General Motors (GM) names Mike Abbott as EVP of software, effective May 22nd
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General Motors (GM) restructures business unit to compete with Ford Pro (F)
May 11, 2023 8:59 AM EDTDetroit automaker, General Motors (NYSE: GM), at its annual Fleet Solutions Summit, revealed that the company is consolidating its North American sales operations for commercial vehicles, parts and telematics services under a new brand umbrella named GM Evolve. The new brand will compete with Fords(NYSE: F) Ford Pro unit and others for revenue from business vehicle... More
U.S. EV shares slump following news of Lucid (LCID) and Fisker (FSR) poor 1Q results and production cuts
May 9, 2023 1:44 PM EDTU.S. electric automakers saw a decline in share prices Tuesday morning following cuts to production forecasts by Lucid Group Inc (NASDAQ: LCID) and Fisker Inc (NYSE: FSR), with Lucid sliding 9% in early trading.
Fisker shares were last down 5.3% after the company reported quarterly results. The company reported 1Q EPS of ($0.38), $0.08 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $198 thousand versus the consensus estimate of $6.33 million. The EV maker also announced... More
GM (GM) Names Former Apple Cloud Executive Mike Abbott as VP/Software
May 9, 2023 9:51 AM EDTGeneral Motors Co. (NYSE: GM) announced today that Mike Abbott, former vice president of Engineering for Apples Cloud Services division, will join GM as executive vice president, Software, effective May 22, 2023. He will report to GM Chair and CEO Mary Barra.
As a member of the senior leadership team, Abbott will lead a new integrated end-to-end software organization focused on the development of vehicle and enterprise software technologies and solutions, and delivery of digital services and features to retail and commercial customers. The newly created team will bring together three now distinct software... More
GM hires former Apple executive Abbott to lead software unit
May 9, 2023 9:47 AM EDT(Reuters) - General Motors Co on Tuesday named former Apple Inc executive Mike Abbott to lead a division that will bring together three software functions within the company.
Abbott, whose appointment is effective from May 22, will spearhead development of vehicle and enterprise software technologies.
Automakers, including GM and Ford... More
Barclays predicts April back step as EV penetration reaches 14% in March report card
May 9, 2023 8:11 AM EDTBarclays released a March EV report card as EV penetration reached 14%, up m/m and y/y, but still below elevated 4Q22. Analyst Dan Levy believes April is poised to be a slight step back in uptake, in-line with typical 1st month-of-quarter patterns. Tesla (NASDAQ: TSLA), however, had an impressive March share, benefiting from price cuts and an increased focus on low cost EVs exported from China.
China once again had the highest EV penetration rate among the major global regions (30% in March), yet was flat m/m.... More
