• Mon. Dec 11th, 2023

GM to Provide Business Update on November 29 Following UAW Contract Approval


Nov 21, 2023

General Motors (GM.N) announced on Tuesday that it will hold a business update conference call with analysts on November 29, following the ratification of new labor agreements in the United States and Canada. The company’s CEO Mary Barra and chief financial officer Paul Jacobson will provide updates on the company’s operations and financial performance during the call.

Meanwhile, the United Auto Workers union (UAW) announced on Monday that its members had approved a new labor deal through April 2028, ending a long-standing strike at GM’s facilities in the US and Canada. The agreement includes wage increases, job security guarantees, and improved working conditions for UAW workers.

Despite this positive news for GM’s labor relations, the company is still facing significant challenges in other areas. Its self-driving unit Cruise has lost more than $8 billion since 2017, including $728 million lost in the third quarter of this year, according to GM financial disclosures. The unit is currently facing regulatory hurdles and competition from other self-driving car companies such as Tesla (TSLA).

Reporting by David Shepardson

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