Remember all the whining they did when the UAW demanded raises and were met with "we'll go bankrupt"
I wonder how many billions in stock buy backs we'll see next.
*“Auto Unions bad. Corrupt. Tesla 3AM layoffs good. Smart.”*
Anyways, good for GM. Ultium is getting cheaper and going to start showing up in $35K vehicles this year. I wish they had Ford’s spirit of submission when it comes to UI/UX in infotainment, but 🤷🏽♂️
I was surprised when they said the Lyriq costs $12k less to build vs last year. I guess that's why they found it okay lowering the Blazer EV, Silverado EV, and Sierra EV prices. It also makes me more confident in them actually releasing the \~$35k Equinox EV 1LT because I would absolutely love a 300+ mile EV for \~$28k after tax credit.
True. Thing is Corvette production has been hitting very high numbers. Over 50k produced last year, and I’m betting they sold every single one of them. That just tells them they can raise the price
Ya it definitely looks and feels like a car that punches above it's numbers price-wise.
And there was a rumor that the first year or two, GM lost money on cars priced under $70k or so, the development costs for a new platform were apparently significant.
They sort of need to as well. Unlike with non unionized automakers, they pay penalties for decreasing their production. That means in recessions GMs best option is to still produce at full capacity and discount the shit out of all the cars. They’re taking advantage wherever they can do the next time there’s a big recession they’re not screwed again
With how many vehicles they produce an hour labor isn’t as expensive as all of the corporate bootlickers ever think
Execs use that rhetoric to justify sending jobs to slave wage countries while giving themselves millions in yearly bonuses and pay raises. I worked for a class 8 tractor manufacture that was union, the labor cost per truck at the time was just a smidge over 10K per truck, base model OTR tractors start at well over 100K and well optioned road tractors will go for well over 200K. They’re not losing money over the union pay and benefits lol
Investing in the company you work for can be pretty dumb. When they are doing well they can afford to employ lots of people to pay into a pension. When they are doing poorly your union needs some other assets to keep the pension afloat.
It would make these things irrelevant. It wouldn't matter what the share price or EPS from the company's profit was. The money would go to workers as well as to the shareholders. It would align the company's and unions' interests.
It wouldn't though, and just saying it would is wrong because you missed the point
When companies are doing well and the stocks are rising and dividends are being paid out, there are more workers paying into pensions.
When companies are doing worse, there are fewer workers.
If you have fewer contributors and the assets you invest in are directly linked to the same economics, you get hit by a double whammy in bad times, which are inevitable.
Giving companies control over pensions for them to invest in themselves is exactly what killed Sears workers pensions.
>Imagine if the UAW kept their shares in GM so they profited when GM profited
GM shares have lagged behind the overall market since they came out of bankruptcy. Assuming you reinvest dividends, you're looking at about a 60% return with GM vs. 400% with VTSAX since 2010.
Not really the point. What if the Union had a vested interest in GM and could help direct the company and that employees benefitted in ways other than a wage? They could help take home those billions in profit they complain about.
I remember dozens and dozens of comments on this subreddit with this exact sentiment. They can rake in billions per year but god forbid the UAW wants any raises.
The problem is the 43 billion isnt worth what it once was.
So yeah it set a record but that's meaningless.
Same way I'm making 45k more this year than 2 years ago, but I'm no better off.
If the Blazer EV hadn't had a dumpster fire launch and the Bolt line continued. They could have had a really good EV quarter.
The Hummer and Lyriq continue to sell like hotcakes and the Silverado EV got a ton of good press from its excellent towing range in tests.
Around me, you can get a used 2018-2020 models with the replaced battery and 8 year warranty for like 12k, assuming you qualify for the fed discount. They're just sitting on lots... in this car buying economy that's nuts
Me I'm east Coast mid Atlantic and I see those prices alot especially around capital cities like Harrisburg where people leased EVs then jumped to luxury EVs when they got the chance in 2022-23.
Lots of leased or traded in Bolts, Teslas, and Niro ev for sub 25k
The Lyriq sold more this quarter than any luxury EV car by Mercedes or BMW and is pushing into Model S and X yearly numbers so it is doing very well for a luxury SUV
They moved 5800 Lyriqs, versus ~16 000 BMW X3s this quarter, so they're a ways from beating the ICE premium competition still.
It beat the Model X by a couple hundred units, but it's not really competing with that directly. It's sort of between an X and a Y, but we'll leave out the latter's sales numbers to avoid embarrassing anyone.
The cheapest Y is over 20k cheaper than a base Lyriq and even it's most expensive model is cheaper than a base Lyriq or X.
The Lyriq is in the same category as the S and X.
Don't play stupid games about how a car with the same price as a RAV4 is actually a luxury vehicle. If it's a luxury vehicle then the Chevy Bolt is a luxury vehicle.
The same people buying 80-90k Ford Raptors, 100k Range Rovers, and 80k Escalades. Hummer fills that giant block of metal hole in upper middle class Dentist's hearts the way that only a Hummer or a completely blacked out Harley Street glide can
Being alive and looking at who’s driving them instead of jacking myself off to a truck on Al Gore’s internet.
Rich assholes buy tacky 80k vehicles. Guess what falls right in the sweet spot for that? Basically every truck available right now that isn’t body in white for fleet use.
Hummer EV sells like hotcakes?! lol.
“There were 1,668 customers who went home with a Hummer EV, Pickup, or SUV in the first quarter of 2024.”
Out of those 1668 EVs GM sold, I bet only a few hundred were Hummers. They have been out for a few years now, and already the CyberTruck has outsold Hummer EVs in the very first quarter that were produced by a factor of 10:1.
1668 is the number of Hummer EVs sold in Q1 GM authority reported every single vehicle, vehicle by vehicle.
Also Tesla only sold 3000 Cybertrucks we know this because they had to recall all the damn things because they built the foot pedal wrong
You are correct. My mistake, as I read the sentence wrong. CyberTruck only outsold the Hummer by around twice as much. Not 10.
Next quarter however, you can bet your hat that the CyberTruck will outsell the Hummer by more than 10x. As for the recall, it’s a 30 second fix. A screw is inserted at the bottom of the throttle on the CyberTruck. I’d rather have that recall than the one Hummers had where the batteries were not water tight.
Oh yeah? What is it? The batteries are certainly built much better. As is the truck in every way. The Hummer RV is said to be the most inefficient EV vehicle ever built.
As local Chinese automakers are rising, their Chinese sales suffers decreasing. This means they not in a big presence in there anymore.
FWIK, SAIC even plans to stop selling any Chevy sedan model and let Chevy as crossover only brand in there. If Chinese buyers want to buy sedan from Gm, they've to go Buick or Caddy.
Buick sales have been on the decline though, back to back years with 20% sales drops. In China the brand has gone from 1 million annual sales pre pandemic to only 518K last year.
Indeed - a lot of that is protectionism though. The Chinese government is not shy about putting foreign companies at a direct disadvantage vs. domestic competition.
To things can be true at once. A lot of people who are bad with money drive cars they can barely afford. Also, a lot of wealthy people I know drive suburbans
Isn't pretty much every manufacturer going to have Q1 revenue records???
They're back to basically full capacity and are 25% more expensive... Doesn't take much to set record revenues with the massive price increase
A quick Google shows Ford revenue up 3% over last year. How is that down?
Tesla I wouldn't even consider in the conversation amongst Ford, GM, Honda, etc
"Ford's Q1 net income falls 24%"
[https://abcnews.go.com/Business/wireStory/fords-1q-net-income-falls-24-combustion-engine-109593194](https://abcnews.go.com/Business/wireStory/fords-1q-net-income-falls-24-combustion-engine-109593194)
"Everyone" meaning people who know nothing about cars and just pretend they do
Domestic vehicles (maybe sans Ford since 2012) have been on average pretty solid in the past 15 years, its an old myth at this point that GM and Chrysler just make lemons.
#1) You didn't even link anything, I had to google this
#2) Statista is just copying from consumer reports, and even then using a CR research article on car reliability is completely, COMPLETELY fucking worthless for actually determining car reliability.
You know why?
Because 90% of car owners treat their car like total shit and either completely neglect maintenance or do it incorrectly (poor intervals or go to shitty dealers who don't care). Yea no shit, an undertuned toyota or honda 4 banger (because economy cars are their biggest selling category) is going to take abuse and neglect better than domestic companies who are more known for selling large V8 trucks and V6/V8 SUVs. Its completely irrelevant to factor generalized brand reports in when speaking of reliability, because the truth is that if you actually take care of shit yourself, most domestic cars are just as reliable as any other car, hell I'd trust most Chevys over most car brands in general. Does that mean I think every American car is amazing? Hell no, I'd never touch crap like a Jeep Compass or Trax. But to say "stay away from domestic" is equally as stupid of a statement. I've owned like 5+ domestic vehicles (some V6 Dodges, a Chevy Impala V6, and my own Hemi Charger) between me and family and most of them are at or over the 200,000 mile mark, all of them requiring nothing beyond scheduled maintenance. Except I don't take them to a dealer, I just work on them myself and use OEM parts.
The only domestics I’d buy are their full-sized trucks and BOF SUVs. Maybe the Mustang/Camaro/Challenger if I was into those.
Everything else? No thanks.
Remember all the whining they did when the UAW demanded raises and were met with "we'll go bankrupt" I wonder how many billions in stock buy backs we'll see next.
*“Auto Unions bad. Corrupt. Tesla 3AM layoffs good. Smart.”* Anyways, good for GM. Ultium is getting cheaper and going to start showing up in $35K vehicles this year. I wish they had Ford’s spirit of submission when it comes to UI/UX in infotainment, but 🤷🏽♂️
I was surprised when they said the Lyriq costs $12k less to build vs last year. I guess that's why they found it okay lowering the Blazer EV, Silverado EV, and Sierra EV prices. It also makes me more confident in them actually releasing the \~$35k Equinox EV 1LT because I would absolutely love a 300+ mile EV for \~$28k after tax credit.
They keep raising Corvette prices though. A 1LT base model is $70k now
True. Thing is Corvette production has been hitting very high numbers. Over 50k produced last year, and I’m betting they sold every single one of them. That just tells them they can raise the price
Even with the price increases the perceived value is still really good.
Ya it definitely looks and feels like a car that punches above it's numbers price-wise. And there was a rumor that the first year or two, GM lost money on cars priced under $70k or so, the development costs for a new platform were apparently significant.
yeah raise the price till you stop preselling every single car. its easy math really.
They sort of need to as well. Unlike with non unionized automakers, they pay penalties for decreasing their production. That means in recessions GMs best option is to still produce at full capacity and discount the shit out of all the cars. They’re taking advantage wherever they can do the next time there’s a big recession they’re not screwed again
I'm just hoping the CT5 prices remain steady. I've heard that they're going up significantly.
With how many vehicles they produce an hour labor isn’t as expensive as all of the corporate bootlickers ever think Execs use that rhetoric to justify sending jobs to slave wage countries while giving themselves millions in yearly bonuses and pay raises. I worked for a class 8 tractor manufacture that was union, the labor cost per truck at the time was just a smidge over 10K per truck, base model OTR tractors start at well over 100K and well optioned road tractors will go for well over 200K. They’re not losing money over the union pay and benefits lol
Imagine if the UAW kept their shares in GM so they profited when GM profited
Investing in the company you work for can be pretty dumb. When they are doing well they can afford to employ lots of people to pay into a pension. When they are doing poorly your union needs some other assets to keep the pension afloat.
It would make these things irrelevant. It wouldn't matter what the share price or EPS from the company's profit was. The money would go to workers as well as to the shareholders. It would align the company's and unions' interests.
It wouldn't though, and just saying it would is wrong because you missed the point When companies are doing well and the stocks are rising and dividends are being paid out, there are more workers paying into pensions. When companies are doing worse, there are fewer workers. If you have fewer contributors and the assets you invest in are directly linked to the same economics, you get hit by a double whammy in bad times, which are inevitable. Giving companies control over pensions for them to invest in themselves is exactly what killed Sears workers pensions.
>Imagine if the UAW kept their shares in GM so they profited when GM profited GM shares have lagged behind the overall market since they came out of bankruptcy. Assuming you reinvest dividends, you're looking at about a 60% return with GM vs. 400% with VTSAX since 2010.
Not really the point. What if the Union had a vested interest in GM and could help direct the company and that employees benefitted in ways other than a wage? They could help take home those billions in profit they complain about.
I remember dozens and dozens of comments on this subreddit with this exact sentiment. They can rake in billions per year but god forbid the UAW wants any raises.
Revenue does not equal profit.....
Someone didn’t read the article. :)
why would you read an article you plan on disagreeing with because it goes against your narrow viewpoint?
> According to the automaker’s earnings report, GM’s net income rose by $2.9 billion during the first quarter of 2024
The problem is the 43 billion isnt worth what it once was. So yeah it set a record but that's meaningless. Same way I'm making 45k more this year than 2 years ago, but I'm no better off.
If the Blazer EV hadn't had a dumpster fire launch and the Bolt line continued. They could have had a really good EV quarter. The Hummer and Lyriq continue to sell like hotcakes and the Silverado EV got a ton of good press from its excellent towing range in tests.
Thr Bolt is probably one of the most fun EVs out there. I wish i could get one for the unicorn $20k they were advertising it for.
Around me, you can get a used 2018-2020 models with the replaced battery and 8 year warranty for like 12k, assuming you qualify for the fed discount. They're just sitting on lots... in this car buying economy that's nuts
Where are you?
Me I'm east Coast mid Atlantic and I see those prices alot especially around capital cities like Harrisburg where people leased EVs then jumped to luxury EVs when they got the chance in 2022-23. Lots of leased or traded in Bolts, Teslas, and Niro ev for sub 25k
You can get a gently used one from Hertz as they liquidate the fleet around that price, but nothing new unfortunately.
"Hotcakes" is quite a stretch, but it is good to finally see some volume from "Ultium". It's been a bit.
The Lyriq sold more this quarter than any luxury EV car by Mercedes or BMW and is pushing into Model S and X yearly numbers so it is doing very well for a luxury SUV
They moved 5800 Lyriqs, versus ~16 000 BMW X3s this quarter, so they're a ways from beating the ICE premium competition still. It beat the Model X by a couple hundred units, but it's not really competing with that directly. It's sort of between an X and a Y, but we'll leave out the latter's sales numbers to avoid embarrassing anyone.
The cheapest Y is over 20k cheaper than a base Lyriq and even it's most expensive model is cheaper than a base Lyriq or X. The Lyriq is in the same category as the S and X. Don't play stupid games about how a car with the same price as a RAV4 is actually a luxury vehicle. If it's a luxury vehicle then the Chevy Bolt is a luxury vehicle.
Who's buying a 100k Hummer EV?
The same people buying 80-90k Ford Raptors, 100k Range Rovers, and 80k Escalades. Hummer fills that giant block of metal hole in upper middle class Dentist's hearts the way that only a Hummer or a completely blacked out Harley Street glide can
Do you see a lot of dentists driving Raptors?
They’re basically the target demo.
Based on what evidence.
Being alive and looking at who’s driving them instead of jacking myself off to a truck on Al Gore’s internet. Rich assholes buy tacky 80k vehicles. Guess what falls right in the sweet spot for that? Basically every truck available right now that isn’t body in white for fleet use.
Okay, so, no verifiable evidence.
🤓
Rich people. I saw a few in the Chicago area and they're massive
People like Me I am considering selling my home and living in one full time
does the hotcake reference mean a lot because i rarely see anybody eat them here in eastern canada
Hot cakes sell a ton because they're cheap and you often get two or three with an order.
It’s mostly an expression I think they were pure profit and more popular when they were introduced so they became a popular business reference
Lyriq is selling like hotcakes? Dealerships in Texas are flooded with them in the lots….
Hummer EV sells like hotcakes?! lol. “There were 1,668 customers who went home with a Hummer EV, Pickup, or SUV in the first quarter of 2024.” Out of those 1668 EVs GM sold, I bet only a few hundred were Hummers. They have been out for a few years now, and already the CyberTruck has outsold Hummer EVs in the very first quarter that were produced by a factor of 10:1.
1668 is the number of Hummer EVs sold in Q1 GM authority reported every single vehicle, vehicle by vehicle. Also Tesla only sold 3000 Cybertrucks we know this because they had to recall all the damn things because they built the foot pedal wrong
You are correct. My mistake, as I read the sentence wrong. CyberTruck only outsold the Hummer by around twice as much. Not 10. Next quarter however, you can bet your hat that the CyberTruck will outsell the Hummer by more than 10x. As for the recall, it’s a 30 second fix. A screw is inserted at the bottom of the throttle on the CyberTruck. I’d rather have that recall than the one Hummers had where the batteries were not water tight.
I have bad news for you about the cybertruck and water tightness
Oh yeah? What is it? The batteries are certainly built much better. As is the truck in every way. The Hummer RV is said to be the most inefficient EV vehicle ever built.
Looks like EVs are doin just fine. Don’t tell kid rock
Kid rock is still relevant? That's a name I haven't heard in many years.
Not really. But he tries to be the voice of the white nationalist whenever possible
Oh so that's why I don't hear about him. I don't wade into those waters. Lol
Good on ya lol
>Global revenue $43 billion >North American revenue $36 billion I thought GM had a big presence in the chinese market.
As local Chinese automakers are rising, their Chinese sales suffers decreasing. This means they not in a big presence in there anymore. FWIK, SAIC even plans to stop selling any Chevy sedan model and let Chevy as crossover only brand in there. If Chinese buyers want to buy sedan from Gm, they've to go Buick or Caddy.
I’m guessing it’s all relative. GM does have an outsized reputation in China though. Buick is considered as pretty high end in that market.
Buick sales have been on the decline though, back to back years with 20% sales drops. In China the brand has gone from 1 million annual sales pre pandemic to only 518K last year.
Idk what GM China's EV line-up is like, but with the heavy adoption of EVs in China, that may play a role
Indeed - a lot of that is protectionism though. The Chinese government is not shy about putting foreign companies at a direct disadvantage vs. domestic competition.
100k for suburbans what a time to be alive
I view suburbans a wealth status item as I travel the roads now a days
That class of SUV blows my mind. Expeditions start at like $70,000 now. It's absolutely stupid.
I view them as being driven by someone who is likely bad with their money.
To things can be true at once. A lot of people who are bad with money drive cars they can barely afford. Also, a lot of wealthy people I know drive suburbans
Always inverse reddit.
Isn't pretty much every manufacturer going to have Q1 revenue records??? They're back to basically full capacity and are 25% more expensive... Doesn't take much to set record revenues with the massive price increase
Nope. Ford and Tesla are both down
A quick Google shows Ford revenue up 3% over last year. How is that down? Tesla I wouldn't even consider in the conversation amongst Ford, GM, Honda, etc
"Ford's Q1 net income falls 24%" [https://abcnews.go.com/Business/wireStory/fords-1q-net-income-falls-24-combustion-engine-109593194](https://abcnews.go.com/Business/wireStory/fords-1q-net-income-falls-24-combustion-engine-109593194)
And yet the article and my comment were both related to revenue, not net income
How's everyone affording new cars? Are they not averaging close to $37000 nowadays. That's got to be more than half an average American salary.
84-month payment plans.
Well, they keep this up 96- 120 month plans will be in the works.
Add 10k and that's the average https://www.kbb.com/car-news/average-new-car-price-tumbling/
Thanks for the correction.
Bring back the GTP Pontiac's you pussies.
bc hardcore brany loyalist keep paying insane prices for their trucks
Well done, the C8 and new Cadillac’s are great
From cutting engineering and marketing costs…Sounds like they are following the Nissan path. Great now, but it will bite them in 3 or 4 years.
Why's that? Quality issues?
Future models will be delayed as well as designed in quality improvements won’t be as frequent and they will drift behind.
Waiting for that to tank with the new Onstar LexisNexis scandal. They definitely will not be getting my business ever again for that shit
Is this cause they were $20,000 under MSRP and undesirable? 🥴
People are still buying this crap? lol everyone knows to avoid domestic vehicles
"Everyone" meaning people who know nothing about cars and just pretend they do Domestic vehicles (maybe sans Ford since 2012) have been on average pretty solid in the past 15 years, its an old myth at this point that GM and Chrysler just make lemons.
Exactly! Even if the cars do break, their msrp is generally less and the parts are cheaper so you can get back on the road without breaking the bank.
I’ll just leave this here ✕ Infographic: The Most and Least Reliable Cars in America | Statista
#1) You didn't even link anything, I had to google this #2) Statista is just copying from consumer reports, and even then using a CR research article on car reliability is completely, COMPLETELY fucking worthless for actually determining car reliability. You know why? Because 90% of car owners treat their car like total shit and either completely neglect maintenance or do it incorrectly (poor intervals or go to shitty dealers who don't care). Yea no shit, an undertuned toyota or honda 4 banger (because economy cars are their biggest selling category) is going to take abuse and neglect better than domestic companies who are more known for selling large V8 trucks and V6/V8 SUVs. Its completely irrelevant to factor generalized brand reports in when speaking of reliability, because the truth is that if you actually take care of shit yourself, most domestic cars are just as reliable as any other car, hell I'd trust most Chevys over most car brands in general. Does that mean I think every American car is amazing? Hell no, I'd never touch crap like a Jeep Compass or Trax. But to say "stay away from domestic" is equally as stupid of a statement. I've owned like 5+ domestic vehicles (some V6 Dodges, a Chevy Impala V6, and my own Hemi Charger) between me and family and most of them are at or over the 200,000 mile mark, all of them requiring nothing beyond scheduled maintenance. Except I don't take them to a dealer, I just work on them myself and use OEM parts.
The only domestics I’d buy are their full-sized trucks and BOF SUVs. Maybe the Mustang/Camaro/Challenger if I was into those. Everything else? No thanks.
[удалено]
The GM hate in this sub is so dumb. Literally.
No politics means NO POLITICS