Tag Archives: GM

Chipmaker Chief Says Automakers Won’t Get Full Demand Met Until Q3

May 3, 2021 admin

Mark Liu, chairman of Taiwan Semiconductor Manufacturing Co., said his company will begin sending chips to U.S. automakers by the end of June. (Photo credit: 60 Minutes)

Last week, Ford CEO Jim Farley confirmed what some already predicted: the semiconductor shortage is getting worse, not better and the second quarter will be the low point.

Ford and scores of other automakers have been robbing Peter to pay Paul when it comes to those precious semiconductor chips for months now. However, Ford and its Detroit rival, General Motors, are particularly hard hit, especially when it comes to its highly profitable trucks.

However, one of the protagonists in this ongoing techno-drama offered a ray of sunshine Sunday, then pulled the clouds back over it.

Mark Liu, chairman of Taiwan Semiconductor Manufacturing Co. Ltd., one of the major suppliers of chips in the world, told CBS’ 60 Minutes the company was scrambling to squeeze out all it can from its existing production network.

Not the end, just the beginning

More importantly, it expects to begin producing enough chips to start sending some to automakers by the end of June. However, it will only be the “minimum requirement” needed by automakers. In short: the summer is still going to be bad.

President Joe Biden is pushing for funding to accelerate the production of semiconductors in the U.S. for this year.

“Today, we think we are two months ahead, that we can catch up the minimum requirement of our customers, before the end of June,” he told the television news magazine. However, he was clear that meant that chips would start to come, not end the shortage.

“There’s a time lag. In car chips particularly, the supply chain is long and complex. The supply takes about seven to eight months,” Liu added.

It’s reportedly about that time that Renesas Electronics Corp. expects to be back up to full production levels at its Japanese plant that was shut down for a month after a fire swept through the facility, forcing it to cease operations.

Renesas is another top supplier of chips to the auto industry. It recently completed its repairs and began limited production April 10. Shipments will begin sometime in the next two weeks. The facility produces chips for Ford, Toyota and others. It will not begin sending full shipments until basically the end of the second quarter.

Automakers, like Ford and GM, are still extending the amount of time assembly plants are shut down.

Waiting to rebound

In the meantime, automakers are simply waiting, hoping to get enough chips to churn out a few more vehicles. Ford is stockpiling nearly done pickup trucks so that it can finish production once its chip supply is replenished.

Last week, several automakers laid out their plans to idle several production facilities due to the shortage. Today, GM extended the shutdown at its Fairfax Assembly plant in Kansas and CAMI plant in Ingersoll, Ontario. Additionally it is slowing production at its Lansing Grand River site.

Ford earlier today revealed plans for production cuts at its assembly plants in Cologne and Saarlouis. German automaker Volkswagen officials supported the assertion made by Farley last week that second quarter production was going to be volatile.

“I think the situation will remain tense,” Ralf Brandstaetter, CEO of the Volkswagen brand and member of the carmaker’s management board, told German news agency dpa. The company’s lost about 100,000 vehicles due to the shortage, Automotive News reported.

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GM Grows Board of Directors’ Diversity with New Whitman, Tatum

March 25, 2021 admin

Meg Whitman, a technology leader and former head of Hewlett Packard Enterprise, will join the General Motors Board of Directors.

What was already the most diverse board of directors in the automotive industry just go a little more so, General Motors Co. expanding its board, adding Meg Whitman and Mark Tatum to fill the spots.

The move grows GM’s board from 12 to 13 members. Adding Whitman, a former Republican gubernatorial candidate in California and CEO of Quibi Holdings LLC, a media startup, results in women filling seven of the posts on the board. It makes GM the only automaker where women comprise a majority of the board.

Tatum, who is of Asian and African-American heritage, is the National Basketball Association’s deputy commissioner and chief operating officer. Diversity within the company has been a priority for Chairman and CEO Mary Barra since her appointment in 2013.

Diversity is a strength

GM quickly pointed out that the diversity of the company’s newly expanded board isn’t just limited to gender or ethnic background.

Diversity has been a theme during Mary Barra’s tenure as GM’s Chairman and CEO.

The company’s 12 independent directors have senior leadership and board experience in information technology, digital commerce, retail, higher education, investment management, international affairs, defense, transportation, cybersecurity, and pharmaceuticals, among others.

“Our diverse Board of Directors is a competitive advantage for GM as we work to deliver a better, safer and more sustainable world,” said GM Chairman and CEO Mary Barra. “Mark and Meg will bring unique experiences to the Board, especially in technology, brand building and customer experience that will help us drive value for shareholders and other GM stakeholders now and into the future.”

Diversity is a focus in the company’s executive ranks as well. Barra’s overseen a significant shift of women into higher level roles at the company during her tenure. Some of those include Dhivya Suryadevara as Chief Financial Officer, the first-ever woman to hold the job, and Alicia Bolder Davis as the Head of Global Manufacturing.

Others include Ann Cathcart Chaplin, corporate secretary and deputy general counsel; Margaret Curry, vice president, Tax and chief tax officer; Julia Steyn, head of urban mobility and Maven; Kimberly Brycz as senior vice president, Global Human Resources; and Pamela Fletcher, vice president, Global Electric Vehicle Programs. Both Boler Davis and Suryadevara left the company for other opportunities in the last 18 months.

Results are showing

Mark Tatum, deputy commissioner and chief operating officer of the National Basketball Association, will join the General Motors Board of Directors.

The push to diversify, at least by gender, is beginning to get noticed. GM was the top ranked company in the U.S. on the Gender Equality Global Report & Ranking for 2021. It was No. 5 globally, with a score of 71%, up from No. 11 and a score of 68% last year. GM was the only automaker in the Top 100.

Researchers noted GM achieved gender balance at the board level (at the time the report was issued, there were six women on GM’s board). Additionally, women represent 20% of the executive team, 32.2% of senior management and 21.8% of the workforce.

“They offer a living wage and flexible work arrangements to their employees. General Motors is the only company in the U.S. and globally that publishes a mean, unadjusted gender pay gap of less than 3% in all pay bands, and they have a strategy to close the gender pay gap. General Motors also publishes all eight of Equileap’s recommended policies that promote gender equality,” the report noted.

It is compiled by Equileap, a data research firm, which researched 3,702 companies based on 19 gender equality criteria, including gender balance from the board to the workforce, as well as the pay gap and policies relating to parental leave and sexual harassment. The average score for the Top 100 companies globally was 64 percent, an increase of 2 percentage points from last year.

Other automakers making moves

Alexandra Ford English has been nominated for the Ford Motor Co. board of directors.

GM’s top domestic rival, Ford Motor Co., currently has three women on its board of directors and nominated a fourth, Alexandra Ford English, daughter of current Executive Chairman Bill Ford Jr., who is virtually assured of election to the board later this year.

Ford English, 33, recently accepted another board position that elevated her profile. She took on the role as Ford Motor Co.’s representative to the Rivian board of directors. Ford Motor owns an equity stake in the EV maker. She’s held roles in corporate strategy at companies like Tory Burch and Gap Inc. as well as the automaker, which she joined in 2017.

The company’s global workforce is 28% female and 20% of its leadership comprises women. Some of it is top officers include Joy Falotico, president, The Lincoln Motor Co.; Lisa Drake, chief operating officer, North America; Suzy Deering, chief marketing officer; Dianne Craig, president, International Markets Group; Elena Ford, chief customer experience officer; Cathy O’Callaghan, vice president, Controller; and Kiersten Robinson, chief people and employee experiences officer.

Falotico, Drake and Deering have all moved into their roles in the last 12 months with the first two moving from other jobs within the company. Deering arrived at the automaker in January from eBay, where she was global chief marketing officer. She actually took over for Falotico, who now focuses solely on running Lincoln.

GM Looking to Grow its Finance Arm’s Capabilities

November 27, 2020 admin

GM is reportedly looking to apply for a banking charter for its financing unit, GM Financial.

General Motors has been generating plenty of attention for its plans to shift to battery-electric vehicle production; however, the auto company has also been looking to get back into some old businesses too, namely banking.

It’s an oversimplification, but the Wall Street Journal reported today that GM’s captive financing unit, General Motors Financial Company Inc. is seeking to apply for a banking charter. The move would allow the company to accept deposits — like a bank. The move is part of a strategy allowing it to form an industrial loan company.

The specialized charter gives a company the ability to own a commercial firm and banks — typically a no-no with a traditional banking license, the newspaper noted. GM has done this before with its GMAC unit, which not only offered auto loans, but also home mortgages and other types of lending options.

(GM financial arm strengthens loan portfolio.)

GM’s financing arm, GM Financial, has contributed to the auto company’s bottom line in growing amounts of significance during the past decade.

That could occur as early as next month, according to sources cited by the WSJ. The company has been nosing around the subject with federal and state regulators for several months. The Federal Deposit Insurance Corp. and Utah Department of Financial Institutions are reportedly on board with this.

GMAC nearly failed during the Great Recession in 2008 due to subprime mortgages. The government bailed the unit it out and it was renamed Ally Financial, and GM eventually sold its stake in 2013. Ally Financial currently offers auto loans for several automakers, including Fiat Chrysler and Hyundai, as well as offering online banking resources.

According to WSJ sources, this would not be round two of GMAC, rather the deposits would be used to help with the automotive loan business. It would essentially act as a low-cost form of capital for those auto loans. Currently, the unit has to issue debt in order to provide financing for its customers. It’s possible the newly chartered unit would offer high-yield savings accounts as well as other deposit-based accounts to consumers.

(Treasury adds capital to GMAC Financial Services.)

GM isn’t alone in offering financing to potential buyers. In fact, it’s often part of the marketing push to draw customers into dealerships by advertising low rates on new car loans and leases. It gives dealers a chance to secure sales to buyers with less-than-ideal credit scores.

The move to accept deposits would give GM Financial a low-cost form of capital for auto loans.

In the case of GM Financial, it’s added some green to the company’s bottom line. It generated $14.5 billion in 2019, accounting for 10.6% of GM’s overall revenue, WSJ noted. In 2010, the unit’s revenue was less than 1% of auto company’s revenue while it rose to 4.2% in 2015.

Getting the industrial loan company structure in place wouldn’t make it unique in the auto industry, the newspaper noted. Toyota Motor Co. and BMW AG employ similar units to not only offer auto financing, but home mortgages and credit cards. What is different is that few companies have attempted to get back into that business since the 2008 banking collapse.

(GM delivers $4B in Q3 earnings as auto market rebounds.)

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Chevrolet Charging into Electric Aftermarket with K5 Blazer Conversion for SEMA Show

October 30, 2020 admin

Chevrolet will showcase a 1977 K5 Blazer converted to all-electric propulsion at SEMA360.

Crate engines have been wildly popular for decades with car enthusiasts, giving them a way to beef up stock vehicles. Chevrolet has a long history of offering these powerplants, but now is honoring that tradition with a modern twist: eCrates.

In fact, some of those doing electric conversions are using old EV1 motors, General Motors’ long-dead first attempt at electric vehicles. However, there are several options available for those looking to get the instant torque only an electric motor can provide while keeping those vehicles on the greener side.

At this year’s virtual SEMA show, called SEMA360, Chevy will be showing what it thinks can be done with their eCrate motors by revealing a 1977 K5 Blazer that has been converted to an all-electric powertrain. The setup used in the K5 Blazer-E should be available from the company sometime next year, pushing aside the aforementioned EV1-powered conversions.

(Chevrolet teases 2022 Bolt EV makeover — and new Bolt EV.)

“As GM introduces a new fleet of electric vehicles, it creates an exciting opportunity to bring EV technology to the aftermarket,” said Jim Campbell, GM U.S. vice president of Performance and Motorsports.

The K5 Blazer-E uses a Bolt EV electric motor, delivering 200 hp, paired with a Chevrolet Performance electronically controlled 4-speed automatic.

“Our vision is to offer a comprehensive line of Connect and Cruise systems from Chevrolet Performance – delivering a solution for every customer ranging from LSX V-8s to eCrate conversions,” Campbell said.

The K5 conversion uses a 60-kWh battery pack sitting the cargo area behind the driver and front-seat passenger to provide the power for a 200-horsepower electric motor as well as all of the necessary power inverters, converters and additional equipment needed to make it a fully functional 33-year-old vehicle — with an electric powertrain.

This isn’t the brand’s first foray into the eCrate conversion segment. It’s already done two other vehicles: an eCOPO Camaro in 2018 and an E-10 pickup last year. The efforts acted as development projects for the brand’s Electric Connect and Cruise electric vehicles. The converted vehicles also attracted plenty of attention.

“Minutes after Chevrolet showed the E-10 concept, customers started calling to ask how soon they could build their EV project,” said Russ O’Blenes, Chevrolet director of engineering, Performance and Racing, in a statement.

(Chevy squeezes 21 more miles out of Bolt battery for 2020.)

Power for the K5 Blazer-E is supplied by a 400-volt Bolt EV battery pack with 60 kilowatt-hours of usable energy installed in the cargo area.

Often vehicles SEMA are wild takes on the original machine, but the goal of the K5 conversion is to make it look as close to normal as possible. However, the upgrades are the latest technology offered by Chevy with 90% of the new parts coming from the Bolt EV.

Obviously, the first thing that had to go was the K5’s 175-hp 400 cubic-inch V-8, three-speed automatic, fuel system and exhaust. Aside from the previously mentioned 200-hp electric motor, Chevrolet Performance installed an electronically controlled four-speed automatic. The rest of the Blazer drivetrain is original, including the transfer case, driveshaft and axles.

The battery pack providing the juice to the system is a 400-volt Bolt EV battery pack. The system uses so many of the Bolt’s components, it retains many of the benefits of the system, such as shock protection, battery heating and cooling, battery-overcharge protection and even regenerative braking, GM engineers added.

Anticipating demand for these conversions, Chevy created a certification program for dealers and aftermarket companies. Performance vehicle stalwart Lingenfelter Performance Engineering is piloting the training and certification program. As part of that, they will get the tools and equipment needed to work with high-voltage systems and charging stations used by the vehicles, GM officials said.

The K5 Blazer-E gets special badging.

“The K5 Blazer-E demonstrates what is possible for customers who want to convert their vintage truck to a daily driver with the instant torque and unique driving experience of an EV. For customers who want more extreme performance, the modular eCrate system will have virtually limitless applications,” O’Blenes said.

(GM EV program charging ahead despite pandemic.)

As the program moves forward, GM will find ways to incorporate its Ultium batteries and supporting technology, the company noted. In addition to the K5 conversion, the brand is showing off several Tahoe and Suburban aftermarket performance parts at the show.

Joseph Szczesny contributed to this story.

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Nikola Stock Price Slides after CEO Spurs Speculation about GM Deal

October 17, 2020 admin

GM was set to build the the Nikola Badger on its own platform, using its Ultium batteries in the original $2 billion deal with the EV maker.

Nikola Motors stock took another hit Friday after its CEO inadvertently suggested in an interview that a deal with General Motors may not come to pass.

The much-maligned EV maker’s stock slid 15%, closing the day at $19.54 after opening at $22.97. Investors expressed concerns with their cash after CEO Mark Russell told Bloomberg Thursday that the EV startup would carry on solo if it couldn’t come to terms on a deal with GM.

The two sides announced a $2 billion deal Sept. 8 calling for them to work together on hydrogen fuel-cell and battery-electric technology. The partnership would also have GM build Nikola’s new electric truck, the Badger, using the same platform it’s using for the coming GMC Hummer electric pickup while receiving 11% stake in the company.

(Nikola trying to salvage its reputation on Wall Street.)

Nikola CEO Mark Russell said the company was ready to go it alone in an interview. The stock price fell 15% afterward.

The deal was expected to close by the end of September, although according to filings with the Security and Exchange Commission said the formal date for closing the deal is Dec. 3. However, a series of issues came up almost immediately after the partnership was announced, complicating the talks and pushing them pack the preliminary end date of Sept. 30.

Russell fanned the flames of doubt in the Thursday interview, revealing Nikola had a “base plan” if the deal with GM falls through. “If we have a partner,” he added, “that just enables us to consider going faster and helps reduce the risk.”

He added that the two sides are indeed talking, trying to find a way to resolve the fact that it appears that GM isn’t getting exactly what it expected in Nikola. Part of that is the benefit of building Nikola’s Badger pickup.

“The Badger is part of our discussions with GM. And we’ve been clear all along that we wouldn’t build a Badger without an OEM partner,” Russell said.

(GM takes foot off accelerator in talks with Nikola as controversy swirls.)

The Detroit automaker agreed to provide its hydrogen and battery technology to the startup — and also to build the Badger for Nikola using the same platform developed for its own battery pickup, the GMC Hummer. That would create a new market for GM technology and increase the capacity utilization at what is believed to be the Detroit-Hamtramck Assembly Plant.

GM’s largely been quiet about the status of the deal, but insiders told TheDetroitBureau.com late last month that “there is no panic,” and that they still see a significant “upside potential.” One issue the two sides will need to resolve is the value of the ownership stake now. The Phoenix-based company’s stock price has fallen by more than half since it reached a high of $50.05 — the day it announced the deal with the Detroit-based automaker.

Analysts have suggested that problem can be resolved by growing the size of the stake, and reports have claim that’s one of the talking points in the ongoing negotiations between the two sides.

The stock price slide began after short seller Hindenburg Research released a study claiming Nikola was based on “intricate fraud built on dozen of lies” perpetrated by the company’s founder and chairman. That quickly triggered the SEC probe and led to the decision by Milton to resign Sept. 21.

(GM forges $2B deal with Nikola to build trucks, develop new electric and fuel-cell technology.)

Further complicating matters, two women now have filed sexual assault charges in Utah against Milton, both claiming they were 15 at the time of the assaults. One, a cousin named Aubrey Ferrin Smith, said the assault occurred in 1999 when Milton was 17.

Detroit Wrapping on Ventilator Production, Returning to Cars

August 26, 2020 admin

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John Gress Media Inc/Shutterstock

General Motors and Ford Motor Company are about to conclude their prolonged stint of ventilator production. In case you were unaware, these businesses typically manufacturer automobiles (cars, for the layperson) and have allocated a portion of their factory space to build medical equipment that was assumed to be useful during the pandemic. However, the United States now has more ventilators than it knows what to do with, and most of them seem like they won’t be required — so it’s mission accomplished, unless COVID-19 suddenly becomes a much more vicious illness.

Either way, GM and Ford both plan to re-prioritize vehicle production. The Blue Oval moved core staff off ventilator lines and back to their normal places of assembly months ago. Some of the remaining temporary workers hired to assist with the medical equipment are said to have an opportunity building the new Ford Bronco. Meanwhile, GM says it wants to move ventilator production to a facility in Kokomo, Indiana, next month, where it will hand operations over to Ventec Life Systems as it regains the union employs allocated for the project. Temporary hires will be absorbed by Ventec.

According to Reuters, GM and Ventec are in the last leg of completing their joint contract to deliver 30,000 critical care ventilators by the end of August under a $489 million contract with the federal government. Ford has reportedly assembled around 47,000 of the 50,000 ventilators it agreed to supply with help from General Electric Co. That contract is worth roughly $336 million.

From Reuters:

[Health and Human Services] said it has received more than 69,000 ventilators assembled by GM, Ford and their partners, and “both of these delivery schedules are nearly complete.”

Ford and GM earlier this year said they would employ a total of as many as 1,500 people on ventilator assembly lines. Automakers likened the efforts to their switch from making cars to tanks and planes during the Second World War.

While roughly 12,000-15,000 ventilators have been issued to U.S. hospitals, the Health and Human Services (HHS) department reported that the government has nearly 110,000 ventilators stockpiled. While President Trump suggested a large portion of those will be issued to other countries in need, demand has come down immensely. We know the United States shipped heaps of personal protective equipment to China before COVID-19 officially became a global pandemic, and that the plan was to continue doing so while incorporating breathing machines (though the latter would not be donated) once the U.S. had a reliable supply for itself. It was also made clear that other nations would be given priority, as Trump said he planned to donate 200 to the United Kingdom in April.

But treatment strategies changed.

Invasive ventilators have been replaced with sleep apnea machines for at-risk patients or simply rolling them onto their sides and giving them helpful prescriptions. The HHS also confessed that the U.S. probably never needed quite so many units as were being manufactured. “States initially requested far more ventilators than they actually needed,” an HHS spokeswoman explained, adding that orders were placed at at time where the nation had more questions than answers.

Even though ventilators are being taken off the table at automotive plants, the industry will still manufacture personal protective equipment (masks, face shields) for the foreseeable future. Demand for PPE has not diminished in the slightest, and the situation is unlikely to change while face coverings are still required to interact with the public. It’s a situation we don’t see changing, even as Sweden (a country that went largely mask-free, didn’t do lockdowns, and still avoided mass contagion) has started to claim that masks are effectively useless against the virus. The rhetoric is quite different here, though not terribly distinct from most first-world nations that wanted to exercise the maximum amount of caution.

Presidential candidate Joe Biden recently said that “every governor should mandate mandatory mask wearing” and recommended their continued use until at least November of this year. The right has been more flippant about the usefulness of face coverings in general, but even President Trump offered his own tepid endorsement this summer.

We figure this will result in automakers tossing together masks until at least 2021, though the demand this places on companies is much lower than ventilator manufacturing and shouldn’t interfere with the core business of building cars.

[Image: John Gress Media Inc/Shutterstock]

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