not and would not be tolerated. (more…)

Maven Making Move to Toronto

Service expands into new country.

by on Feb.14, 2018

GM's car-sharing service, Maven, continues to grow. The on-demand access to vehicles is now in Canada's largest city, Toronto.

General Motors car-sharing service, Maven, which offers customers access to personalized, on-demand mobility services, has opened for business in Toronto, Canada’s largest city.

So far, GM has rolled out Maven in more than a dozen cities in North America, including New York and Los Angeles.

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“Toronto has a unique spirit. Residents are constantly on the go and want more sharing and mobility options,” said Julia Steyn, vice president, General Motors Urban Mobility and Maven. “Maven offers cars Torontonians want to drive to help them be there for the moments that matter.” (more…)

GM Shutting One Korean Plant, Considering Fate of Others

Government open to aid offer – but demands investment guarantees.

by on Feb.13, 2018

The Gunsan plant has produced several GM models, including the Chevy Orlando shown here.

Facing rising costs and declining sales, General Motors today said it will close one of four factories in South Korea and, as part of an ongoing restructuring program, the automaker is weighing the fate of the remaining three facilities.

South Korean government officials expressed “deep regret” at the news. The country’s trade minister left open the possibility of financial aid but cautioned that any assistance will depend on whether GM plans to invest in its operations in Asia’s fourth-largest economy. But it appears all sides are playing a game of brinksmanship, the U.S. automaker waiting to see what stakeholders, including its unions, might be willing to offer.

Global News!

“As we are at a critical juncture of needing to make product allocation decisions, the ongoing discussions must demonstrate significant progress by the end of February, when GM will make important decisions on next steps,” Barry Engle, GM executive vice president and president of GM International, said in a statement.


Demolition Teams Ready to Roll at GM’s Old Janesville Plant

New company looking to redevelop old plant.

by on Feb.13, 2018

GM's former plant in Janesville, Wisconsin appears to be on the verge of demolition and redevelopment.

A St. Louis-based development company is moving ahead with plans for the demolition of General Motors’ old assembly plant in Janesville, Wisconsin, which was once of the most profitable factories in GM vast manufacturing portfolio.

The plant was still turning out full-sized Chevrolet sport utility vehicles when it closed for good in the middle of the bitter recession amid the financial crisis that forced GM to file for bankruptcy.

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The 4.8 million square-foot plant, which sits on 300 acres near the center of Janesville was sold in December 2017 to Commercial Development of St. Louis, Missouri. Commercial Development told local officials that it plans to re-develop the property. (more…)

Mercedes Dropping Out of Detroit Auto Show in 2019

Auto shows face increasing challenges as automakers look at alternatives.

by on Feb.12, 2018

Daimler CEO Dieter Zetsche and Arnold Schwarzenegger celebrated the debut of the 2019 G-Wagen at this year's Detroit Auto Show..

(This story has been updated.)

Officials with the North American International Auto Show have confirmed that Mercedes-Benz won’t be on hand when the even returns in January 2019, the latest on a growing list of manufacturers who have decided to pull out of the Detroit show.

The news comes as more and more automakers rethink their commitment to both media previews and public says at events like the NAIAS. As recently reported, industry planners are looking at alternatives that can more directly target potential buyers while also holding down costs. At shows like the NAIAS it can cost as much as $5 million to stage a 20-minute media preview – even more if the event involves the creation of a one-of-a-kind concept vehicle.

Business News!

“At this time Mercedes-Benz AG will not be exhibiting at the upcoming 2019 North American International Auto Show,” said the German marque in a statement. “Our time in Detroit over the years has been very beneficial for our brand, especially coming off of the world debut of the iconic G-Class. Discussions are underway for future show participation.”


GM Sales Increase in China as Ford Sales Fall in January

Cadillac leading the way for GM.

by on Feb.12, 2018

Cadillac set a sales record in January in China, now the luxury division's largest market.

General Motors and its joint ventures in China delivered 367,712 vehicles in January, posting a year-over-year increase of 14.5%, but Ford Motor Co. suffered a reversal as sales dropped by 1% to 75,990 vehicles.

Nissan sales rose 13.1%. while Toyota Motor Co. sales rose 12.4%. Toyota Motor Corp aims to sell 1.4 million vehicles in China in 2018, nearly 9% more than it sold last year. Ford’s top executive in China abruptly resigned last month, citing personal reasons.

Sales News!

GM, which is preparing to introduce 15 new or refreshed models in China this year, saw Cadillac set a new monthly sales record in what is now the brand’s largest market. (more…)

Accounting Adjustment Masks Record Full Year Earnings for General Motors

Workers will get $11,750 in profit-sharing.

by on Feb.06, 2018

GM CEO Mary Barra has pushed for major changes in GM's strategy, and the 2017 numbers suggest her approach is paying off.

General Motors officially reported a net loss for 2017, but the real numbers were masked by a series of accounting adjustments and actually climbed into record territory for the year.

The adjusted, $12.8 billion in pretax profits, which worked out to $6.62 a share – an 8.2% year-over-year gain – comes as good news to workers as well as investors at a time when economic uncertainty has shocked Wall Street. About 50,000 U.S. hourly employees will share the maker’s success with profit-sharing checks averaging $11,750 apiece. That bonus actually dipped from $12,000 last year.

Business News!

“The actions we took to further strengthen our core business and advance our vision for personal mobility made 2017 a transformative year,” said GM Chairman and CEO Mary Barra, in comments during a media and analyst conference call. “We will continue executing our plan and reshaping our company to position it for long-term success.”


Nissan Spending $9.5B to Grow China Sales

New plan designed to leap in front of Ford, Toyota and Honda.

by on Feb.05, 2018

Nissan and Dongfeng are counting on growing sales of its low-cost Venucia brand in China to push Nissan past 2.5 million units by 2022.

Through its alliance with Renault and Mitsubishi, Nissan may be the best-selling vehicle company in the world, but it still lags General Motors and Volkswagen in China. However, it’s got a $9.5 billion plan to change that.

Nissan executives want to raise its sales by more than 1 million vehicles by 2022 through a mix of new entries, including EVs, and growth of its luxury and low-cost indigenous brands, Infiniti and Venucia, respectively.

Global News!

The move comes in what can be considered a weak sales market in China right now. The country’s auto sales stalled in December and ended 2017 up a meager 1.4% compared with a year ago results, according to the China Association of Automobile Manufacturers. Sales in 2016 were up 15% compared to 2015. (more…)