General Motors (GM) announced on Tuesday that it will hold a business update 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 host a conference call with analysts.
The United Auto Workers union said its members approved a new labor contract through April 2028 on Monday. Meanwhile, Detroit-based automaker GM is facing increasing challenges at its Cruise self-driving unit, which has lost over $8 billion since 2017, including a $728 million loss in the third quarter this month, according to GM’s financial disclosures.
In other news, Reuters reported that GM’s new logo can be seen on the facade of its headquarters in Detroit, Michigan, U.S., on March 16, 2021. This comes as part of the company’s rebranding efforts aimed at modernizing its image and better reflecting its focus on technology and innovation.
The company’s financial update is expected to provide insights into its performance and outlook for the future. It remains to be seen how Cruise will fare in the coming years and whether it will be able to turn around its significant losses. However, one thing is clear – GM continues to face challenges both internally and externally as it navigates an increasingly competitive and rapidly changing automotive industry.