|Bid||39.80 x 1000|
|Ask||40.07 x 4000|
|Day's Range||39.77 - 40.37|
|52 Week Range||30.56 - 41.50|
|Beta (3Y Monthly)||1.25|
|PE Ratio (TTM)||6.34|
|Forward Dividend & Yield||1.52 (3.85%)|
|1y Target Est||N/A|
Jul.19 -- General Motors Co. President Mark Reuss discusses the new mid-engine Corvette, driver assistance systems development, and workforce relations. He speaks with Bloomberg's David Westin on "Bloomberg Markets."
The look, features, and specs makes it obvious that the new Corvette is meant to resonate with younger, more enthusiast sports car buyers who want the Corvette to be a track fighter - not a boulevard cruiser with massive straight line speed.
GM, Ford, and Fiat Chrysler employees want to share in their companies' recent prosperity. GM's unionized workforce is particularly motivated to reverse the plan to shrink its U.S. footprint.
In the latest trading session, General Motors (GM) closed at $39.86, marking a +0.96% move from the previous day.
(Bloomberg) -- SAIC Motor Corp. expects annual sales to fall for the first time in at least 14 years as China’s biggest automaker battles through a slump in demand roiling the world’s largest car market, according to people familiar with the matter.The Shanghai-based company, Volkswagen AG and General Motors Co.’s biggest auto-making partner in China, projects 2019 sales will fall about 7%, said the people, who asked not to be identified because the information hasn’t been made public. The new target of 6.54 million is about 8% below SAIC’s public forecast for a slight increase in sales and would represent the first full-year drop on record, based on data compiled by Bloomberg back to 2006.Citing weakness in Chinese demand for cars, JPMorgan lowered its second quarter earnings per share estimate for GM on Thursday to $1.25 from $1.29, and also cut its projection for GM’s 2020 profit by about 1%.Investors seemed unfazed by the news as GM rose 1.1% to $39.53 as of 10:56 a.m. in New York.At SAIC’s venture with VW, sales are expected to fall by about 3% to 2 million units and deliveries at SAIC General Motors Corp. are projected to slide by almost 8% to 1.82 million vehicles, according to one of the people. The figures would represent the first full-year drop for the VW venture and the second-straight annual decline for the GM one, according to data compiled by Bloomberg.The projections are the latest signs of deterioration in the global car market, as shifts in technology and weakening economic growth give consumers fewer reasons to go to the showroom, whether it be in China, the U.S. or Europe. The slump is prompting traditional automakers to fight back, by slashing jobs, pursuing mergers, and plowing billions of dollars into electric and self-driving vehicles.A representative for SAIC said that if the overall market slides this year, the company plans to sustain its market share. Representatives for GM and the SAIC-VW venture declined to comment.In China, consumers bought more cars in June -- the first increase in a year -- but those gains were largely inflated by heavy discounts to clear inventory, indicating the trend won’t last. Deliveries to dealerships continued to fall. The state-backed China Association of Automobile Manufacturers is forecasting a second straight year of declines in the country’s passenger-car market, while researcher LMC Automotive last month predicted a 5% drop. GM representatives declined to comment on forward-looking figures.Adding to the woes in China are continued trade frictions with the U.S. and the advent of tougher emissions standards.SAIC reported this month a 17% drop in first-half sales and said it saw declines across its various ventures. The company has offered buyers incentives of as much as 50% over the past few months to clear inventory of cars that don’t meet stricter emissions standards, according to local media reports. Eighteen provinces and regions -- which together account for most of China’s car sales -- began requiring vehicles to meet the new criteria from July 1.It’s not just SAIC that’s suffering. Geely Automobile Holdings Ltd., which is controlled by billionaire Volvo Cars owner Li Shufu, issued a profit warning last week. That triggered a broader fear that the automaker -- which Sanford C. Bernstein sees as a barometer for sentiment on car stocks -- is foreshadowing further pain across the sector. Great Wall Motor Co. on Friday warned first-half profit fell about 59% and slashed its full-year sales forecast to 1.07 million units, or 11% below what it projected in March.Beyond China, European car registrations fell for the ninth time in 10 months, with June seeing the region’s biggest drop this year. In the U.S., most automakers posted shrinking sales in June and the industry is headed for the second annual sales decline in three years.Even India, long a growth market with still-low car penetration, is now suffering from a prolonged decline. Sales of passenger vehicles in the country dropped more than 17% in June, the eighth straight monthly retreat.(Adds analyst lowering estimate of GM’s EPS in third paragraph.)\--With assistance from David Welch and Kyle Lahucik.To contact Bloomberg News staff for this story: Tian Ying in Beijing at email@example.com;Steven Yang in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Ville Heiskanen, Emma O'BrienFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
General Motors Co unveiled on Thursday its newly designed mid-engine 2020 Corvette in a splashy tribute to its emblematic sports car, even as the No. 1 U.S. automaker faces mounting pressures in a sluggish and uncertain global sales environment. In a glitz presentation in Orange County outside Los Angeles, the eighth generation of the 66-year-old "Vette," in red, white, and blue, roared down a runway stopping short before an audience of Corvette enthusiasts, GM executives, dealers and media. Revved up to take on high-performance European rivals, the new Corvette, dubbed the C8, provides a breath of fresh air to GM, which along with other carmakers faces slowing sales and new financial pressures related to global trade, electrification and unresolved emission standards.
(Bloomberg) -- Masayoshi Son likes to sketch out a grand vision for the future of artificial intelligence to justify his seemingly scattershot approach to investing. On Thursday, he let his proteges and startups speak for themselves.SoftBank Group Corp.’s $100 billion Vision Fund has 82 companies in its portfolio who delve into areas from satellites and autonomous driving to chips and cancer detection. The founders of Southeast Asian ride-hailing giant Grab, indoor farming startup Plenty, Indian hotel chain OYO Rooms and payments service Paytm took the stage at an annual SoftBank conference to explain how AI helps them stay on top in their respective fields.Ritesh Agarwal, Oyo’s 25-year-old founder, said the company is using data to evaluate properties in under five days, a process that might take traditional hotels months. That allows the startup to add about 90,000 new rooms every 90 days, for a total of 1.1 million. Oyo also uses algorithms to predict what kind of interior design can boost demand -- pictures of Marilyn Monroe help, apparently -- and to adjust prices more than 43,000 times a minute.Grab’s Anthony Tan said the company captures 40 terabytes of data daily through its “superapp,” which has been downloaded 155 million times by customers who use it to call a ride, order lunch and pay for purchases. Crunching those numbers allows Grab to make sure a car can be hailed within three minutes and offer food recommendations. The data can also help reduce congestion in Southeast Asia’s crowded cities, reduce food wastage and improve access to credit.Each of Paytm’s 700 billion mobile payment transactions runs a gauntlet of more than 1,000 checks in a thousandth of a second, to root out fraud, founder Vijay Shekhar Sharma said at the event. The rules can be as simple as comparing the phone’s location to that of a merchant receiving payment, and declining those that don’t match. The data could also be used by sellers to determine in real time whether to extend a particular customer credit.Finally, Plenty says its high-tech approach to growing crops indoors results in plants that yield more without pesticides, use a fraction of water of their counterparts in the field and taste better, to boot. Founder Matt Barnard said the company used AI to developed 64 billion produce recipes that allow farmers to adapt production within days to take advantage of a sudden shortage of kale or iceberg lettuce.SoftBank’s Vision Fund poured $3 billion into Grab and took part in a $1 billion round for Oyo last year. In 2017, it led a $200 million investment in Plenty. Last year’s event included presentations from machine learning platform Pettum Inc., Chinese ride-hailing giant Didi Chuxing, ZhongAn Insurance and General Motors Co.’s self-driving unit, Cruise.“The crystal ball that tells the future doesn’t exist, but something close to that is being created now,” Son said at SoftBank World in Tokyo. “The AI revolution can make people happier. That’s the opportunity in front of us.”(Corrects the number of produce recipes in the sixth paragraph.)To contact the reporter on this story: Pavel Alpeyev in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla is one of those companies that everyone wants to succeed because it symbolizes not only a cultural shift towards a cleaner world but a drive to reach levels of innovation that humans never thought was possible.
Tesla stock turned negative after Needham & Company's Rajvindra Gill reiterated his “underperform” rating on concerns about the company's delivery target.
Ford Motor Company (F) is in the middle of a very strong year, with its stock price up 35.1% YTD. This year has helped Ford recover from a very disappointing 2018, yet it has only regained about half of its losses so far.
Toyota (TM) announces plan to scrap the production of Corolla compact cars at its new factory under construction in Alabama. Daimler (DDAIF) issues profit warnings on regulatory and recall costs.
On Tuesday, President Trump's comments about a China trade deal left the stock market with serious concerns. More tariffs could be on the table.
On Tuesday, Tesla (TSLA) cut the prices of its vehicles to standardize its global car line-up, according to Reuters.
The UAW and General Motors Co on Tuesday formally kicked off contract talks, with the union's president calling on the automaker to keep open plants it has slated for closure and to invest in its workforce after the union helped it through a government-led bankruptcy a decade ago. "We invested in you, now it's your turn to invest in us," United Auto Workers' President Gary Jones said at a joint event with GM executives in downtown Detroit. This year's talks on a new four-year contract between the union and the Detroit automakers are expected to be contentious, as U.S. auto sales are slowing after a long boom.
The technology is huge, it's changing the automotive industry, and it's already integrated into nearly every device around you.
Solid execution of sales initiatives, sound fundamentals for the aftermarket and favorable weather conditions are projected to aid Genuine Parts (GPC) in Q2 earnings.