David Welch

Business, Equipment, Safety, Fuel

GM Gets LG to Cover $1.9 Billion in Bolt EV Recall Costs

Chevrolet Bolt electric vehicles Chevrolet Bolt electric vehicles. GM had to recall all 143,000 Bolt and Bolt EUV models because of a manufacturing defect involving the battery that led to an increased fire risk. (SeongJoon Cho/Bloomberg News)

General Motors Co. said it reached an agreement with partner LG Electronics Inc. to recover from the South Korean company $1.9 billion of the $2 billion in costs for a recall of batteries in its Chevrolet Bolt electric vehicle.

David Welch | Bloomberg News
October 12, 2021
Business, Technology, Autonomous

GM-Backed Cruise Sees Autonomous Unit Growing Past $50 Billion

Cruise vehicle Cruise vehicle by Stephen Brashear for Cruise

Cruise, the autonomous vehicle startup majority-owned by General Motors Co., will tell investors this week that it sees a path for its ride-hailing business to reach $50 billion in revenue as the company ramps up over the next couple of years, people familiar with the matter said. GM’s shares jumped.

David Welch | Bloomberg News
October 4, 2021
Business, Technology, Logistics

Lordstown to Sell Ohio Plant to Foxconn in $280 Million Deal

Lordstown Nears Deal to Sell Ohio Plant to Taiwan’s Foxconn Signage outside Lordstown Motors Corp. headquarters in Lordstown, Ohio. (Dustin Franz/Bloomberg)

Lordstown Motors Corp. agreed to partner with Foxconn Technology Group in a $280 million deal that has the startup selling its former General Motors Co. factory in Ohio to the Taiwanese company in exchange for cash and an equity investment.

David Welch | Bloomberg News
September 30, 2021
Business, Technology, Fuel, Logistics

GM, Wabtec Agree to Make Electric and Hydrogen-Powered Trains

A crew works near locomotives stored at the Wabtec Corp. location in Lawrence Park Township, Pa. A crew works near locomotives stored at the Wabtec Corp. location in Lawrence Park Township, Pa. (Greg Wohlford/Erie Times-News)

General Motors Co. and Wabtec Corp. have signed a nonbinding agreement to build locomotive engines using the automaker’s Ultium electric battery and its Hydrotec hydrogen fuel-cell system, the companies said June 15.

David Welch | Bloomberg News
June 15, 2021
Government, Business, Technology, Fuel

Lordstown Motors Reveals Cash Crisis

 The Lordstown Motors Corp. Endurance electric pickup truck (Matthew Hatcher/Bloomberg News) The Lordstown Motors Corp. Endurance electric pickup truck. (Matthew Hatcher/Bloomberg News)

Lordstown Motors Inc., an electric-vehicle startup that recently went public, said it may not have the cash to get its debut pickup truck to market — and might not last as a company in the next 12 months if it can’t raise more capital.

David Welch | Bloomberg News
June 8, 2021
Business, Technology, Logistics

GM to Beat Profit Targets as Truck Plants Ramp Up

GM's GMC Sierra Denali truck is displayed during an event in Chula Vista, Calif., in January 2019. Sandy Huffaker/Bloomberg News

General Motors Co. will boost output at two truck plants, allowing the company to beat its first-half forecast of $5.5 billion in profit and to hit the high end of its full-year target of around $11 billion.

David Welch | Bloomberg News
June 3, 2021
Business, Fuel

GM to Build Electric Pickup at Detroit Plant

A sign outside the GM Detroit-Hamtramck plant. (Anthony Lanzilote/Bloomberg News) A sign outside GM's Detroit-Hamtramck plant. (Anthony Lanzilote/Bloomberg News)

General Motors Co. is about to enter the electric-pickup battle, announcing April 6 that it will build a battery-powered Chevrolet Silverado model at its Detroit-Hamtramck plant.

David Welch | Bloomberg News
April 6, 2021
Business, Technology, Fuel

EV Maker Lordstown Dips on SEC Look at Short-Seller Claims

The Lordstown Endurance electric pickup truck. (Matthew Hatcher/Bloomberg News) The Lordstown Motors Endurance electric pickup is displayed during an unveiling event in June 2020. (Matthew Hatcher/Bloomberg News)

Electric-truck startup Lordstown Motors Corp. fell in extended trading after reporting it received an inquiry on its operations from the Securities and Exchange Commission.

David Welch | Bloomberg News
March 18, 2021
Business, Technology, Fuel, Autonomous

Electric Last Mile Gets 45,000 Van Orders Amid E-Commerce Boom

Electric Last Mile van Electric Last Mile Inc.

Electric Last Mile Inc., the plug-in delivery van startup that’s in the process of merging with blank check company Forum Merger III Corp., said it has 45,000 preorders and will start production at the former Hummer plant in Indiana in the third quarter.

David Welch | Bloomberg News
March 16, 2021
Business, Technology, Fuel, Autonomous

GM-Backed Cruise Buys Self-Driving Startup Voyage

A Cruise Origin electric driverless shuttle

Cruise, the self-driving technology company that’s majority-owned by General Motors Co., said it acquired autonomous-vehicle startup Voyage, which operates a service in retirement communities.

David Welch | Bloomberg News
March 15, 2021

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