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The president of General Motors is expected to be in Missouri Friday for what officials are calling a “major announcement” at the company’s plant in Wentzville that makes trucks and vans. Gov. Mike Parson, Sen. Roy Blunt and other government officials are scheduled to join GM President Mark Reuss at the Wentzville Assembly and Stamping Plant. Representatives for GM and Parson on Thursday declined to discuss details.
The head of General Motors Co's Cadillac luxury brand said on Thursday that a majority, and possibly all, of the brand's models would be electric vehicles by 2030. Cadillac president Steve Carlisle also said Cadillac was on track for "low double-digit" sales growth in China in 2019, despite a drop in overall sales in the world's largest vehicle market. Retail Cadillac sales in the United States were on track this year for their first increase since 2013, Carlisle said.
Smucker (SJM) grapples with sluggish sales due to sale of its U.S. baking unit, lower net price realization and adverse currency fluctuations.
It hoped to close the sale of Carlton & United Breweries (CUB) to Asahi in the first quarter of 2020. It also said Asahi may act as a competitive constraint on the two largest beer brewers - CUB and Lion - and has "the potential to be an even bigger threat in future".
The United Auto Workers (UAW) union said on Wednesday that rank-and-file members at Fiat Chrysler Automobiles NV have voted in favour of a new four-year labour contract with the automaker, helping the Italian-American firm avoid a strike as it works to merge with France's Groupe PSA . Fiat Chrysler (FCA) and PSA, the maker of Peugeot and Citroen, in October announced a planned $50 billion merger to create the world's fourth-largest automaker. FCA's 47,200 rank-and-file UAW members voted 71% in favour of the new contract.
Ammann did not elaborate on Cruise’s plans in his post. Cruise on Wednesday said it would offer more details at an event in San Francisco on Jan. 21. Cruise previously announced a partnership with Honda Motor Co to develop a purpose-built autonomous vehicle for use in ride-sharing.
Colgate (CL) is grappling with weak margins and adverse impacts of foreign currency. Nevertheless, its innovation plans, savings program and expansion strategies bode well.
Like many Uber drivers in Sao Paulo, the ride-hailing app's busiest city in the world, Augusto Caio Pereira does not actually own or lease the car he nudges through the city's notorious traffic jams every day. Instead, he rents Brazil's best-selling car, the Chevrolet Onix hatchback, for 390 reais ($93) a week from Localiza Rent a Car, the country's largest rental company. Pereira lost his job at a law firm a few months ago, joining Brazil's 12 million unemployed.
Global concerns about climate change are not stopping General Motors from making large SUVs for U.S. drivers. GM on Tuesday rolled out the next generation of its big truck-based SUVs with more space and features. The 2021 Chevrolet Tahoe and Suburban will come out in the middle of next year.
General Motors Co could expand the lineup of vehicles using its large truck and sport utility vehicle architecture and sees big opportunities in over-the-air software updates, President Mark Reuss told Reuters on Tuesday. GM, which controls about 70% of the large sport utility market in North America with six models, unveiled the redesigned Chevrolet Tahoe and Suburban, the first of a new generation of large SUVs whose profits will help fund development of electric vehicles that the automaker promises for the future. The 2021 Chevrolet Tahoe, revealed at the arena where the Detroit Red Wings hockey team plays in downtown Detroit, is 6.7 inches longer than the current Tahoe and can carry as much as 122.9 cubic feet of cargo.
T-Mobile US Inc and Sprint Corp did not pursue a merger in order to reduce price competition in the U.S. wireless market, the chief executive of Deutsche Telekom, T-Mobile's majority shareholder, testified on Tuesday in federal court in Manhattan. Timotheus Höttges, who is chairman of T-Mobile's board, testified that T-Mobile sought to merge with its smaller rival to increase scale and gain wireless spectrum, or airwaves that carry data, but denied the goal was to reduce competition.
Target is Yahoo Finance's 2019 Company of the Year. Target COO John Mulligan explains some of the big changes he has made to Target's business this year.
The solution, developed by the ecommerce giant and money transfer company Western Union, allows customers to place an order online and then pay in cash at a branch of Western Union. “Lawyers were at the table from start to finish,” says the financial services company’s chief legal officer, Caroline Tsai, about achieving the deal. There has long been a debate about whether general counsel and in-house lawyers generally are primarily business enablers or guardians.
Much of that insight comes from having direct experience of many deals, says Alan Klein, co-head of law firm Simpson Thacher & Bartlett’s M&A practice in New York. The threat that Cfius can derail a blockbuster deal — as seen by President Donald Trump’s decision to block Singapore-registered Broadcom’s $142bn hostile bid for the US chipmaker Qualcomm — has made the process a priority for dealmakers.
One thing to start: Japan’s SoftBank has agreed to consciously uncouple from Wag by selling its nearly 50 per cent stake back to the dog walking company. The SoftBank Vision Fund will lose money on the stake sale, after it previously pledged $300m to Wag in January last year, valuing the company at $650m. It has been a year that most US distressed hedge funds would love to forget.
General Motors Co confirmed on Monday it agreed to loan $40 million (31.2 million pounds) to an electric vehicle start-up to facilitate the acquisition of its shuttered Lordstown Assembly plant in Ohio. Lordstown Motors Corp, which is 10% owned by Workhorse Group Inc, bought the plant and equipment for $20 million in November as part of its ambitious plan to begin building electric pickup trucks by the end of 2020. The loan agreement, which was reported earlier Monday by the Business Journal in Youngstown, was filed in Trumbull County last week.
The world's biggest brewer has a debt pile to match: around 100 billion dollars of it. But AB InBev's plans to pay down some of that by selling its Australia operations to Asahi may be in jeopardy. Australian regulators say a new combined entity would control two thirds of the local cider market. And could also raise competition concerns in the beer market there. AB's debt mountain stems largely from buying out rival SABMiller in 2016. The Belgian giant has been selling assets and took its Asian business public this year to raise funds. And hoped to close the 11 billion dollar sale of its Carlton & United Breweries arm in Australia in the first quarter of 2020. The deal would turn Japan's Asahi into the world number 3 - behind AB and Heineken. Regulators though say they won't make a final decision until March - one analyst told Reuters the deal's unlikely to get passed. The news left shares in both parties down over a per cent in early trading on Thursday (December 12).
General Motors revealed even bigger SUVs on Tuesday (December 11) that it says will help pay for an electric future. The 2021 Chevrolet Suburban is a longer version of the familiar design...adding over an inch to make it one of the longest passenger vehicles on the market. It shares boomerang-shaped lights with the new Tahoe, which was also unveiled. And - the digital electronics inside are all new. Like Tesla, GM hopes to use new 'over-the-air' wireless software updates to make money or fix problems at a low cost. The company hopes the new models will help fund the development of electric vehicles. Big SUVs are profitable with margins as high as 30 percent. GM controls more than two-thirds of the market for large SUVs in North America. And their Arlington, Texas factory is running 24 hours a day to keep up with demand. With fuel economy rules from President Obama's era, automakers are encouraged to make SUVs even bigger. Cars with a larger 'footprint' have easier CO2 targets to meet. President Donald Turmp says he wants to ease these standards, but he hasn't released a final plan. GM has sided with Trump in a dispute with California, a state that's sued to maintain the stronger Obama standards.