Electric Vehicle Market Share Plummets in First Quarter as Consumers Sour

Tesla Showroom

Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.

Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.

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Top U.S. Automaker Reports $1.7 Billion Loss on Electric Vehicles in Fourth Quarter

Marry Barra

General Motors reported a $1.7 billion loss on Tuesday in its fourth quarter earnings call in the production and sale of its electric vehicle line, despite having positive net income growth in the quarter.

The automaker’s net income for the fourth quarter rose 5.2% year-over-year to $2.1 billion despite a reduction in revenue over that time frame of 0.3%, according to GM’s fourth quarter earnings report. The losses on EVs accompany a $1.1 billion total loss from a six-week-long strike by the United Auto Workers that partially halted operations, with the union gaining a new work contract that could raise labor costs in the coming year, according to the company’s investor earnings call.

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UAW Expands Strike Against GM Hours After Reaching Deal with Rival Stellantis and Ford

The United Auto Workers (UAW) union on Saturday expanded its strike against General Motors (GM) after it reached an agreement with its competitors on Wednesday and Saturday, the union confirmed in an X post.

The UAW and Stellantis (formerly Chrysler) reached a deal similar to the four-year agreement reached on Wednesday between Ford and the UAW, which provides a 25 percent pay increase and cost of living adjustments, as well as the ability to strike over plant closures. It was expected that GM would also make a deal with the union after Stellantis on Saturday, but instead employees at a Tennessee GM factory received orders to expand the company’s strike, the local union posted on X.

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Potential UAW Strike Looms in Michigan

Up to 146,000 United Auto Workers could strike starting this week if the Big Three auto companies don’t reach a new union contract agreement by 11:59 p.m. on Thursday. 

UAW Union President Shawn Fain has repeated his mantra “record profits mean record contracts.” He says Big Three executives at Ford, General Motors and Stellantis have received hefty pay raises while inflation has eaten away at UAW workers’ paychecks.

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GM Sputters from Another Plant Shutdown, UAW Prepares for Strike

A recent supply chain snag for a General Motors light-duty truck plant may foreshadow further delays if the United Auto Workers decide to strike over unresolved contract issues in the near future.

“GM is actively working with our supplier to resolve the issues that have arisen so we can begin producing the vehicles that are in such high demand with our dealers and customers,” Fort Wayne Plant Executive Dennys Pimenta wrote to employees.

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GM Buys Out 5,000 Workers to Avert Layoffs

General Motors says it bought out 5,000 salaried positions to avert layoffs as it pivots to electric vehicles and others that require less human labor.

In March, The Center Square reported that the automaker is looking to cut $2 billion in fixed costs by 2024 as the company transitions its manufacturing operations to produce electric vehicles.

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‘Sustainable’ Electric Cars Are Getting Junked Over Minor Damage

Insurers are being forced to write off many electric vehicles with only minor damage to battery packs, sending the batteries to scrap yards and hindering the climate benefits of going electric, Reuters reported.

Battery packs typically represent roughly half the cost of an electric vehicle, sometimes costing tens of thousands of dollars, often making it more economical for insurers to consider a car as totalled than replace a battery pack, according to Reuters. While many carmakers, including Ford and GM, told Reuters that their battery packs were repairable, many are unwilling to share key data with third-party insurers to help assess damage.

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General Motors Funds Transgender Programs in Elementary Schools

General Motors (GM) gave a grant to an organization that supplies elementary schools with books promoting the transgender ideology.

The automotive manufacturing company donated money to the Gay Lesbian and Straight Education Network’s (GLSEN) “Rainbow Library Program,” according to a 2021 Social Impact Report published by GM.

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Michigan Representative, GM Stump for Electric Vehicles Despite Environmental Impacts

A Michigan politician talked about how to boost electric vehicle adoption in a brief chat sponsored by General Motors and hosted by Axios.

Rep. Debbie Dingell, D-Ann Arbor, Michigan’s 12th Congressional District member who serves on the House Energy and Commerce Committee, touted subsidies via the Inflation Reduction Act and said that EVs are the “vehicle of the future.”

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Honda, GM Partner to Make ‘Affordable’ Electric Vehicles

General Motors (GM) and Honda plan to produce millions of “affordable” electric vehicles (EV) with prices of some popular models starting at around $30,000.

GM Director of Finance and Sales Communications David Caldwell told The Center Square that the collaboration will result in “a series of compact crossover EVs – the most popular vehicle segment globally.”

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GM to Make Electric Vehicle, Supply Batteries for Nikola

General Motors announced its second major electric vehicle partnership in less than a week on Tuesday, this time a $2 billion deal with startup Nikola.

GM will take an 11% ownership stake in the Phoenix company and will engineer and build Nikola’s Badger hydrogen fuel cell and electric pickup truck. The Badger is expected to be in production by the end of 2022.

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GM Strike Cost Automaker Estimated $3 Billion, $18.5 Million in Lost Michigan Income Tax Revenue

The United Auto Workers’ strike against General Motors cost the company $1 billion in earnings and that number is expected to rise to $3 billion on the year, CEO Mary Barra said in a phone call with investors this week.

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REPORT: Former UAW Chief Joe Ashton Facing Fraud, Conspiracy Charges in Widening Bribery Scandal

Former United Auto Workers Vice President Joe Ashton is the unnamed union official in a federal criminal complaint who is accused of demanding $550,000 in kickbacks and bribes from vendors, The Detroit News reported.

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