We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
General Motors (GM) Slashes 200 Engineering Jobs, Cuts Fleet
Read MoreHide Full Article
General Motors Company (GM - Free Report) eliminated nearly 200 engineering positions to realign its engineering resources with its growth strategy. However, these employees will have the opportunity to apply for other open positions within the organization.
As part of GM’s “Winning with Simplicity" strategy, the company aims to reduce design and engineering costs and simplify vehicle orders and manufacturing processes. The strategy can help GM streamline marketing, engineering and manufacturing operations without compromising customers’ desired features.
In separate news, GM’s Cruise autonomous vehicle unit has agreed to cut the San Francisco robotaxis fleet in half.
The company cuts its fleet after the state Department of Motor Vehicles (DMV) asked General Motors to reduce its Cruise vehicle fleet following an incident, in which a vehicle without a human driver collided with an unspecified emergency vehicle.
Per DMV’s statement, Cruise has agreed to reduce the fleet by 50% and will have no more than 50 driverless vehicles in operation during the day and 150 driverless vehicles operating at night.
Per a San Francisco Chronicle report, the vehicle involved in the collision had a green light, entered an intersection and was hit by the emergency vehicle.
Per Greg Dietrerich, general manager of Cruise in San Francisco, the robotaxi identified the risk of a crash and braked, reducing its speed, but couldn't avoid the collision. He added that the company will work with regulators and city departments to reduce the likelihood of accidents.
The DVM said that the fleet reduction will stay until the end of the investigation and until Cruise takes corrective action to improve safety.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by $1.52 in the past 30 days. The 2024 EPS estimate has moved up by $12 in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies a year-over-year increase of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 39 cents in the past 30 days. The 2024 EPS estimate has moved north by 43 cents in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings implies year-over-year growth of 17.3% and 29.4%, respectively. The EPS estimate for 2023 has moved up by 9 cents in the past 30 days. The 2024 EPS estimate has moved north by 9 cents in the past 30 days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
General Motors (GM) Slashes 200 Engineering Jobs, Cuts Fleet
General Motors Company (GM - Free Report) eliminated nearly 200 engineering positions to realign its engineering resources with its growth strategy. However, these employees will have the opportunity to apply for other open positions within the organization.
As part of GM’s “Winning with Simplicity" strategy, the company aims to reduce design and engineering costs and simplify vehicle orders and manufacturing processes. The strategy can help GM streamline marketing, engineering and manufacturing operations without compromising customers’ desired features.
In separate news, GM’s Cruise autonomous vehicle unit has agreed to cut the San Francisco robotaxis fleet in half.
The company cuts its fleet after the state Department of Motor Vehicles (DMV) asked General Motors to reduce its Cruise vehicle fleet following an incident, in which a vehicle without a human driver collided with an unspecified emergency vehicle.
Per DMV’s statement, Cruise has agreed to reduce the fleet by 50% and will have no more than 50 driverless vehicles in operation during the day and 150 driverless vehicles operating at night.
Per a San Francisco Chronicle report, the vehicle involved in the collision had a green light, entered an intersection and was hit by the emergency vehicle.
Per Greg Dietrerich, general manager of Cruise in San Francisco, the robotaxi identified the risk of a crash and braked, reducing its speed, but couldn't avoid the collision. He added that the company will work with regulators and city departments to reduce the likelihood of accidents.
The DVM said that the fleet reduction will stay until the end of the investigation and until Cruise takes corrective action to improve safety.
Zacks Rank & Other Key Picks
GM currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Oshkosh Corporation (OSK - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Gentex Corporation (GNTX - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by $1.52 in the past 30 days. The 2024 EPS estimate has moved up by $12 in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies a year-over-year increase of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 39 cents in the past 30 days. The 2024 EPS estimate has moved north by 43 cents in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings implies year-over-year growth of 17.3% and 29.4%, respectively. The EPS estimate for 2023 has moved up by 9 cents in the past 30 days. The 2024 EPS estimate has moved north by 9 cents in the past 30 days.