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Workers are on strike at all 3 Detroit auto makers for the first time in their union's history (apnews.com)

submitted 1 year ago by NightOwl@lemm.ee to c/worldnews@lemmy.ml

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[-] Reverendender@sh.itjust.works 82 points 1 year ago

“The automakers, however, say they’re facing unprecedented demands on capital as they develop and build new electric vehicles while at the same time making gas-powered cars, SUVs and trucks to pay the bills.“

GM's full-year 2022 revenue was $156.7 billion.

Keep clutching your pearls, automakers. You disingenuous fucks.

[-] muertinez@lemm.ee 39 points 1 year ago

and the government keeps giving them plenty of handouts to make the transition “easier”. fucking insane.

[-] WhatAmLemmy@lemmy.world 7 points 1 year ago

Oligarchies are expected to lie, cheat, and steal. That's what makes them an oligarchy.

[-] SamboT@lemm.ee 7 points 1 year ago

General Motors Co. booked $9.9 billion in net income last year, down from 2021's $10 billion despite chronic supply chain woes, rising interest rates and a slowing economy.

GM's comparatively strong financial performance enabled the Detroit automaker to deliver profit-sharing bonuses of $12,750 to approximately 42,300 hourly employees (total number of employees in 2022 was 167,000) - GM's highest such profit-sharing payout. The bonuses total $500 million for the year, the company said.

https://www.detroitnews.com/story/business/autos/general-motors/2023/01/31/gm-reports-nearly-10-billion-in-profit-in-2022/69856635007/

https://investor.gm.com/news-releases/news-release-details/gm-reports-third-quarter-2022-results

[-] Corkyskog@sh.itjust.works 4 points 1 year ago

We have so much capital demand that we did almost 3 billion in stock buybacks the last two years... yeah that makes sense. They just bought back shares 3 months ago.