On Tuesday, General Motors (GM.N) announced 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 Detroit automaker’s CEO Mary Barra and chief financial officer Paul Jacobson will provide an update on the company’s performance and future plans during the call.
In other news, the United Auto Workers union (UAW) said on Monday that its members had approved a new labor deal through April 2028. This is a positive development for GM as it means that the company can now focus on its core business operations without any disruptions from labor disputes.
However, GM is still facing mounting troubles at its self-driving unit Cruise. According to GM financial disclosures, Cruise has lost more than $8 billion since 2017, including $728 million lost in the third quarter of this year. This highlights the challenges faced by self-driving technology companies and their ability to generate profits in a highly competitive market.
Overall, while GM’s new labor agreement is a positive development for the company, it remains to be seen how Cruise will perform in the coming years. The success of self-driving technology is crucial for the future of the automotive industry and will play a significant role in shaping GM’s long-term growth prospects.