General Motors (GM), a titan in the automotive industry, has released its Q2 report for 2024, revealing a complex picture of both growth and challenges. The company and its dealers delivered 696,086 vehicles in the U.S. during the second quarter, marking a 0.6% year-over-year increase. However, the first half of 2024 saw a slight decline of 0.4% with 1,290,319 vehicles delivered compared to the same period last year.

Marissa West, GM’s Senior Vice President and President of North America, emphasised the strength of GM’s diverse vehicle portfolio. "We have an incredible portfolio of diverse vehicles and we’re flexible," she stated. This flexibility allows GM to cater to a wide range of consumer preferences, from traditional internal combustion engine (ICE) vehicles to the burgeoning market for electric vehicles (EVs).

Navigating a shifting market

The automotive market is experiencing significant shifts as consumers increasingly consider EVs due to environmental concerns and regulatory pressures. Despite these shifts, GM has managed to maintain its position by offering a robust mix of both ICE and EV models. This strategy seems to be paying off in the short term, as indicated by the modest increase in Q2 deliveries.

Embracing electric vehicles

GM’s commitment to EVs is evident in its recent product launches and investments in EV technology. The company’s lineup includes popular models like the Chevrolet Bolt EV and the GMC Hummer EV, which have received positive market reception. GM's strategy to invest heavily in EV infrastructure and technology aligns with global trends toward sustainability and reduced carbon emissions.

"We can win as more customers embrace EVs and we can keep winning if they want to stay with the engine technologies they know," said West. This dual approach allows GM to capture a broad customer base, mitigating risks associated with the market’s transition phase.

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Q2 highlights

1st in sales: GM maintained its top position in sales, with Chevrolet, GMC, Buick, and Cadillac all posting retail gains.

Best quarter since 2021: The second quarter marked the best quarterly total sales since 2021.

Record EV sales: GM achieved record EV sales with 21,930 deliveries, up 34% over Q1 and 40% year-over-year.

Consistent Growth:Q2 deliveries saw an 8th consecutive quarter of year-over-year retail sales growth, up 4%. Buick also recorded its 6th consecutive quarter of year-over-year sales growth.

Record EV deliveries

GM set new records for EV deliveries in the first half of 2024, with 38,355 vehicles, including 21,930 in the second quarter. This growth underscores GM's strategic focus on expanding its EV lineup and infrastructure. Retail EV registrations for GM are up 17% year-to-date, outpacing the industry's 10% gain. By the end of the year, GM plans to offer 10 EV nameplates, targeting major markets like California, Texas, Florida, New York, and Michigan.

Truck leadership

GM continues to dominate the truck market, with full-size pickup retail market share up 1.6 percentage points to 44.5% and midsize pickup retail market share rising 12.5 percentage points to 28.2%. This leadership in the truck segment is a key component of GM’s overall market strategy.

Full-court press on SUVs

Recognising the growing demand for SUVs, GM plans to introduce eight all-new or redesigned ICE SUVs by year-end. The Chevrolet Traverse, now available, is among the first of these new models, highlighting GM's commitment to this lucrative segment.

Strong fundamentals

GM’s robust performance is underpinned by strong fundamentals. Dealers using the CDK platform are working hard to meet strong customer demand, although some deliveries may be delayed until Q3. GM’s incentives as a percentage of average transaction price (ATP) have been 100 basis points lower than the industry average over the last five quarters. In the second quarter, incentives were 4% of ATP. Inventory levels remain healthy, with a slight quarter-to-quarter increase and a planned 66 days supply (581,001 units).

Challenges in the first half of 2024

Despite the Q2 success, the overall performance in the first half of 2024 presents some concerns. The slight decline in year-over-year deliveries indicates that GM is not immune to broader market challenges. These include supply chain disruptions, fluctuating raw material costs, and economic uncertainties that have impacted the automotive sector globally.

Supply chain and economic Pressures

The automotive industry has been grappling with supply chain issues since the onset of the COVID-19 pandemic. Semiconductor shortages, in particular, have affected production timelines and vehicle availability. GM, like many of its competitors, has had to navigate these challenges while striving to meet consumer demand.

Additionally, rising raw material costs have put pressure on profit margins. The cost of key materials for EV batteries, such as lithium and cobalt, has been particularly volatile. GM’s ability to manage these costs while continuing to invest in new technologies will be crucial for its long-term success.

Future outlook and strategic focus

Looking ahead, GM’s strategic focus will likely continue to balance between ICE vehicles and EVs. The company’s investment in its Ultium battery platform and plans for new EV models indicate a strong commitment to the future of electric mobility. However, GM must also continue to innovate within its traditional vehicle segments to retain loyal customers who are not yet ready to transition to EVs.

The upcoming launch of the Chevrolet Silverado EV and the Cadillac Lyriq are expected to bolster GM’s position in the EV market. These models are part of GM’s broader strategy to offer a wide range of EVs across different price points and segments.

Market response and competitive landscape

GM’s competitors are also making significant strides in the EV market. Companies like Tesla, Ford, and Rivian are pushing the boundaries of electric mobility, increasing the competitive pressure on traditional automakers. GM’s ability to differentiate its products and maintain brand loyalty will be key factors in its ongoing success.

General Motors’ Q2 report for 2024 highlights both the opportunities and challenges the company faces in a rapidly evolving automotive market. The modest increase in Q2 deliveries reflects GM’s adaptability and strong product portfolio. However, the slight decline in first-half deliveries underscores the need for continued vigilance and strategic agility.

As GM navigates the complexities of supply chain issues, rising costs, and competitive pressures, its dual focus on ICE and EV models positions it well for future growth. The company's ability to balance these elements will determine its success in the coming years as the automotive landscape continues to transform.

General Motors (GM), a titan in the automotive industry, has released its Q2 report for 2024, revealing a complex picture of both growth and challenges. The company and its dealers delivered 696,086 vehicles in the U.

General Motors (GM), a titan in the automotive industry, has released its Q2 report for 2024, revealing a complex picture of both growth and challenges. The company and its dealers delivered 696,086 vehicles in the U.S. during the second quarter, marking a 0.6% year-over-year increase. However, the first half of 2024 saw a slight decline of 0.4% with 1,290,319 vehicles delivered compared to the same period last year. Marissa West, GM’s Senior Vice President and President of North America, emphasised the strength of GM’s diverse vehicle portfolio. "We have an incredible portfolio of diverse vehicles and we’re flexible," she stated. This flexibility allows GM to cater to a wide range of consumer preferences, from traditional internal combustion engine (ICE) vehicles to the burgeoning market for electric vehicles (EVs). Navigating a shifting market The automotive market is experiencing significant shifts as consumers increasingly consider EVs due to environmental concerns and regulatory pressures. Despite these shifts, GM has managed to maintain its position by offering a robust mix of both ICE and EV models. This strategy seems to be paying off in the short term, as indicated by the modest increase in Q2 deliveries. Embracing electric vehicles GM’s commitment to EVs is evident in its recent product launches and investments in EV technology. The company’s lineup includes popular models like the Chevrolet Bolt EV and the GMC Hummer EV, which have received positive market reception. GM's strategy to invest heavily in EV infrastructure and technology aligns with global trends toward sustainability and reduced carbon emissions. "We can win as more customers embrace EVs and we can keep winning if they want to stay with the engine technologies they know," said West. This dual approach allows GM to capture a broad customer base, mitigating risks associated with the market’s transition phase. Also read: CDK Global aims to restore car dealership systems after massive outage Q2 highlights 1st in sales: GM maintained its top position in sales, with Chevrolet, GMC, Buick, and Cadillac all posting retail gains. Best quarter since 2021: The second quarter marked the best quarterly total sales since 2021. Record EV sales: GM achieved record EV sales with 21,930 deliveries, up 34% over Q1 and 40% year-over-year. Consistent Growth:Q2 deliveries saw an 8th consecutive quarter of year-over-year retail sales growth, up 4%. Buick also recorded its 6th consecutive quarter of year-over-year sales growth. Record EV deliveries GM set new records for EV deliveries in the first half of 2024, with 38,355 vehicles, including 21,930 in the second quarter. This growth underscores GM's strategic focus on expanding its EV lineup and infrastructure. Retail EV registrations for GM are up 17% year-to-date, outpacing the industry's 10% gain. By the end of the year, GM plans to offer 10 EV nameplates, targeting major markets like California, Texas, Florida, New York, and Michigan. Truck leadership GM continues to dominate the truck market, with full-size pickup retail market share up 1.6 percentage points to 44.5% and midsize pickup retail market share rising 12.5 percentage points to 28.2%. This leadership in the truck segment is a key component of GM’s overall market strategy. Full-court press on SUVs Recognising the growing demand for SUVs, GM plans to introduce eight all-new or redesigned ICE SUVs by year-end. The Chevrolet Traverse, now available, is among the first of these new models, highlighting GM's commitment to this lucrative segment. Strong fundamentals GM’s robust performance is underpinned by strong fundamentals. Dealers using the CDK platform are working hard to meet strong customer demand, although some deliveries may be delayed until Q3. GM’s incentives as a percentage of average transaction price (ATP) have been 100 basis points lower than the industry average over the last five quarters. In the second quarter, incentives were 4% of ATP. Inventory levels remain healthy, with a slight quarter-to-quarter increase and a planned 66 days supply (581,001 units). Challenges in the first half of 2024 Despite the Q2 success, the overall performance in the first half of 2024 presents some concerns. The slight decline in year-over-year deliveries indicates that GM is not immune to broader market challenges. These include supply chain disruptions, fluctuating raw material costs, and economic uncertainties that have impacted the automotive sector globally. Supply chain and economic Pressures The automotive industry has been grappling with supply chain issues since the onset of the COVID-19 pandemic. Semiconductor shortages, in particular, have affected production timelines and vehicle availability. GM, like many of its competitors, has had to navigate these challenges while striving to meet consumer demand. Additionally, rising raw material costs have put pressure on profit margins. The cost of key materials for EV batteries, such as lithium and cobalt, has been particularly volatile. GM’s ability to manage these costs while continuing to invest in new technologies will be crucial for its long-term success. Future outlook and strategic focus Looking ahead, GM’s strategic focus will likely continue to balance between ICE vehicles and EVs. The company’s investment in its Ultium battery platform and plans for new EV models indicate a strong commitment to the future of electric mobility. However, GM must also continue to innovate within its traditional vehicle segments to retain loyal customers who are not yet ready to transition to EVs. The upcoming launch of the Chevrolet Silverado EV and the Cadillac Lyriq are expected to bolster GM’s position in the EV market. These models are part of GM’s broader strategy to offer a wide range of EVs across different price points and segments. Market response and competitive landscape GM’s competitors are also making significant strides in the EV market. Companies like Tesla, Ford, and Rivian are pushing the boundaries of electric mobility, increasing the competitive pressure on traditional automakers. GM’s ability to differentiate its products and maintain brand loyalty will be key factors in its ongoing success. General Motors’ Q2 report for 2024 highlights both the opportunities and challenges the company faces in a rapidly evolving automotive market. The modest increase in Q2 deliveries reflects GM’s adaptability and strong product portfolio. However, the slight decline in first-half deliveries underscores the need for continued vigilance and strategic agility. As GM navigates the complexities of supply chain issues, rising costs, and competitive pressures, its dual focus on ICE and EV models positions it well for future growth. The company's ability to balance these elements will determine its success in the coming years as the automotive landscape continues to transform.

General Motors reports mixed Q2 results amidst shifting market trends

General Motors' defense subsidiary, GM Defense, is making significant strides in advancing military technology by harnessing the potential of GM's innovative Ultium Platform propulsion architecture. This cutting-edge system is currently undergoing rigorous evaluation and testing, with the aim of revolutionizing power, range, and scalability beyond any of GM's previous hybrid or extended-range electric vehicle technologies.

The Ultium Platform's key strength lies in its adaptability and scalability. It can accommodate various battery chemistries and cell form factors, making it highly versatile and future-proof. This flexibility allows for seamless integration of new technologies as they become available, ensuring that the platform remains at the forefront of innovation.

By leveraging its parent company's battery expertise, GM Defense is well-positioned to address the Department of Defense's (DoD) complex energy and energy storage challenges. The ongoing research and development in this new initiative will provide crucial insights into the performance and design considerations necessary when batteries are subjected to more dynamic and high-power operations than typical civilian applications.

The Office of the Under Secretary of Defense for Research and Engineering's Operational Energy Capability Improvement Fund (OECIF) plays a pivotal role in supporting the development of these advanced power and energy technologies. This support is instrumental in providing the DoD with cutting-edge capabilities and ensuring that power and energy constraints do not hinder military operations.

Steve duMont, president of GM Defense, emphasizes the potential benefits for the Department of Defense, stating, "The Department of Defense can benefit from billions of dollars in GM investments to develop and manufacture transformative battery technologies." He further explains that these technologies offer significant potential to enhance operational capabilities, both in tactical situations and at installations worldwide. duMont expresses GM Defense's enthusiasm for supporting this crucial project and assisting in the transition of these technologies to global defense and government customers.

The University of Texas at Arlington (UTA) is collaborating with GM Defense on this project through its Pulsed Power and Energy Lab (PPEL). David Wetz, a professor of electrical engineering at UTA and director of the PPEL, expresses excitement about working with GM Defense to test the Ultium Platform and determine its potential for future warfighting applications. He highlights PPEL's long-standing relationship with the DoD and the Office of Naval Research in testing the limits of batteries used in high-power applications, positioning them uniquely to evaluate this technology and make recommendations for future use cases.

Peter Crouch, dean of UTA's College of Engineering, underscores the importance of this collaboration, stating that it not only improves the nation's military capabilities but also contributes to workforce development efforts. This partnership helps produce the next generation of engineers capable of solving complex national problems.

GM Defense's involvement in advancing battery technology extends beyond this project. The company has previously announced its participation in the Defense Innovation Unit's Jumpstart for Advanced Battery Standardization (JABS) project. Similar to the EEVBEDE initiative, JABS aims to evaluate and test high-voltage battery systems to optimize commercial technologies for military applications. As part of this project, GM Defense provided a prototype battery system based on GM's Ultium Platform and demonstrated mission power capabilities by integrating a high-voltage battery pack into a light tactical utility vehicle.

The insights gained from the JABS project will inform the integration requirements for future battery-electric defense solutions, further solidifying GM Defense's position at the forefront of military technology innovation.

GM Defense LLC, as a subsidiary of General Motors, brings to the table decades of proven performance and billions of dollars invested in independent research and development. The company leverages GM's world-leading capabilities in global design, engineering, and manufacturing to deliver integrated vehicles, power and propulsion systems, and autonomy and connectivity solutions to global defense, security, and government markets. This unique position allows GM Defense to offer exceptional reliability in its technologies, backed by the extensive resources and expertise of its parent company.

General Motors' defense subsidiary, GM Defense, is making significant strides in advancing military technology by harnessing the potential of GM's innovative Ultium Platform propulsion architecture.

General Motors' defense subsidiary, GM Defense, is making significant strides in advancing military technology by harnessing the potential of GM's innovative Ultium Platform propulsion architecture. This cutting-edge system is currently undergoing rigorous evaluation and testing, with the aim of revolutionizing power, range, and scalability beyond any of GM's previous hybrid or extended-range electric vehicle technologies. The Ultium Platform's key strength lies in its adaptability and scalability. It can accommodate various battery chemistries and cell form factors, making it highly versatile and future-proof. This flexibility allows for seamless integration of new technologies as they become available, ensuring that the platform remains at the forefront of innovation. By leveraging its parent company's battery expertise, GM Defense is well-positioned to address the Department of Defense's (DoD) complex energy and energy storage challenges. The ongoing research and development in this new initiative will provide crucial insights into the performance and design considerations necessary when batteries are subjected to more dynamic and high-power operations than typical civilian applications. The Office of the Under Secretary of Defense for Research and Engineering's Operational Energy Capability Improvement Fund (OECIF) plays a pivotal role in supporting the development of these advanced power and energy technologies. This support is instrumental in providing the DoD with cutting-edge capabilities and ensuring that power and energy constraints do not hinder military operations. Steve duMont, president of GM Defense, emphasizes the potential benefits for the Department of Defense, stating, "The Department of Defense can benefit from billions of dollars in GM investments to develop and manufacture transformative battery technologies." He further explains that these technologies offer significant potential to enhance operational capabilities, both in tactical situations and at installations worldwide. duMont expresses GM Defense's enthusiasm for supporting this crucial project and assisting in the transition of these technologies to global defense and government customers. The University of Texas at Arlington (UTA) is collaborating with GM Defense on this project through its Pulsed Power and Energy Lab (PPEL). David Wetz, a professor of electrical engineering at UTA and director of the PPEL, expresses excitement about working with GM Defense to test the Ultium Platform and determine its potential for future warfighting applications. He highlights PPEL's long-standing relationship with the DoD and the Office of Naval Research in testing the limits of batteries used in high-power applications, positioning them uniquely to evaluate this technology and make recommendations for future use cases. Peter Crouch, dean of UTA's College of Engineering, underscores the importance of this collaboration, stating that it not only improves the nation's military capabilities but also contributes to workforce development efforts. This partnership helps produce the next generation of engineers capable of solving complex national problems. GM Defense's involvement in advancing battery technology extends beyond this project. The company has previously announced its participation in the Defense Innovation Unit's Jumpstart for Advanced Battery Standardization (JABS) project. Similar to the EEVBEDE initiative, JABS aims to evaluate and test high-voltage battery systems to optimize commercial technologies for military applications. As part of this project, GM Defense provided a prototype battery system based on GM's Ultium Platform and demonstrated mission power capabilities by integrating a high-voltage battery pack into a light tactical utility vehicle. The insights gained from the JABS project will inform the integration requirements for future battery-electric defense solutions, further solidifying GM Defense's position at the forefront of military technology innovation. GM Defense LLC, as a subsidiary of General Motors, brings to the table decades of proven performance and billions of dollars invested in independent research and development. The company leverages GM's world-leading capabilities in global design, engineering, and manufacturing to deliver integrated vehicles, power and propulsion systems, and autonomy and connectivity solutions to global defense, security, and government markets. This unique position allows GM Defense to offer exceptional reliability in its technologies, backed by the extensive resources and expertise of its parent company.

GM Defense introduces battery electric technology for future military platforms

On Tuesday, General Motors said Marc Whitten, a technology executive with video game industry background, will step in as CEO of Cruise, its autonomous vehicle unit. Whitten, credited as the mastermind behind the Xbox video game console, joins Cruise at a time when the autonomous vehicle start-up was last involved in a major accident last year in San Francisco.

This is true especially when in October 2023, the Cruise robotaxi ran over a jaywalking pedestrian who had been struck by another car and dragged him on the Asphalt, making safety regulators in California pull the license to operate in San Francisco. Even though the company had received permission to test the driverless service before, authorities in the area and other regulators expressed concerns over its safety and the problems within the function of the autonomous system.

Also Read:&nbsp;<a href="https://www.wionews.com/autonews/2025-volkswagen-jetta-updated-with-new-look-more-features-735300">2025 Volkswagen Jetta updated with new look, more features</a>

The consequences of the incident have been grave for General Motors, especially because the company had very high goals for Cruise, with the goal of achieving one billion in revenue per year by 2025. Later the company cut down on its investment on the robotaxi service and this later on led to dismissal of 900 employees. Further, the escaping of Kyle Vogt, the co-founder and the former CEO of Cruise, soon after the occurrence pointed to more troubles to the firm.

Work on Whitten began simultaneously with a significant event for Cruise’s competitor Waymo, which shared on the same day that its driverless cars were opened to anyone in San Francisco, although previously, access to them was lim ited to a vast number of people. Owner-driver Waymo, tested in Phoenix now for a few years without serious accidents, provided a free software update after an accident with a telephone pole.

However, Whitten had positive sentiments to Crusoe with special focus on improving the transport sector safety through the use of Autonomy. About future difficulties, he recognised trials of the further investigations by the US Justice Department and California’s fines for the accident occurred in October 2023.

In his statement, Whitten highlighted the opportunity to contribute to a transformative vision at Cruise, leveraging the company's advanced technology to realise safer transportation alternatives. His background at Amazon and Sonos, in addition to his pivotal role at Xbox, positions Whitten to lead Cruise through its current challenges and toward its long-term goals.

On Tuesday, General Motors said Marc Whitten, a technology executive with video game industry background, will step in as CEO of Cruise, its autonomous vehicle unit.

On Tuesday, General Motors said Marc Whitten, a technology executive with video game industry background, will step in as CEO of Cruise, its autonomous vehicle unit. Whitten, credited as the mastermind behind the Xbox video game console, joins Cruise at a time when the autonomous vehicle start-up was last involved in a major accident last year in San Francisco. This is true especially when in October 2023, the Cruise robotaxi ran over a jaywalking pedestrian who had been struck by another car and dragged him on the Asphalt, making safety regulators in California pull the license to operate in San Francisco. Even though the company had received permission to test the driverless service before, authorities in the area and other regulators expressed concerns over its safety and the problems within the function of the autonomous system. Also Read: 2025 Volkswagen Jetta updated with new look, more features The consequences of the incident have been grave for General Motors, especially because the company had very high goals for Cruise, with the goal of achieving one billion in revenue per year by 2025. Later the company cut down on its investment on the robotaxi service and this later on led to dismissal of 900 employees. Further, the escaping of Kyle Vogt, the co-founder and the former CEO of Cruise, soon after the occurrence pointed to more troubles to the firm. Work on Whitten began simultaneously with a significant event for Cruise’s competitor Waymo, which shared on the same day that its driverless cars were opened to anyone in San Francisco, although previously, access to them was lim ited to a vast number of people. Owner-driver Waymo, tested in Phoenix now for a few years without serious accidents, provided a free software update after an accident with a telephone pole. However, Whitten had positive sentiments to Crusoe with special focus on improving the transport sector safety through the use of Autonomy. About future difficulties, he recognised trials of the further investigations by the US Justice Department and California’s fines for the accident occurred in October 2023. In his statement, Whitten highlighted the opportunity to contribute to a transformative vision at Cruise, leveraging the company's advanced technology to realise safer transportation alternatives. His background at Amazon and Sonos, in addition to his pivotal role at Xbox, positions Whitten to lead Cruise through its current challenges and toward its long-term goals.

General Motors appoints new CEO to steer troubled Cruise robotaxi unit

General Motors Financial Company Inc., a division of General Motors’ internet reserve has revealed the pulling out of the Interagency Charter and Federal Deposit Insurance Application regarding GM Financial Bank from the FDIC. This application was filed at the end of the year 2020, to FDIC as well as the Utah Department of Financial Institutions (UDFI).

In the process as complex as it took more than three years, the representatives of GM Financial Bank have been rather cooperative and non-calculating to address all the requirements of the regulators, coming up with the charters that would be eligible for approval in accordance with the establishing legal act – the Federal Deposit Insurance Act. The business model described above is already existent and adopted by a number of FDIC-insured industrial banks including other auto makers’ industrial banks but at the moment, the American auto makers are locked out. The automotive company, GM Financial Bank, seeks to deliver value to the consumers as well as the dealers of the GM enterprise together with other automobile industries in the United States of America in a bid to level the competition.

On June 14, 2024, the UDFI approved the application of the GM Financial Bank with the argument that application was quite sound and pinpointing that General Motors possess adequate capital to operate an industrial bank safely and in the compliance with the laws and regulations. The UDFI regulates more industrial banks than any other state regulator, and it currently supervises about 87 percent of the national industrial bank assets; thus, the UDFI has been supervising these banks for more than 35 years.

“GM Financial continues to be committed to the sustainability of the banking operations perspective or, as a result of our efficient, well-funded business plan, the understanding of our experienced management team and the corporation’s 40 years of extensive financial services background,” said Dan Berce, President and CEO of GM Financial. “Therefore, Utah’s approval has proven the solidity of the proposed business plan and the management team; we are eager to refile with the FDIC and UDFI.” 
&nbsp;

General Motors Financial Company Inc., a division of General Motors’ internet reserve has revealed the pulling out of the Interagency Charter and Federal Deposit Insurance Application regarding GM Financial Bank from the FDIC.

General Motors Financial Company Inc., a division of General Motors’ internet reserve has revealed the pulling out of the Interagency Charter and Federal Deposit Insurance Application regarding GM Financial Bank from the FDIC. This application was filed at the end of the year 2020, to FDIC as well as the Utah Department of Financial Institutions (UDFI). In the process as complex as it took more than three years, the representatives of GM Financial Bank have been rather cooperative and non-calculating to address all the requirements of the regulators, coming up with the charters that would be eligible for approval in accordance with the establishing legal act – the Federal Deposit Insurance Act. The business model described above is already existent and adopted by a number of FDIC-insured industrial banks including other auto makers’ industrial banks but at the moment, the American auto makers are locked out. The automotive company, GM Financial Bank, seeks to deliver value to the consumers as well as the dealers of the GM enterprise together with other automobile industries in the United States of America in a bid to level the competition. On June 14, 2024, the UDFI approved the application of the GM Financial Bank with the argument that application was quite sound and pinpointing that General Motors possess adequate capital to operate an industrial bank safely and in the compliance with the laws and regulations. The UDFI regulates more industrial banks than any other state regulator, and it currently supervises about 87 percent of the national industrial bank assets; thus, the UDFI has been supervising these banks for more than 35 years. “GM Financial continues to be committed to the sustainability of the banking operations perspective or, as a result of our efficient, well-funded business plan, the understanding of our experienced management team and the corporation’s 40 years of extensive financial services background,” said Dan Berce, President and CEO of GM Financial. “Therefore, Utah’s approval has proven the solidity of the proposed business plan and the management team; we are eager to refile with the FDIC and UDFI.”

GM Financial Bank withdraws its application for deposit insurance

General Motors (GM) has initiated legal proceedings against the city of San Francisco, seeking to recover over $100 million, alleging an unjustly inflated tax bill. &nbsp;

According to Reuters, the lawsuit, filed in California Superior Court, claims that GM was charged a higher tax amount than warranted due to the improper inclusion of its Cruise self-driving car unit in the calculations. GM is pursuing $108 million in recoveries, along with an additional $13 million in penalties and interest. &nbsp;

The automaker contends that Cruise, based in San Francisco, operates independently from GM, generating minimal sales and should not be factored into the parent company's tax liabilities in a city where GM's presence is limited. &nbsp;

According to the lawsuit, GM reported only about $677,000 worth of goods sold in San Francisco in 2022. &nbsp;

GM's legal action raises questions about the accuracy of the city's tax calculations and highlights the contentious relationship between the automaker and San Francisco. The lawsuit argues that the California Government Code mandates fair taxation, ensuring that city taxes accurately reflect the proportion of business conducted within its limits. &nbsp;

GM contends that the current tax calculations, particularly involving the Cruise unit, do not align with this mandate. While the funds involved represent a fraction of GM's reported $156.7 billion in sales in 2022, the legal dispute comes at a challenging time for San Francisco. &nbsp;

The city faces an $800 million budget deficit over the next two fiscal years due to pandemic-related economic challenges. Mayor London Breed has requested city agencies to implement 10 per cent budget cuts to address the fiscal gap.

The legal action follows an October incident involving Cruise in San Francisco, resulting in safety concerns and regulatory scrutiny. The aftermath prompted Cruise to withdraw its U.S. cars from roads, conduct a safety review, and reduce its staff by nearly 25 per cent nationwide. &nbsp;

(With inputs from Reuters)

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General Motors (GM) has initiated legal proceedings against the city of San Francisco, seeking to recover over $100 million, alleging an unjustly inflated tax bill.

General Motors (GM) has initiated legal proceedings against the city of San Francisco, seeking to recover over $100 million, alleging an unjustly inflated tax bill. According to Reuters, the lawsuit, filed in California Superior Court, claims that GM was charged a higher tax amount than warranted due to the improper inclusion of its Cruise self-driving car unit in the calculations. GM is pursuing $108 million in recoveries, along with an additional $13 million in penalties and interest. The automaker contends that Cruise, based in San Francisco, operates independently from GM, generating minimal sales and should not be factored into the parent company's tax liabilities in a city where GM's presence is limited. According to the lawsuit, GM reported only about $677,000 worth of goods sold in San Francisco in 2022. GM's legal action raises questions about the accuracy of the city's tax calculations and highlights the contentious relationship between the automaker and San Francisco. The lawsuit argues that the California Government Code mandates fair taxation, ensuring that city taxes accurately reflect the proportion of business conducted within its limits. GM contends that the current tax calculations, particularly involving the Cruise unit, do not align with this mandate. While the funds involved represent a fraction of GM's reported $156.7 billion in sales in 2022, the legal dispute comes at a challenging time for San Francisco. The city faces an $800 million budget deficit over the next two fiscal years due to pandemic-related economic challenges. Mayor London Breed has requested city agencies to implement 10 per cent budget cuts to address the fiscal gap. The legal action follows an October incident involving Cruise in San Francisco, resulting in safety concerns and regulatory scrutiny. The aftermath prompted Cruise to withdraw its U.S. cars from roads, conduct a safety review, and reduce its staff by nearly 25 per cent nationwide. (With inputs from Reuters) WATCH WION LIVE HERE

General Motors sues San Francisco for $121 mn over alleged tax overcharge

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<a href="https://www.wionews.com/business-economy/general-motors-sues-san-francisco-for-121-mn-over-alleged-tax-overcharge-674218">Read more here</a><o:p></o:p>

Amazon Prime Video subscribers will soon see ads unless they pay extra in these countries<o:p></o:p>

Amazon's Prime Video subscribers will no longer enjoy the ad-free experience unless they pay an additional $3.83 (£2.99) in some countries.<o:p></o:p>

<a href="https://www.wionews.com/trending/amazon-prime-video-subscribers-will-no-longer-have-an-ad-free-experience-unless-they-pay-extra-674272">Read more here</a>

Turkey raises minimum wage by 49pc amid soaring inflation<o:p></o:p>

In a bid to alleviate the mounting pressure of soaring living costs, Turkey has announced a substantial 49 per cent increase in the minimum wage for the upcoming year.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/turkey-raises-minimum-wage-by-49pc-amid-soaring-inflation-674277">Read more here</a><o:p></o:p>

Apple wins reprieve in smartwatch battle as appeals court lifts import ban<o:p></o:p>

Apple has secured a temporary victory in its legal tussle over smartwatches, as a US appeals court temporarily lifted a government commission's import ban imposed in a patent dispute with medical technology firm Masimo.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/apple-wins-reprieve-in-smartwatch-battle-as-appeals-court-lifts-import-ban-674287">Read more here</a><o:p></o:p>

Maersk resumes Suez Canal routes amid global shipping concerns<o:p></o:p>

Denmark's Maersk has announced the scheduling of numerous container vessels to traverse the Suez Canal and the Red Sea in the coming days, signalling a potential return to normalcy for global shipping firms.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/maersk-resumes-suez-canal-routes-amid-global-shipping-concerns-674300">Read more here</a><o:p></o:p>

China unveils plan to boost domestic demand, technological self-reliance<o:p></o:p>

China has set forth an economic agenda aimed at expanding domestic demand, ensuring a swift recovery, and promoting stable growth, according to an interim report on China's 14th five-year plan published by parliament on Wednesday. &nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/china-unveils-plan-to-boost-domestic-demand-technological-self-reliance-674302">Read more here</a><o:p></o:p>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Guyana-Venezuela tensions: How oil discovery revived Essequibo crisis On December 15, Guyana and Venezuela agreed to resolve the Essequibo dispute without the use of force.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Guyana-Venezuela tensions: How oil discovery revived Essequibo crisis On December 15, Guyana and Venezuela agreed to resolve the Essequibo dispute without the use of force. With that, the threat of a military conflict is over - at least for now. Read more here Former EU Commission President Jacques Delors, architect of euro project, dies at 98 Jacques Delors, a key architect of the European Union's historic single currency project, died at 98 on Wednesday. Read more here Dollar slides to 5-month low against Euro as Fed signals possible rate cuts The US dollar hit a five-month low against the euro and a basket of currencies on Wednesday, driven by expectations that the Federal Reserve might consider cutting interest rates. Read more here General Motors sues San Francisco for $121 mn over alleged tax overcharge General Motors (GM) has initiated legal proceedings against the city of San Francisco, seeking to recover over $100 million, alleging an unjustly inflated tax bill. Read more here Amazon Prime Video subscribers will soon see ads unless they pay extra in these countries Amazon's Prime Video subscribers will no longer enjoy the ad-free experience unless they pay an additional $3.83 (£2.99) in some countries. Read more here Turkey raises minimum wage by 49pc amid soaring inflation In a bid to alleviate the mounting pressure of soaring living costs, Turkey has announced a substantial 49 per cent increase in the minimum wage for the upcoming year. Read more here Apple wins reprieve in smartwatch battle as appeals court lifts import ban Apple has secured a temporary victory in its legal tussle over smartwatches, as a US appeals court temporarily lifted a government commission's import ban imposed in a patent dispute with medical technology firm Masimo. Read more here Maersk resumes Suez Canal routes amid global shipping concerns Denmark's Maersk has announced the scheduling of numerous container vessels to traverse the Suez Canal and the Red Sea in the coming days, signalling a potential return to normalcy for global shipping firms. Read more here China unveils plan to boost domestic demand, technological self-reliance China has set forth an economic agenda aimed at expanding domestic demand, ensuring a swift recovery, and promoting stable growth, according to an interim report on China's 14th five-year plan published by parliament on Wednesday. Read more here WATCH WION LIVE HERE

WION Business Wrap | Guyana-Venezuela tensions, The Dollar’s 5-month low, General Motors & more

After firing nine senior executives, GM's cruise is continuing its restructuring of the struggling autonomous car industry by laying off 24% of its workforce. President Mo Elshenawy sent a note to staff on thursday informing them of the layoffs.

GM’s Cruise slashes 24% of its workforce | World Business Watch

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.<o:p></o:p>

While GM workers voted in favour of the deal, attention has now shifted to ongoing voting at Ford and Stellantis, where early margins suggest a favourable outcome for the agreement. This development follows years of stagnant wages and concessions, highlighting a shift in the auto industry's approach to workers' remuneration. <o:p></o:p>

The UAW's GM vote tracking site revealed a 55 per cent to 45 per cent margin in favour of the contract, with nearly 36,000 out of approximately 46,000 UAW-represented GM workers participating. Although seven of GM's 11 assembly plants rejected the deal, significant approvals from key facilities, including Arlington, Texas, Detroit, Fairfax, Kansas, and Lake Orion, Michigan, helped turn the tide in favour of the deal.<o:p></o:p>

The new agreement with GM brings a 25 per cent increase in the base wage until April 2028, along with a cumulative 33 per cent rise in the top wage, reaching over $42 an hour with estimated cost-of-living adjustments.<o:p></o:p>

The agreement, set to run through April 2028, lays the groundwork for similar deals at Ford and Stellantis. Ford workers, with a current approval rate of about 67 per cent, are expected to wrap up voting on Friday, while Stellantis voting is set to conclude next Tuesday, with an approximate 66 per cent approval rate. The industry-wide acceptance of such agreements reflects a broader shift in addressing worker compensation concerns.<o:p></o:p>

Despite the victory, GM shares experienced a 1.1 per cent decline in Thursday trading. The turbulent six-week campaign led to an unprecedented series of coordinated strikes and brought attention to the UAW's focus on boosting workers' wages. The aftermath of the strikes prompted all three Detroit automakers to reach tentative agreements about two weeks ago. <o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

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General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers. While GM workers voted in favour of the deal, attention has now shifted to ongoing voting at Ford and Stellantis, where early margins suggest a favourable outcome for the agreement. This development follows years of stagnant wages and concessions, highlighting a shift in the auto industry's approach to workers' remuneration. The UAW's GM vote tracking site revealed a 55 per cent to 45 per cent margin in favour of the contract, with nearly 36,000 out of approximately 46,000 UAW-represented GM workers participating. Although seven of GM's 11 assembly plants rejected the deal, significant approvals from key facilities, including Arlington, Texas, Detroit, Fairfax, Kansas, and Lake Orion, Michigan, helped turn the tide in favour of the deal. The new agreement with GM brings a 25 per cent increase in the base wage until April 2028, along with a cumulative 33 per cent rise in the top wage, reaching over $42 an hour with estimated cost-of-living adjustments. The agreement, set to run through April 2028, lays the groundwork for similar deals at Ford and Stellantis. Ford workers, with a current approval rate of about 67 per cent, are expected to wrap up voting on Friday, while Stellantis voting is set to conclude next Tuesday, with an approximate 66 per cent approval rate. The industry-wide acceptance of such agreements reflects a broader shift in addressing worker compensation concerns. Despite the victory, GM shares experienced a 1.1 per cent decline in Thursday trading. The turbulent six-week campaign led to an unprecedented series of coordinated strikes and brought attention to the UAW's focus on boosting workers' wages. The aftermath of the strikes prompted all three Detroit automakers to reach tentative agreements about two weeks ago. (With inputs from Reuters) WATCH WION LIVE HERE

General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis

The strike of the US auto workers union expanded against two of Detroit's "Big Three" on Friday (September 22), as they invited President Joe Biden to extend support to workers on the picket line.

The strike of all 38 US parts and distribution centres at Stellantis and General Motors was announced by UAW President Shawn Fain, as the negotiations remain stalled. &nbsp;

The strike was not expanded by Fain at Ford, where significant gaps are still there, which has offered important concessions after the strike started a week ago.

"As we have said for weeks, we're not going to wait around forever for fair contracts at the Big Three," said Fain, in a press briefing.

"We invite and encourage anyone who supports our cause to join us on the picket line, from friends and family all the way up to the president of the United States," stated Fain, as he extended an invitation which will further entangle the White House into a more politically treacherous issue.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-auto-workers-threaten-to-amp-up-historic-strike-if-wage-offers-do-not-improve-637162">US auto workers threaten to 'amp up' historic strike if wage offers do not improve</a>

"The way you can help is to build our movement and show the companies that the public stands with us," he added.&nbsp;

Fain said that earlier proposals were improved by Ford by reinstating a cost-of-living measure, which was suspended in 2009. An enhanced profit-sharing system was also offered by Ford and the union was granted the right to strike over plant closures.

"We're not done at Ford," Fain stated. However, "we do recognise that Ford is serious about reaching a deal. At GM and Stellantis, it's a different story," he said.&nbsp;

The strategy of UAW of slowly expanding its action is part of what Fain has called the "stand-up strike" -- an allusion to the landmark "sitdown" strike of UAW held in the 1930s which is aimed at maximising the bargaining leverage of the union because of the risk of additional plants to be taken down.

<h2>UAW adopts aggressive posture</h2>

Under the leadership of Fain, an aggressive posture has been adopted by the UAW in the talks as the companies have been accused of "corporate greed" and lambasting Big Three CEO salaries of more than $20 million each.

Fain has further shelved the convention of UAW of selecting one of the three companies as a strike target and not launching three independent series of talks which have kept the companies off guard.&nbsp;

WATCH |&nbsp;US: United Auto Workers Union launch strikes at three factories

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The UAW has been seeking a hike of 40 per cent in the wage which will match the average increases by CEOs in the last four years.

Their other key demands include the elimination of various worker pay and benefit "tiers", the re-establishment of retiree medical benefits, a cost-of-living adjustment, and a pension for junior employees. So far, the one-week-old strike had limited effect on company profits, while new pressures were introduced on auto parts suppliers to the Big Three. However, the expanded strike will now pose new challenges for General Motors and Stellantis.

(With inputs from agencies)

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The strike of the US auto workers union expanded against two of Detroit's "Big Three" on Friday (September 22), as they invited President Joe Biden to extend support to workers on the picket line.

The strike of the US auto workers union expanded against two of Detroit's "Big Three" on Friday (September 22), as they invited President Joe Biden to extend support to workers on the picket line. The strike of all 38 US parts and distribution centres at Stellantis and General Motors was announced by UAW President Shawn Fain, as the negotiations remain stalled. The strike was not expanded by Fain at Ford, where significant gaps are still there, which has offered important concessions after the strike started a week ago. "As we have said for weeks, we're not going to wait around forever for fair contracts at the Big Three," said Fain, in a press briefing. "We invite and encourage anyone who supports our cause to join us on the picket line, from friends and family all the way up to the president of the United States," stated Fain, as he extended an invitation which will further entangle the White House into a more politically treacherous issue. ALSO READ | US auto workers threaten to 'amp up' historic strike if wage offers do not improve "The way you can help is to build our movement and show the companies that the public stands with us," he added. Fain said that earlier proposals were improved by Ford by reinstating a cost-of-living measure, which was suspended in 2009. An enhanced profit-sharing system was also offered by Ford and the union was granted the right to strike over plant closures. "We're not done at Ford," Fain stated. However, "we do recognise that Ford is serious about reaching a deal. At GM and Stellantis, it's a different story," he said. The strategy of UAW of slowly expanding its action is part of what Fain has called the "stand-up strike" -- an allusion to the landmark "sitdown" strike of UAW held in the 1930s which is aimed at maximising the bargaining leverage of the union because of the risk of additional plants to be taken down. UAW adopts aggressive posture Under the leadership of Fain, an aggressive posture has been adopted by the UAW in the talks as the companies have been accused of "corporate greed" and lambasting Big Three CEO salaries of more than $20 million each. Fain has further shelved the convention of UAW of selecting one of the three companies as a strike target and not launching three independent series of talks which have kept the companies off guard. WATCH | US: United Auto Workers Union launch strikes at three factories The UAW has been seeking a hike of 40 per cent in the wage which will match the average increases by CEOs in the last four years. Their other key demands include the elimination of various worker pay and benefit "tiers", the re-establishment of retiree medical benefits, a cost-of-living adjustment, and a pension for junior employees. So far, the one-week-old strike had limited effect on company profits, while new pressures were introduced on auto parts suppliers to the Big Three. However, the expanded strike will now pose new challenges for General Motors and Stellantis. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Strike of US auto workers reaches General Motors, Stellantis; Ford remains unaffected

More of the united auto workers (UAW) workers will begin a strike at the sites of General Motors, Ford Motor, and Stellantis NV on Friday at noon if significant progress is not made toward new labour contracts.

UAW issues strike ultimatum to big three automakers | World Business Watch

Workers affiliated with the United Auto Workers (UAW) union have begun&nbsp;staging&nbsp;strikes at three US assembly plants owned by General Motors, Ford Motor and Stellantis, from Friday morning (Sept 15).&nbsp;

The current labour contracts expired Thursday night (Sept. 14). The UAW president said the companies have failed to put forward an acceptable offer.&nbsp;

Three plants have been specifically targeted as they produce highly profitable vehicles for the companies that continue to be in high demand.

UAW President Shawn Fain announced that about 12,700 workers will participate in the strikes—5,800 at Stellantis, 3,600 at GM and 3,300 at Ford.

The union represents 146,000 auto workers in total across the US.

<h2>What are the demands?</h2>

The UAW is seeking a 40 per cent pay increase for its workers. Among other demands are a four-day working week, the return of automatic pay increased parallel to inflation and limits on how long a worker can be considered ‘temporary’ staff.

The companies have responded by giving record proposals, with Ford offering a 20 per cent hike, GM 18 per cent and Stellantis 17.5 per cent.

But UAW says the companies should be more generous in offering proposals.

<a href="https://www.wionews.com/business-economy/us-government-allocates-12-billion-for-advanced-vehicle-manufacturing-and-suppliers-631044">Also read:&nbsp;US government allocates $12 billion for advanced vehicle manufacturing and suppliers</a>

“We are using a new strategy, the ‘stand-up’ strike. We will call on select facilities, locals or units to stand up and go on strike,” UAW President Shawn Fain said Thursday.

<h2>Statement by Ford</h2>

Ford said the UAW presented its “first substantive counterproposal” to four of the company’s offers, but it “showed little movement from the union’s initial demands.”

Watch:&nbsp;Japan's services growth pace fastest in 9-years

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“If implemented, the proposal would more than double Ford’s current UAW-related labour costs, which are already significantly higher than the labour costs of Tesla, Toyota and other foreign-owned automakers in the United States that utilise non-union-represented labour,” Ford said.

<h2>97 per cent union members support strike</h2>

Negotiations between the two parties commenced in July and were fraught with tension from the beginning. Union President Fain opted not to engage in the traditional symbolic handshake with executives to kickstart the talks. In the previous month, a resounding 97 per cent of members voted to grant authorisation for a strike.

On Thursday, the White House disclosed that President Joe Biden had a phone conversation with Shawn Fain concerning the negotiations. However, specific details of the conversation were not provided.

This conflict has the potential to result in increased prices for consumers and significant disruption for the leading players in the automotive industry.

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Workers affiliated with the United Auto Workers (UAW) union have begun staging strikes at three US assembly plants owned by General Motors, Ford Motor and Stellantis, from Friday morning (Sept 15).

Workers affiliated with the United Auto Workers (UAW) union have begun staging strikes at three US assembly plants owned by General Motors, Ford Motor and Stellantis, from Friday morning (Sept 15). The current labour contracts expired Thursday night (Sept. 14). The UAW president said the companies have failed to put forward an acceptable offer. Three plants have been specifically targeted as they produce highly profitable vehicles for the companies that continue to be in high demand. UAW President Shawn Fain announced that about 12,700 workers will participate in the strikes—5,800 at Stellantis, 3,600 at GM and 3,300 at Ford. The union represents 146,000 auto workers in total across the US. What are the demands? The UAW is seeking a 40 per cent pay increase for its workers. Among other demands are a four-day working week, the return of automatic pay increased parallel to inflation and limits on how long a worker can be considered ‘temporary’ staff. The companies have responded by giving record proposals, with Ford offering a 20 per cent hike, GM 18 per cent and Stellantis 17.5 per cent. But UAW says the companies should be more generous in offering proposals. Also read: US government allocates $12 billion for advanced vehicle manufacturing and suppliers “We are using a new strategy, the ‘stand-up’ strike. We will call on select facilities, locals or units to stand up and go on strike,” UAW President Shawn Fain said Thursday. Statement by Ford Ford said the UAW presented its “first substantive counterproposal” to four of the company’s offers, but it “showed little movement from the union’s initial demands.” Watch: Japan's services growth pace fastest in 9-years × “If implemented, the proposal would more than double Ford’s current UAW-related labour costs, which are already significantly higher than the labour costs of Tesla, Toyota and other foreign-owned automakers in the United States that utilise non-union-represented labour,” Ford said. 97 per cent union members support strike Negotiations between the two parties commenced in July and were fraught with tension from the beginning. Union President Fain opted not to engage in the traditional symbolic handshake with executives to kickstart the talks. In the previous month, a resounding 97 per cent of members voted to grant authorisation for a strike. On Thursday, the White House disclosed that President Joe Biden had a phone conversation with Shawn Fain concerning the negotiations. However, specific details of the conversation were not provided. This conflict has the potential to result in increased prices for consumers and significant disruption for the leading players in the automotive industry. WATCH WION LIVE HERE ×

US: United Auto Workers strikes at General Motors, Ford Motor and Stellantis plants

Hyundai Motor Co's&nbsp;Indian unit will buy automaker General Motors'&nbsp;Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production.

Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year.

The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Hyundai, India's second-biggest carmaker by sales, did not mention a deal value.

This deal will allow the US&nbsp;automaker&nbsp;to exit India. GM stopped selling cars in the country in 2017 after years of dwindling sales but its complete exit from the market has been marred by complications, including legal tussles with workers and failure to find a buyer for the plant.

In 2019, GM agreed to sell the plant to China's Great Wall Motor&nbsp;but talks&nbsp;collapsed&nbsp;after the companies failed to obtain regulatory approvals amid New Delhi's scrutiny of Chinese investments.

Last week, Hyundai&nbsp;said&nbsp;it plans to launch more electric vehicles (EVs) under the Hyundai and Kia brands in India, in a sign that it is betting big on the world's third-largest auto market.

It plans to&nbsp;invest&nbsp;$2.45 billion to beef up EV production in the country and is bullish on the local appetite for EVs.

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Hyundai Motor Co's Indian unit will buy automaker General Motors' Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production.

Hyundai Motor Co's Indian unit will buy automaker General Motors' Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production. Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year. The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units. Hyundai, India's second-biggest carmaker by sales, did not mention a deal value. This deal will allow the US automaker to exit India. GM stopped selling cars in the country in 2017 after years of dwindling sales but its complete exit from the market has been marred by complications, including legal tussles with workers and failure to find a buyer for the plant. In 2019, GM agreed to sell the plant to China's Great Wall Motor but talks collapsed after the companies failed to obtain regulatory approvals amid New Delhi's scrutiny of Chinese investments. Last week, Hyundai said it plans to launch more electric vehicles (EVs) under the Hyundai and Kia brands in India, in a sign that it is betting big on the world's third-largest auto market. It plans to invest $2.45 billion to beef up EV production in the country and is bullish on the local appetite for EVs. WATCH WION LIVE HERE

Hyundai Motor's unit to buy General Motors' India Talegaon plant in Maharashtra

American automotive manufacturer General Motors (GM) said on Friday (May 12) that it was recalling nearly one million Sport Utility Vehicles (SUVs) in the United States&nbsp;over faulty airbag inflators, according to American media reports. GM recalled 994,763 Buick Enclave, Chevrolet Traverse, and GMC Acadia vehicles from the 2014 through 2017 model years with airbag parts produced by ARC Automotive, a report by CBS News on Friday said.&nbsp;

GM said that affected drivers could have the airbag module replaced free of cost. The announcement by the automaker comes amid a push by federal regulators to recall 67 million defective airbag inflators that could explode during deployment.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/do-not-drive-bmw-has-issues-warning-over-90000-cars-know-why-589169">'Do not drive!': BMW issues warning on 90,000 cars over airbag fault. Know why</a>

Earlier, GM told the National Highway Traffic Safety Administration (NHTSA) in March that it was notified about a crash involving a 2017 Chevrolet Traverse in which the front-driver air bag inflator allegedly ruptured during deployment, a report by USA Today said citing a safety report. The driver suffered facial injuries in the crash, as per the NHTSA

The NHTSA has urged ARC Automotive to recall the 67 million defective airbag inflators manufactured before 2018 as they could explode and spray shrapnel around a vehicle.&nbsp;

In a letter to ARC on Friday, the NHTSA said that at least nine air bag-related incidents that occurred between 2009 and March this year resulted in two deaths and multiple severe injuries. A driver in Canada and another in Michigan were killed by an exploding inflator in the driver-side airbag, it said.&nbsp;

After an eight-year probe, NHTSA "tentatively concluded" that the airbag inflators were defective and called on ARC to issue a recall.&nbsp;

"Air bag inflators that project metal fragments into vehicle occupants, rather than properly inflating the attached airbag, create an unreasonable risk of death and injury. Accordingly, the Agency makes this demand that ARC immediately submit to NHTSA a Part 573 Recall Report that identifies a safety defect in the subject driver and passenger air bag inflators," Stephen Ridella, director of NHTSA’s Office of Defects Investigation, said in the letter.&nbsp;

The NHTSA also said that at least a dozen automakers used the ARC components in their airbags.&nbsp;

On Thursday, ARC Vice President of Product Integrity Steve Gold responded to Ridella by saying that the NHTSA’s position was not based on any objective technical or engineering conclusion about a defect, “but rather conclusory statements regarding hypothesized blockage of the inflator orifice from ‘weld slag.’”

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American automotive manufacturer General Motors (GM) said on Friday (May 12) that it was recalling nearly one million Sport Utility Vehicles (SUVs) in the United States over faulty airbag inflators, according to American media reports.

American automotive manufacturer General Motors (GM) said on Friday (May 12) that it was recalling nearly one million Sport Utility Vehicles (SUVs) in the United States over faulty airbag inflators, according to American media reports. GM recalled 994,763 Buick Enclave, Chevrolet Traverse, and GMC Acadia vehicles from the 2014 through 2017 model years with airbag parts produced by ARC Automotive, a report by CBS News on Friday said. GM said that affected drivers could have the airbag module replaced free of cost. The announcement by the automaker comes amid a push by federal regulators to recall 67 million defective airbag inflators that could explode during deployment. ALSO READ | 'Do not drive!': BMW issues warning on 90,000 cars over airbag fault. Know why Earlier, GM told the National Highway Traffic Safety Administration (NHTSA) in March that it was notified about a crash involving a 2017 Chevrolet Traverse in which the front-driver air bag inflator allegedly ruptured during deployment, a report by USA Today said citing a safety report. The driver suffered facial injuries in the crash, as per the NHTSA The NHTSA has urged ARC Automotive to recall the 67 million defective airbag inflators manufactured before 2018 as they could explode and spray shrapnel around a vehicle. In a letter to ARC on Friday, the NHTSA said that at least nine air bag-related incidents that occurred between 2009 and March this year resulted in two deaths and multiple severe injuries. A driver in Canada and another in Michigan were killed by an exploding inflator in the driver-side airbag, it said. After an eight-year probe, NHTSA "tentatively concluded" that the airbag inflators were defective and called on ARC to issue a recall. "Air bag inflators that project metal fragments into vehicle occupants, rather than properly inflating the attached airbag, create an unreasonable risk of death and injury. Accordingly, the Agency makes this demand that ARC immediately submit to NHTSA a Part 573 Recall Report that identifies a safety defect in the subject driver and passenger air bag inflators," Stephen Ridella, director of NHTSA’s Office of Defects Investigation, said in the letter. The NHTSA also said that at least a dozen automakers used the ARC components in their airbags. On Thursday, ARC Vice President of Product Integrity Steve Gold responded to Ridella by saying that the NHTSA’s position was not based on any objective technical or engineering conclusion about a defect, “but rather conclusory statements regarding hypothesized blockage of the inflator orifice from ‘weld slag.’” WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

GM recalls nearly one million SUVs in US over faulty airbag inflators: Reports

After a driverless Cruise Car collided with a San Francisco Municipal Transit Authority bus on March 23, General Motors Cruise LLC is recalling the automated driving software in 300 vehicles. The crash was caused by a cruise autonomous vehicle's software error, which incorrectly predicted the bus's movement.

General Motors' cruise recalls RobotAXI software in 300 vehicles after crash

General Motors proposed a voluntary separation program to lower costs. Now, around 5,000 workers and executives have taken the company's buyout offer to leave the company that brings GM closer to achieving its two billion dollars cost cutting target.

GM's plan: Employee buyouts, not job cuts, a step to cut $2 billion in costs | World Business News

In order to reduce costs, General Motors is cutting hundreds of Executive level and salary jobs in U.S. However, the reports added that the global reductions are in low hundreds and a cost-saving target of $2 billion will be achieved by reducing corporate expenses overhead and complexity in products.

US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. &nbsp;The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks.&nbsp;

In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals.

Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News

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The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&amp;D, also puts pressure on automakers.

GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront.

Also read| <a href="https://www.wionews.com/business-economy/general-motors-recall-140000-chevy-bolts-from-us-canada-markets-545443">General Motors recalls 140,000 Chevy Bolts from US, Canada markets</a> 
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Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand.

Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. &nbsp;As growth slows in the world's largest economies, additional layoffs are anticipated this year.

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There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency. The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks. In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals. Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News × The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&D, also puts pressure on automakers. GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront. Also read| General Motors recalls 140,000 Chevy Bolts from US, Canada markets Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand. Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. As growth slows in the world's largest economies, additional layoffs are anticipated this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

General Motors cuts jobs, joins big tech firms' lower costs plan

Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/electric-vehicles-startups-face-deflation-amid-surge-in-production-544441">World Business Watch: Electric vehicles startups face deflation amid surge in production</a>

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The recall affects 120,000 Chevy Bolt EVs in the US and 20,000 in Canada and pertains to model year vehicles between 2017 and 2023. GM has not shared how many incidents of the Bolt’s floor carpets catching fire have been reported, only declaring "rare instances" of the occurrence.

Chevrolet Bolt made its debut in 2016 as the only Electric Vehicle offering from General Motors. The EV offering has been furthered by the Bolt EUV as well as GMC Hummer EV and Cadillac Lyriq. The Bolt continues to grow in sales as one of the most affordable EVs in the US and Canadian markets.&nbsp;

Earlier, a previous recall of the Chevrolet Bolt EV and EUV due to battery fires decreased General Motors' delivery numbers in 2021. After sorting out the battery fire issues, the Bolt resumed production in April this year.

General Motors had geared up for a lucrative EV offering to the market with the 2023 model year versions of the Bolt EV seeing a $6,000 price cut.

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Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident.

Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident. WATCH | World Business Watch: Electric vehicles startups face deflation amid surge in production × The recall affects 120,000 Chevy Bolt EVs in the US and 20,000 in Canada and pertains to model year vehicles between 2017 and 2023. GM has not shared how many incidents of the Bolt’s floor carpets catching fire have been reported, only declaring "rare instances" of the occurrence. Chevrolet Bolt made its debut in 2016 as the only Electric Vehicle offering from General Motors. The EV offering has been furthered by the Bolt EUV as well as GMC Hummer EV and Cadillac Lyriq. The Bolt continues to grow in sales as one of the most affordable EVs in the US and Canadian markets. Earlier, a previous recall of the Chevrolet Bolt EV and EUV due to battery fires decreased General Motors' delivery numbers in 2021. After sorting out the battery fire issues, the Bolt resumed production in April this year. General Motors had geared up for a lucrative EV offering to the market with the 2023 model year versions of the Bolt EV seeing a $6,000 price cut. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

General Motors recalls 140,000 Chevy Bolts from US, Canada markets

General Motors said on Wednesday it was recalling 825,000 trucks and SUVs in North America because daytime running lights may not deactivate when the headlights are on.

World Business Watch: General Motors recalls 825,000 trucks, SUVs over headlight issue

The US' largest automaker, General Motors on Wednesday said it's recalling almost 825,000 trucks and SUVs in North America over headlight issues.&nbsp;According to the company's statement, the vehicles' daylight running lights don't deactivate when the headlights are on, causing excess glare, Reuters reported.

The automobile maker's recall covers 740,000 vehicles from US and 85,000 from Canada.

<a href="https://www.wionews.com/business-economy/japanese-automaker-subaru-recalls-271000-vehicles-over-high-risk-of-combustion-542979">Also read |&nbsp;Japanese automaker Subaru recalls 271,000 vehicles over high risk of fire, cautions owners</a>

The recall was ordered after a company's software engineer submitted a report about the issue in October, prompting GM to conduct an investigation and pass the recall order.&nbsp;

GM stated that till now it hasn't received any accident or injury report.&nbsp;

The recall targets models from 2020 to 2023 of Cadillac CT4 and CT5, Buick Envision,&nbsp; Cadillac Escalade and Escalade ESV, Chevrolet Silverado 1500,&nbsp;Suburban, GMC Sierra 1500 and Yukon XL vehicles.&nbsp;

<a href="https://www.wionews.com/world/general-motors-temporarily-halts-advertising-on-twitter-after-musks-takeover-529321">Also read |&nbsp;General Motors halts advertising on Twitter temporarily after Musk's takeover&nbsp;</a>

GM said that for repair, the control body software will be updated by a dealer or a through-air update will be done to resolve the issue.&nbsp;

Commenting on the issue, the National Highway Traffic Safety Administration said that the vehicles do not comply with US federal vehicles safety and can increase the risk or reduce visibility.&nbsp;

The current GM recall is an extension of the one done in November.&nbsp;

Recently, Japanese automobile manufacturer Subaru on December 14 recalled over 270,000 vehicles over high combustion risk. The company had&nbsp;asked owners to park their cars far away from homes and not use them if they see any smoke coming from the dash.&nbsp;

(With inputs from agencies) 
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The US' largest automaker, General Motors on Wednesday said it's recalling almost 825,000 trucks and SUVs in North America over headlight issues. According to the company's statement, the vehicles' daylight running lights don't deactivate when the headlights are on, causing excess glare, Reuters reported.

The US' largest automaker, General Motors on Wednesday said it's recalling almost 825,000 trucks and SUVs in North America over headlight issues. According to the company's statement, the vehicles' daylight running lights don't deactivate when the headlights are on, causing excess glare, Reuters reported. The automobile maker's recall covers 740,000 vehicles from US and 85,000 from Canada. Also read | Japanese automaker Subaru recalls 271,000 vehicles over high risk of fire, cautions owners The recall was ordered after a company's software engineer submitted a report about the issue in October, prompting GM to conduct an investigation and pass the recall order. GM stated that till now it hasn't received any accident or injury report. The recall targets models from 2020 to 2023 of Cadillac CT4 and CT5, Buick Envision, Cadillac Escalade and Escalade ESV, Chevrolet Silverado 1500, Suburban, GMC Sierra 1500 and Yukon XL vehicles. Also read | General Motors halts advertising on Twitter temporarily after Musk's takeover GM said that for repair, the control body software will be updated by a dealer or a through-air update will be done to resolve the issue. Commenting on the issue, the National Highway Traffic Safety Administration said that the vehicles do not comply with US federal vehicles safety and can increase the risk or reduce visibility. The current GM recall is an extension of the one done in November. Recently, Japanese automobile manufacturer Subaru on December 14 recalled over 270,000 vehicles over high combustion risk. The company had asked owners to park their cars far away from homes and not use them if they see any smoke coming from the dash. (With inputs from agencies) WATCH WION LIVE HERE

After Japan's Subaru, now US' General Motors recalls 825,000 trucks and SUVs

The largest US automaker General Motors said that it has temporarily halted paid advertising on Twitter. This comes right after Elon Musk completed his takeover of the social media company. The automaker said that it was engaging with Twitter to understand the direction of the platform under the new ownership.

What will Elon Musk's Twitter look like? US automaker halts paid ads on microblogging site | WION

After Tesla Owner and billionaire Elon Musk successfully acquired social media company Twitter, General Motors Co on Friday (October 28), announced that it had temporarily halted advertising on the social media platform.&nbsp;

The company in its statement said, "As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising."

<a href="https://www.wionews.com/world/the-bird-is-freed-musk-memes-flood-the-internet-after-twitter-takeover-529109">Also read |&nbsp;'The bird is freed': Musk memes flood the internet after Twitter takeover</a>

The US'&nbsp;biggest auto manufacturer stated that it is currently working with the social media company to understand the direction of the platform under the new management.&nbsp;

Over 90 per cent of Twitter's revenue comes from advertisements. Some ad agencies and businesses have expressed scepticism and fear about Twitter's future after a presentation for advertisers in May.

<a href="https://www.wionews.com/world/twitter-is-now-in-sane-hands-says-trump-after-musk-purchase-529198">Also read |&nbsp;Twitter is 'now in sane hands,' says Donald Trump after takeover by Elon Musk</a>

Tesla Inc., a competitor&nbsp;of General Motors, is led by Musk.&nbsp;

Customer care exchanges on Twitter will continue, the Detroit manufacturer said.&nbsp;

In an open-letter tweet on the eve of the deal's course, Musk had made a direct plea to advertisers. He said,&nbsp;"Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences! ... Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise."

On Friday (October 28), Musk tweeted that Twitter will now create a content moderation panel with different opinions.&nbsp;

(With inputs from agencies)

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After Tesla Owner and billionaire Elon Musk successfully acquired social media company Twitter, General Motors Co on Friday (October 28), announced that it had temporarily halted advertising on the social media platform.

After Tesla Owner and billionaire Elon Musk successfully acquired social media company Twitter, General Motors Co on Friday (October 28), announced that it had temporarily halted advertising on the social media platform. The company in its statement said, "As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising." Also read | 'The bird is freed': Musk memes flood the internet after Twitter takeover The US' biggest auto manufacturer stated that it is currently working with the social media company to understand the direction of the platform under the new management. Over 90 per cent of Twitter's revenue comes from advertisements. Some ad agencies and businesses have expressed scepticism and fear about Twitter's future after a presentation for advertisers in May. Also read | Twitter is 'now in sane hands,' says Donald Trump after takeover by Elon Musk Tesla Inc., a competitor of General Motors, is led by Musk. Customer care exchanges on Twitter will continue, the Detroit manufacturer said. In an open-letter tweet on the eve of the deal's course, Musk had made a direct plea to advertisers. He said, "Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences! ... Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise." On Friday (October 28), Musk tweeted that Twitter will now create a content moderation panel with different opinions. (With inputs from agencies) WATCH WION LIVE HERE

General Motors halts advertising on Twitter temporarily after Musk's takeover 

General Motors on Tuesday said it will not mandate workers return to offices before 2023 after it had told them on Friday that they would be expected to work three days on-campus each week later this year.

WION Business News| General Motors is conducting damage control, delays return-to-work plans to 2023

General Motors’ autonomous driving unit Cruise has developed its own chips for self-driving cars to be deployed by 2025, as they aim to bring down costs and scale up volume.

World Business Watch: GM's Cruise develops its own chips for self-driving cars

US auto giant General Motors CEO Mary Barra made an audacious prediction stating that by the middle of this decade her company would sell more EVs in US than Tesla.

US auto maker General Motors confident of taking on Tesla in EVs

General Motors (GM) said on Friday it had called off the sale of a shuttered Indian plant to China's Great Wall Motor after they failed to obtain regulatory approvals, amid a tougher stance by New Delhi towards investments from Beijing.

GM&nbsp;struck a deal in January 2020 to sell the plant to Great Wall, with the Chinese SUV-maker expected to pay up to $300 million as part of a broader plan to invest $1 billion to establish a presence in India's growing car market.

The agreement, which was extended twice, expired on June 30.

Also read |&nbsp;<a href="https://www.wionews.com/technology/lightyear-0-solar-panelled-car-is-tested-under-northern-spains-blistering-sun-492195">Lightyear 0: Solar panelled car is tested under northern Spain's blistering sun</a>

"We have been unable to obtain the required approvals within the time frame of the deal," George Svigos, executive director of communications at&nbsp;GM&nbsp;International, told Reuters.

"Our strategy in India remains unchanged and we will now explore further options for the sale of the site," he said, adding the company "hopes to achieve a price that reflects the value of the asset".

"Great Wall Motor will keep its attention to the Indian market in the future and continue looking for new opportunities," the Chinese automaker said in a statement on Friday, while confirming the termination of the plant deal.

The Indian government did not immediately respond to emails seeking comment.

GM's deal with Great Wall was agreed just months before India toughened its stance in April 2020 on investment from neighbouring countries including China, making them the first major casualty of the move that has held up billions of dollars of capital inflow in sectors such as automobiles and technology.

Watch |&nbsp;Russia's car sales to halve in 2022 as the auto industry grapples with supply issues

This was part of a broader crackdown by India on businesses with Chinese links amid worsening diplomatic relations. Separately, New Delhi also banned more than 300 Chinese mobile apps, including TikTok, over security concerns.

"It is hoped that the relevant countries will properly honor their commitment to openness and cooperation and provide a fair, just and non-discriminatory business environment for foreign investors,” China's Ministry of Foreign Affairs told Reuters when asked to comment on the matter.

The move draws a line under a more than two-year effort by&nbsp;GM&nbsp;and Great Wall, forcing the U.S. firm to restart its hunt for a buyer while it continues to spend money on maintaining some machinery and tooling in the factory.

Asked if the plant could be used to make electric vehicles, Svigos said it was suitable for a number of industrial uses, including by non-automotive companies, and&nbsp;GM&nbsp;would explore all options.

GM, which stopped selling cars in India at the end of 2017, has already sold its other plant to SAIC Motor Corp, where the Chinese automaker builds cars under its British brand, MG Motor.

Also read |&nbsp;<a href="https://www.wionews.com/science/study-reveals-car-tyres-produce-more-particle-pollution-than-exhausts-485039">Study reveals car tyres produce more particle pollution than exhausts</a>

This will also send Great Wall back to the drawing board on its plans to enter India, which it considered an important part of its global strategy to break into new markets like Latin America, Thailand and Brazil.

Last year, Great Wall re-allocated to Brazil a portion of its $1-billion investment earmarked for India and reassigned some of its staff after delays in winning government approvals.

General Motors (GM) said on Friday it had called off the sale of a shuttered Indian plant to China's Great Wall Motor after they failed to obtain regulatory approvals, amid a tougher stance by New Delhi towards investments from Beijing.

General Motors (GM) said on Friday it had called off the sale of a shuttered Indian plant to China's Great Wall Motor after they failed to obtain regulatory approvals, amid a tougher stance by New Delhi towards investments from Beijing. GM struck a deal in January 2020 to sell the plant to Great Wall, with the Chinese SUV-maker expected to pay up to $300 million as part of a broader plan to invest $1 billion to establish a presence in India's growing car market. The agreement, which was extended twice, expired on June 30. Also read | Lightyear 0: Solar panelled car is tested under northern Spain's blistering sun "We have been unable to obtain the required approvals within the time frame of the deal," George Svigos, executive director of communications at GM International, told Reuters. "Our strategy in India remains unchanged and we will now explore further options for the sale of the site," he said, adding the company "hopes to achieve a price that reflects the value of the asset". "Great Wall Motor will keep its attention to the Indian market in the future and continue looking for new opportunities," the Chinese automaker said in a statement on Friday, while confirming the termination of the plant deal. The Indian government did not immediately respond to emails seeking comment. GM's deal with Great Wall was agreed just months before India toughened its stance in April 2020 on investment from neighbouring countries including China, making them the first major casualty of the move that has held up billions of dollars of capital inflow in sectors such as automobiles and technology. Watch | Russia's car sales to halve in 2022 as the auto industry grapples with supply issues This was part of a broader crackdown by India on businesses with Chinese links amid worsening diplomatic relations. Separately, New Delhi also banned more than 300 Chinese mobile apps, including TikTok, over security concerns. "It is hoped that the relevant countries will properly honor their commitment to openness and cooperation and provide a fair, just and non-discriminatory business environment for foreign investors,” China's Ministry of Foreign Affairs told Reuters when asked to comment on the matter. The move draws a line under a more than two-year effort by GM and Great Wall, forcing the U.S. firm to restart its hunt for a buyer while it continues to spend money on maintaining some machinery and tooling in the factory. Asked if the plant could be used to make electric vehicles, Svigos said it was suitable for a number of industrial uses, including by non-automotive companies, and GM would explore all options. GM, which stopped selling cars in India at the end of 2017, has already sold its other plant to SAIC Motor Corp, where the Chinese automaker builds cars under its British brand, MG Motor. Also read | Study reveals car tyres produce more particle pollution than exhausts This will also send Great Wall back to the drawing board on its plans to enter India, which it considered an important part of its global strategy to break into new markets like Latin America, Thailand and Brazil. Last year, Great Wall re-allocated to Brazil a portion of its $1-billion investment earmarked for India and reassigned some of its staff after delays in winning government approvals.

General Motors calls off plan to sell India car plant to China's Great Wall

Automakers line up electronic vehicle models to take on Tesla

The largest U.S. manufacturers including General Motors, General Electric, 3M and Boeing face logistics headaches and higher costs due to global supply bottlenecks that are likely to persist into next year but agreed the hit to profits can be mitigated by charging higher prices for their goods.

US companies to keep prices high as supply chain headaches persist

General Motors Co said on Friday it would take a hit of $1 billion to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack - a blow for the largest U.S. automaker as it seeks to ramp up EV sales.

The Detroit company also said it would indefinitely halt sales of the EVs due to the issue and will seek reimbursement from battery supplier LG. The latest recall covers 73,000 vehicles from model years 2019 through 2022.

“The reserves and ratio of cost to the recall will be decided depending on the result of the joint investigation looking into the root cause, currently being held by GM, LG Electronics and LG Energy Solution,” LG said in a statement, referring to its subsidiaries.

LG added that it is actively working with its client and partners to ensure that the recall measures are carried out smoothly.

GM shares were down 2.2% in after-hours trade after dipping 0.6% during Friday’s regular session.

Earlier this month, South Korea’s LG Electronics Inc cut its second-quarter operating profit by more than a fifth to reflect costs for the GM recalls.

LG Electronics has supplied GM with battery modules made with cells produced by LG Chem’s wholly owned battery subsidiary LG Energy Solution (LGES).

Earlier this year, Hyundai Motor Co said it would spend $900 million to replace LG batteries in some 82,000 EVs due to fire risks.

On Friday, GM said the recall covers all remaining Bolt vehicles not previously recalled in July. GM said it will replace defective battery modules in Bolt EVs and EUVs with new modules. The $1 billion price tag for the latest recall comes on top of $800 million GM said previous Bolt recalls had cost.

GM and LGES have a joint venture, Ultium Cells LLC, that is building battery cell plants in Ohio and Tennessee, with plans to add two more after that. GM has said it will use a different-generation battery when it launches electric Hummer and Cadillac vehicles over the next year.

In July, GM issued a recall for nearly 69,000 Chevrolet Bolts for fire risks after reports of two fires and said it would replace defective battery modules as needed. Friday’s action expands the population of vehicles for the same issue.

New consumer warning

GM, which said Bolt sales would cease until it was satisfied with the fix, said it is “working aggressively with LG to increase (battery module) production as soon as possible.” GM added it will notify customers when replacement parts are ready.

Some Bolt EVs recalled in July were previously recalled last November to update software to address fire risks, but at least one fire occurred after the software update. GM said on Friday there had been a total of 10 Bolt fires.

The July recall came after GM and the National Highway Traffic Safety Administration (NHTSA) urged Bolt owners to park their vehicles outside and away from homes after charging. GM on Friday reiterated that owners of the newly recalled vehicles should park them outside after charging and not leave them charging indoors overnight.

On Friday, NHTSA issued a new consumer warning to Bolt owners about the issue and said it is still investigating.

The automaker said in rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects – a torn anode tab and folded separator – present in the same battery cell, which increases the risk of fire.

After the 10th fire in Chandler, Arizona, GM said it “discovered manufacturing defects in certain battery cells produced at LG manufacturing facilities beyond the Ochang, Korea, plant.”

The new recall includes 9,335 Bolt EVs from model year 2019 that were not included in the previous recall and 63,683 2020–2022 model year Chevrolet Bolt EVs and EUVs.

General Motors Co said on Friday it would take a hit of $1 billion to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack - a blow for the largest U.

General Motors Co said on Friday it would take a hit of $1 billion to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack - a blow for the largest U.S. automaker as it seeks to ramp up EV sales. The Detroit company also said it would indefinitely halt sales of the EVs due to the issue and will seek reimbursement from battery supplier LG. The latest recall covers 73,000 vehicles from model years 2019 through 2022. “The reserves and ratio of cost to the recall will be decided depending on the result of the joint investigation looking into the root cause, currently being held by GM, LG Electronics and LG Energy Solution,” LG said in a statement, referring to its subsidiaries. LG added that it is actively working with its client and partners to ensure that the recall measures are carried out smoothly. GM shares were down 2.2% in after-hours trade after dipping 0.6% during Friday’s regular session. Earlier this month, South Korea’s LG Electronics Inc cut its second-quarter operating profit by more than a fifth to reflect costs for the GM recalls. LG Electronics has supplied GM with battery modules made with cells produced by LG Chem’s wholly owned battery subsidiary LG Energy Solution (LGES). Earlier this year, Hyundai Motor Co said it would spend $900 million to replace LG batteries in some 82,000 EVs due to fire risks. On Friday, GM said the recall covers all remaining Bolt vehicles not previously recalled in July. GM said it will replace defective battery modules in Bolt EVs and EUVs with new modules. The $1 billion price tag for the latest recall comes on top of $800 million GM said previous Bolt recalls had cost. GM and LGES have a joint venture, Ultium Cells LLC, that is building battery cell plants in Ohio and Tennessee, with plans to add two more after that. GM has said it will use a different-generation battery when it launches electric Hummer and Cadillac vehicles over the next year. In July, GM issued a recall for nearly 69,000 Chevrolet Bolts for fire risks after reports of two fires and said it would replace defective battery modules as needed. Friday’s action expands the population of vehicles for the same issue. New consumer warning GM, which said Bolt sales would cease until it was satisfied with the fix, said it is “working aggressively with LG to increase (battery module) production as soon as possible.” GM added it will notify customers when replacement parts are ready. Some Bolt EVs recalled in July were previously recalled last November to update software to address fire risks, but at least one fire occurred after the software update. GM said on Friday there had been a total of 10 Bolt fires. The July recall came after GM and the National Highway Traffic Safety Administration (NHTSA) urged Bolt owners to park their vehicles outside and away from homes after charging. GM on Friday reiterated that owners of the newly recalled vehicles should park them outside after charging and not leave them charging indoors overnight. On Friday, NHTSA issued a new consumer warning to Bolt owners about the issue and said it is still investigating. The automaker said in rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects – a torn anode tab and folded separator – present in the same battery cell, which increases the risk of fire. After the 10th fire in Chandler, Arizona, GM said it “discovered manufacturing defects in certain battery cells produced at LG manufacturing facilities beyond the Ochang, Korea, plant.” The new recall includes 9,335 Bolt EVs from model year 2019 that were not included in the previous recall and 63,683 2020–2022 model year Chevrolet Bolt EVs and EUVs.

GM expands Chevy Bolt EV recall for fire risk, will take $1 billion hit

General Motors has urged owners of 2017-2019 Bolt EVs that were part of a recent recall not to park their vehicles inside or charge them unattended overnight after two of the vehicles caught fire.

World Business Watch: GM warns some Bolt EV owners to park outside because of fire risks

US&nbsp;firms General Motors (GM) and Lockheed Martin Corp will develop a vehicle to drive NASA astronauts around on the moon's surface, they said on Wednesday, competing for a space project that could also promote their brands on earth.

GM and Lockheed said they would collaborate to make a battery-powered, autonomous Lunar Terrain Vehicle for NASA's Artemis lunar landing program, which aims to return US&nbsp;astronauts to the moon as early as 2024.

NASA is expected to launch a competition to develop lunar vehicles in its Artemis moon landing program. The agency has outlined plans for a variety of lunar vehicles that can carry human explorers, haul commercial payloads or traverse remote regions of the moon on missions lasting as long as 100 days.

Elon Musk's rocket launch company, SpaceX, won a $2.9 billion contract last month to build the spacecraft to carry NASA astronauts to the moon. That award is being challenged by Jeff Bezos' BlueOrigin and defense contractor Dynetics Inc.

Lockheed and GM have a history in space. Lockheed has worked on NASA space projects for 50 years and GM helped develop the original NASA lunar rover, which ferried NASA astronauts on the surface of the moon in the early 1970s.

For GM, getting back into the space business offers a fresh way to compete with Musk's Tesla Inc and SpaceX for the attention of investors, customers and future employees.

Musk has used SpaceX to promote Tesla's electric vehicles, including launching a Tesla Roadster into deep space.

Lockheed and GM said their proposed lunar vehicle would use GM battery technology to travel "significantly farther distances" than the Apollo mission vehicles, which ventured just 4.7 miles from the landers.

One goal for the new vehicle is to allow for exploration of the Moon's dark, rugged south pole, and other areas humans have not gone before, GM and Lockheed said.

GM and Lockheed said their vehicle would be designed to provide "commercial payload services" and prepare for human landings.

US firms General Motors (GM) and Lockheed Martin Corp will develop a vehicle to drive NASA astronauts around on the moon's surface, they said on Wednesday, competing for a space project that could also promote their brands on earth.

US firms General Motors (GM) and Lockheed Martin Corp will develop a vehicle to drive NASA astronauts around on the moon's surface, they said on Wednesday, competing for a space project that could also promote their brands on earth. GM and Lockheed said they would collaborate to make a battery-powered, autonomous Lunar Terrain Vehicle for NASA's Artemis lunar landing program, which aims to return US astronauts to the moon as early as 2024. NASA is expected to launch a competition to develop lunar vehicles in its Artemis moon landing program. The agency has outlined plans for a variety of lunar vehicles that can carry human explorers, haul commercial payloads or traverse remote regions of the moon on missions lasting as long as 100 days. Elon Musk's rocket launch company, SpaceX, won a $2.9 billion contract last month to build the spacecraft to carry NASA astronauts to the moon. That award is being challenged by Jeff Bezos' BlueOrigin and defense contractor Dynetics Inc. Lockheed and GM have a history in space. Lockheed has worked on NASA space projects for 50 years and GM helped develop the original NASA lunar rover, which ferried NASA astronauts on the surface of the moon in the early 1970s. For GM, getting back into the space business offers a fresh way to compete with Musk's Tesla Inc and SpaceX for the attention of investors, customers and future employees. Musk has used SpaceX to promote Tesla's electric vehicles, including launching a Tesla Roadster into deep space. Lockheed and GM said their proposed lunar vehicle would use GM battery technology to travel "significantly farther distances" than the Apollo mission vehicles, which ventured just 4.7 miles from the landers. One goal for the new vehicle is to allow for exploration of the Moon's dark, rugged south pole, and other areas humans have not gone before, GM and Lockheed said. GM and Lockheed said their vehicle would be designed to provide "commercial payload services" and prepare for human landings.

General Motors and Lockheed Martin Corp team up for NASA's lunar rover venture

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