Daimler Truck North America’s Post

🚗 GM's Resilience and Record Earnings in 2024 🚗 Just a year after navigating a challenging billion-dollar strike, General Motors is set to achieve record earnings in 2024. Reporting over a 10% revenue increase in Q3, GM has raised its earnings outlook for the third time this year. A key driver? Higher vehicle prices, with average transactions in North America nearing $50,000. What's fueling this growth? The surge in EV sales and manufacturing. As GM continues to expand its electric vehicle lineup, it’s not only boosting revenue but also cementing its leadership in the EV market. Despite challenges in China and increased labor costs, GM’s North American business, responsible for a disproportionate share of its earnings, grew nearly 13% over last year. GM’s focus on innovation and a strong EV strategy are paving the way for a brighter, more sustainable future. 🌱🔋 #EVs #GeneralMotors #AutomotiveIndustry #Sustainability #Q3Earnings

Henry Ford is reported to have offered $25,000 to anyone who would show him how to save a single nut and bolt on each automobile he made. Without Henry Ford, our country would not be the America we know today. His obsession with reducing costs and improving productivity allowed him to build the first automobile that ordinary people could afford and led to the construction of a vast network of roads and highways that gave birth to today’s mobile society. It also set the stage for total quality management and continuous improvement programs that are prevalent in the automotive industry today. We would all be well advised to take a page from the lessons that the automotive industry has learned in recent years. An obsessive focus on the needs and wants of our customers allows us to become an indispensable part of their lives, but nothing is forever. Continuous improvement is expected in virtually every industry, and quality is the minimum requirement in today's global economy. Leaders are those who significantly outperform the competition in every aspect of the business.

Dive into the details of General Motors' (GM) impressive Q4 earnings report, revealing a resilient 52% net income surge despite adversities like the UAW strike and losses in the Cruise division. Explore the strategic initiatives, financial milestones, and future outlook that position GM as a formidable force in the automotive industry." Read the full article here: https://lnkd.in/dtFEg-U2

Penske Automotive Group, Inc. (NYSE:PAG) Q1 2024 Earnings Call Transcript: … turn the attention to automotive operations. During the quarter … Same-store retail rev — automotive revenue increased 1%. However, … experience in the retail automotive industry to drive … our diversification across retail automotive, commercial truck, cost … #car #cars #awesome

Bloomberg [excerpt]: #GeneralMotors Co. has been laying off staff in #China and will soon meet with local partner SAIC to plan a larger structural overhaul of its operations there, a recognition the #Detroit #automaker is unlikely to see its sales return to 2017 peak levels. #GM is cutting staff in Chinese market-related departments, including research and development, according to people familiar with the matter. In the coming weeks, GM and SAIC will discuss possible capacity cuts as part of a strategic redirection for American nameplates sold in China. The reassessment represents a major shift in strategy for GM, which earned billions of dollars in China as recently as 2018. The automaker is pulling back as many foreign #brands are struggling with a profusion of local competitors in the world’s largest car market, which is now facing massive overcapacity. The reset involves a shift to producing #electricvehicles, focusing on more upscale models and importing premium vehicles, these people said. Reductions in factory capacity and additional #job cuts are under consideration, said the people, who asked not to be named because the plans are still in the works and have not been publicly disclosed. GM and its joint ventures in China employ more than 58,000 people, according to a GM website. The carmaker’s shares were little changed at 9:32 a.m. in New York. GM will continue to make less expensive vehicles and EVs locally in a joint venture with SAIC Motor Corp. and Wuling Motors, some of which will be exported from China. The #auto manufacturer said in a recent securities filing that China’s domestic automakers are prioritizing market share gains over profits, making it difficult to maintain sales volumes. As a result, GM said it’s working with local partners to overhaul its Chinese operations, resulting in “an increased likelihood of recording future charges, which could be material, if losses continue in the near term.” A 30-year contract with state-owned SAIC is set to expire in 2027 and GM wants to return the #business to sustained profitability before then. The goal is to put that SAIC-GM partnership — which makes Buick, Cadillac and Chevrolet brand vehicles — in a stronger financial position so it can fund its own operations and vehicle development programs, the people said. The cuts required will be commensurate with lowered #sales expectations in an effort to stem the flow of red ink, they said. A second partnership in China, known as SAIC-GM-Wuling Automobile Co. Ltd., makes small and inexpensive vehicles. Its sales have held up better by selling more affordable electric vehicles like the Hongguang Mini EV. Wuling is controlled by state-backed Guangxi Automobile Group. In the most recent quarter ended June 30, GM lost $104 million on its Chinese business, part of a first half loss totaling $210 million. The automaker had hoped to cut production there in the first quarter and return to profitability. #News

Uncover the story of General Motors' ascent and descent, shaped by their pursuit of cost leadership. Initially, GM's pursuit of being the most economical producer seemed like a triumph. However, the relentless focus on cost-cutting resulted in a noticeable decline in the quality of their vehicles, leading to widespread customer dissatisfaction and irreparable damage to their standing. Explore the lasting repercussions of prioritising cost over quality, which included a sharp decline in sales and their eventual bankruptcy in 2009. Delve into this in-depth exploration of one of the most significant missteps in automotive history! #GeneralMotors #CostLeadership #BusinessStrategy #QualityOverCost #AutomotiveIndustry #GMFailure #CaseStudy #BusinessLessons If you found this video insightful, please like and share!

Ontario is the heart of Canada's automotive industry, home to the nation's only #vehicleassembly plants. With five major OEMs—Ford, GM, Honda, Stellantis, and Toyota—driving production, the province plays a vital role in the country's economy, trade, and jobs. As demand for EVs rises, Ontario is poised to lead the automotive sector's electric transformation. I'm proud of being part of the #Arup Team supporting #OVIN. This insight has been developed across offices in #Canada and #Europe within an integrated team of experts. Special thanks to Bahar Namaki Araghi, PhD, P.Eng. Jennifer Combs Catrin Williams and Gianfranco Eportentosi. If you're interested in getting a detailed overview of #Ontario ’s #automotive ecosystem, highlighting key contributions, investments, and the major players shaping this dynamic industry check this link to access the report https://lnkd.in/gepR4Kuu

As we reflect on our journey over the past three years, I want to take a moment to recognize the exceptional hard work and dedication of our incredible team. Your unwavering commitment has been instrumental in growing our capabilities and ensuring sustainable growth in an ever-evolving landscape. A special thank you to our esteemed customer and partner, Mercedes Benz SA, for your steadfast support. Together, we have strategically positioned ourselves to meet the challenges of the auto industry head-on while prioritizing innovation and transformation in our processes. Our collaboration has not only strengthened our operations but also emphasized the importance of Enterprise Supplier Development. We are committed to fostering a thriving ecosystem that uplifts SMMEs and drives meaningful change within our industry. Thank you once again to our talented team and our partners for being our cornerstone. Here’s to continued progress and shared success in the future! #SMMEDevelopment #AutoIndustry #Transformation #EnterpriseSupplierDevelopment #Teamwork #Innovation #Sustainability #GrowthMindset #Partnerships Let’s keep pushing boundaries and achieving great things together! https://lnkd.in/dpws2fN2

Did you know that 34 of those top 100 #automotive suppliers call #SouthCarolina home in the #USA? Last week, Automobilwoche released their list of Top 100 Automotive Suppliers, of which South Carolina was well-represented. South Carolina's time-proven reputation and work ethic continue to be driving forces for #economicdevelopment in the global #automotiveindustry. Foreign and domestic #automotivesuppliers are consistantly choosing South Carolina to faciliate their ambitions for development. The verdict could not be clearer: Success stems from South Carolina. For more information, visit South Carolina Department of Commerce #LaunchtoLegacy : https://lnkd.in/d_DP2d8i Automobilwoche Link: https://lnkd.in/dK_CM63G.

🚗🏭 Big news for Kentucky’s booming automotive industry! The Kentucky Association of Manufacturers (KAM) has launched an Automotive Industry Council, further solidifying our state’s role as a leader in automotive production. 📊 With 557 automotive-related companies, employing over 103,000 people, and more than $12.6 billion in investments since 2020, Kentucky is the nation’s top producer of cars, light trucks, and SUVs per capita. 🌟 In 2023 alone, our automotive-related exports totaled $6 billion. One out of every 18 workers in the U.S. automotive industry calls Kentucky home. 👏 KAM’s new Automotive Council is a reflection of the industry’s vital importance to Kentucky. #KentuckyAutomotive #ManufacturingExcellence #KAM #EconomicDevelopment #AutomotiveIndustry