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General Motors Co (GM.N)

GM.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Moody's says dual-class shareholder proposal submitted to GM's board would be credit-negative for GM and units
Tuesday, 28 Mar 2017 01:17pm EDT 

Moody's Investor Service :Moody's says dual-class shareholder proposal submitted to gm's board would be credit-negative for gm and subsidiaries.  Full Article

GM rejects Greenlight Capital's proposal for change to co's capital structure
Tuesday, 28 Mar 2017 11:42am EDT 

General Motors Co : GM statement regarding shareholder proposal and slate from Greenlight Capital . Says expects to return approximately $7 billion in cash to shareholders in 2017 . Confirmed board and management have analyzed and rejected non-binding proposal that Greenlight Capital intends to submit for vote . Has "unanimously determined not to recommend any of Greenlight’s nominees for election to the board" . Says Greenlight's proposal relates to eliminating dividend on existing GM common stock and distributing unprecedented new dividend-focused security . Greenlight's proposal to eliminate co's common dividend to fund separate dividend "is not in best interests of shareholders" . GM says "for seven months, we’ve extensively reviewed the proposed dual-class structure, as well as other capital allocation strategies" . Concluded that continuing to execute strategy & adhering to current "capital allocation framework is the best path to deliver increased value" .GM says Greenlight has also nominated a slate of four candidates for election to GM’s board of directors.  Full Article

Greenlight Capital proposes GM change capital structure
Tuesday, 28 Mar 2017 10:30am EDT 

Greenlight Capital: Greenlight Capital proposes GM change capital structure to "unlock substantial shareholder value" . Plan would split GM’s common stock into two classes . One class of GM stock would get current dividends, other class would participate in remaining earnings, cash flows, future growth of company . Adopting plan would lower GM’s cost of capital, improve financial flexibility, unlock between $13 billion and $38 billion of shareholder value .Greenlight Capital's David Einhorn says “as significant, long-term shareholders, we believe in GM’s strong earnings potential".  Full Article

General Motors says will add or retain about 900 jobs across three Michigan facilities during next 12 months
Wednesday, 15 Mar 2017 09:19am EDT 

General Motors Co : it will add or retain approximately 900 jobs across three Michigan facilities during the next 12 months .900 jobs are in addition to the 7,000 jobs and $1 billion in U.S. investments GM announced earlier this year.  Full Article

GM, Honda announce executive structure for their JV, Fuel Cell System Manufacturing
Tuesday, 7 Mar 2017 12:13pm EST 

General Motors Co : Co, Honda announced executive structure for their joint venture company, Fuel Cell System Manufacturing LLC . Suheb Haq of GM will serve as president of FCSM, and Tomomi Kosaka of Honda will be the new company’s vice president . FCSM will include a board of directors consisting of three executives from each company that will include a rotating chairperson .Co, Honda plan to rotate the positions of president and vice president for Fuel Cell System Manufacturing, every two years.  Full Article

GM India to cease vehicle manufacturing at Halol plant on April 28
Tuesday, 7 Mar 2017 05:15am EST 

GM India: GM India to cease vehicle manufacturing at Halol plant on April 28 . "Will support our employees at the Halol plant throughout this transition" . Have in place the options of separation package or continuity of employment at Talegaon plant . Will cease production at Halol manufacturing facility on April 28, 2017, as co consolidates manufacturing at its Talegaon facility . "Transition support for employees will include financial counselling and tax advice," . GM India continues to work towards the asset-only sale of the Halol site.  Full Article

GM says Feb China vehicle sales +0.4 pct y/y
Sunday, 5 Mar 2017 09:23pm EST 

General Motors Co says: Feb China vehicle sales total 246,730 units, +0.4 percent y/y, versus -24 percent in Jan .Jan-Feb China vehicle sales total 567,994 units, -14.8 percent y/y, versus +0.5 percent year ago.  Full Article

General Motors says Feb U.S. total sales up 4 pct to 237,388 units
Wednesday, 1 Mar 2017 09:35am EST 

General Motors Co : Feb U.S. total sales were up 4 percent to 237,388 units . sees U.S. February auto industry sales at 17.5 million vehicles on an annualized basis . says 2017 year-end inventories, which include in-transit vehicles, are expected to be in same range as 2016 .says GM's 2017 deliveries to daily rental companies expected to decline as percentage of total sales for third year in a row.  Full Article

Axalta Coating Systems renews 3-year deal with General Motors UK
Wednesday, 1 Mar 2017 09:00am EST 

Axalta Coating Systems Ltd : Axalta Coating Systems and General Motors UK renew three-year agreement .Axalta Coating Systems - deal names Axalta's 3 brands Cromax, Spies Hecker, Standox officially approved suppliers for paint repairs on Vauxhall in UK.  Full Article

Isuzu Motors says it will purchase stake in General Motors East Africa- Nikkei
Tuesday, 28 Feb 2017 02:41pm EST 

Nikkei- :Isuzu announced Tuesday that it will purchase as early as April a 57.7% stake in General Motors East Africa- Nikkei.  Full Article

More From Around the Web

Fitch Revises Rating Watch on GM Financial's European Subs to Evolving from Negative

(The following statement was released by the rating agency) NEW YORK, March 30 (Fitch) Fitch Ratings has revised the Rating Watch on the 'BBB-/F3' Issuer Default Ratings (IDRs) of three European subsidiaries of General Motors Financial (GMF) to Evolving from Negative. The actions are unrelated to, and unaffected by, the recently announced proposal by Greenlight Capital for a dual-class share structure for GM. A complete list of rating actions follows at the end of this press release. On March 6,