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GM Revenue Up Slightly for Q4, Full Year

Maker paying profit sharing up $7,500 to hourly employees.

by on Feb.06, 2014

General Motors Co. (NYSE: GM) today reported 2013 calendar-year net income of $3.8 billion, or $2.38 per fully-diluted share.

While its revenue for the quarter and the year rose, General Motors reported its fourth-quarter earnings were flat and full-year earnings were down on a year-over-year basis due to special charges related to some of the company’s restructuring actions.

However, the company’s positive performance in North America buoyed its quarter and year and resulted in its eligible hourly employees expected to received profit sharing checks up to $7,500 each.

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“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” said GM CEO Mary Barra. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.” (more…)

Even at $4.4 Mil, New GM CEO Mary Barra’s Pay May Suffer from Gender Inequality

“Retired” chief executive Akerson will continue to draw large salary.

by on Jan.20, 2014

GM CEO Mary Barra with her Ford counterpart Alan Mulally during last week's black tie preview at the North American International Auto Show.

(This story has been revised to reflect additional comments by General Motors on its executive compensation strategy.)

There have been countless surveys over the years that find women in the workforce make less money than their male counterparts and, apparently, that’s true at even the highest levels — including the new chief executive officer at General Motors.

GM has revealed that its new CEO Mary Barra stands to earn as much as $4.4 million in her first year on the job.  That’s if she collects on the full $2.8 million that’s set aside as part of a short-term incentive plan.  (She also could collect a potential $1 million in a new stock offering.)  But Barra’s base salary is $1.6 million – a full $100,000 less than outgoing CEO Dan Akerson made in 2012 and 2013.

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And Akerson will continue to out-earn Barra, at least for the time being.  Though he retired last week – months ahead of the original plan due to his wife’s serious bout with cancer – the former Navy pilot will remain a GM consultant for which his base salary will be larger than Barra’s, according to GM documents filed with the Securities and Exchange Commission.


GM CEO Akerson Rejects Repaying Government for Losses

“The die was cast,” said executive.

by on Dec.17, 2013

GM CEO Dan Akerson said the government took the same risks as other investors.

Soon-to-retire General Motors Chairman and CEO Dan Akerson has said thanks, but no thanks, to suggestions the now-profitable automaker should pay back the roughly $10 billion the U.S. Treasury is believed to have lost on its 2009 bailout of the then-bankrupt automaker.

Speaking at the National Press Club in Washington, D.C., Akerson told his audience that the government took a risk like any other investor – including those wiped out when GM filed for Chapter 11 protection.  And, the CEO stressed, the bailout was far less expensive than the tens of billions of dollars in lost taxes and other revenues that would have been lost if GM had gone out of business.

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“I would not accept the premise that this was a bad deal,” said Akerson, who plans to retire on January 15, when his protégé Mary Barra becomes the first woman CEO at a major auto manufacturer. “The die was cast” when the government decided to take shares rather than make its investment in the form of a loan, Akerson emphasized.


GM Stock Closes at All-Time High

Taxpayer loss on “Government Motors” bailout likely to dip slightly.

by on Dec.03, 2013

GM stock reaches a towering level - but can it hold?

Investors will be watching closely today to see if General Motors can maintain momentum after its stock closed at an all-time high on the first day of December trading – and just weeks before the federal government plans to sell off the last of the shares taken in return for GM’s $50 billion bailout in 2009.

GM stock closed Monday at $39.11, the highest figure since the “new” General Motors was formed in 2009 following the maker’s emergence from Chapter 11 protection.  Shares briefly climbed as high as $39.39 during the day.  The maker’s previous closing record was $38.98 on January 7, 2011.

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GM shares subsequently took a sharp tumble, dipping down into the mid-teens during the summer of 2011. Its 52-week low, meanwhile, was $24.40.  The automaker’s stock has been rebounding this year at a rate notably faster than the overall turnaround of the Dow Jones Industrial Average – which has itself been in record territory in recent weeks, nudging up as high as $16,174.51.


GM Offers Health Insurance to Same-Sex Married Couples

Several automakers offer insurance and other benefits in U.S.

by on Nov.08, 2013

GM recently began offering expanded health care coverage and benefits to same-sex married couples.

When General Motors began extending health care insurance to same-sex married couples on Oct. 30, it basically brought the automaker on par with many of its competitors.

Married same-sex GM workers can now add spouses to their health care plans at any time “within one year from their date of marriage or during the next annual enrollment period with proof of a valid, legal marriage license,” GM said in a statement.

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Ford Motor Co., Chrysler Group, American Honda Motor Co., Nissan North America, Subaru of America, Toyota Motor Sales and Volkswagen Group USA also provide employees with same-sex domestic partner benefits. (more…)

China Now GM’s Biggest Market

GM and Ford both set new records in Asian market.

by on Jul.08, 2013

GM unveiled its Buick Riviera Concept during the recent Shanghai Auto Show.

Despite signs of a slowdown in the Chinese economy General Motors posted record sales in China — where GM sales now have surpassed the total number of vehicles the company is selling in its home market, the United States.

GM and its Chinese joint venture partners saw sales surge by 10.6% during the first half of 2013, to nearly 1.6 million, an all-time record that positions it as the booming Asian nation’s second-largest automotive manufacturer. By comparison, it sold just over 1.4 million vehicles in the U.S. during the same time period.

GM isn’t the only American maker outpacing the growth of the overall Chinese market.  Rival Ford Motor Co. set its own record for the first half of the year, sales in China surging 47%, with demand up 44% in June.

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While several makers have yet to report their final numbers, it appears the two American makers significantly outperformed the overall Chinese market, passenger car sales for the first half expected to be up 14%, with June growth a more modest 10% year-over-year, according to domestic industry sources.


GM May Buy Back More Stock, Revive Dividend

“We’re getting stronger,” CEO Akerson declares.

by on Jun.07, 2013

GM's headquarters at the Detroit Renaissance Center.

General Motors investors have had a lot to celebrate in recent weeks watching the maker’s shares surge, the stock rejoining the influential S&P 500 – and now, with Chairman and CEO Dan Akerson suggesting the maker might be ready to restore the GM dividend for the first time since 2008.

Akerson also is weighing the possibility of buying back more GM shares, a move that could further drive up a stock that has nearly doubled since hitting a low point last July.

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But, “First and foremost we must continue to invest in this company so we don’t lose the competitive edge that we have today,” Akerson told stockholders meeting in Detroit, an event where he declared the company’s bailout and revival a success.


How High is Up for GM Stock?

Maker will rejoin S&P 500 “before too long,” says CEO Akerson.

by on May.20, 2013

GM CEO Dan Akerson delivers the commencement address to Notre Dam business grads over the weekend.

Perhaps it’s just a rising tide lifting all boats, but General Motors stock has hit its highest close in more than two years – beating the $33 a share price tag set during its initial public offering in November 2010.

The resurgence comes as the overall stock market charges from one record to another, but also suggests that investors are impressed by the performance of the giant maker which earlier this month announced $865 million in earnings for the first quarter of 2013.

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Though it has now delivered 3 consecutive quarterly profits, GM is still in the “early innings” of its recovery,” CEO Dan Akerson said over the weekend in South Bend, Indiana, where he delivered the commencement speech for Notre Dame business school graduates.  GM is “on the cusp,” said the executive, of regaining its investment grade debt rating back.  Akerson also suggested in his speech that the maker will rejoin the S&P 500 “before too long.”


GM Continues Setting Sales Records in China

Upsurge defies uncertainty in world’s largest auto market.

by on Apr.03, 2013

The new Cadillac XTS has been gaining momentum since its recent launch in China.

General Motors continues to score big in China, its sales increasing by double digits again during March despite worrisome signs of trouble in what is now the world’s largest automotive market.

GM reported its Chinese joint ventures reached all-time highs for not just March but for the entire first quarter of 2013. Sales last month surged 12.6% on an annual basis to 290,538 units. It was the second-highest monthly sales total in GM’s history in China.

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For the quarter, GM’s sales in China jumped to 816,373 units, an increase of 9.6% from the same period last year, the company reported, putting GM on track to sell more than 3 million units in China this year. That seems on track to be another new record.