GM CEO Mary Barra on $10 billion stock buyback, Cruise challenges and China market
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- CNBC’s Phil LeBeau and GM CEO Mary Barra join 'Squawk on the Street' to discuss the company's new 2023 guidance, challenges with Cruise, China market, slowing EV growth and spending plans, and more.
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Jim sprung into the conversations and asked Mary some tough questions! Bravo!! She needs to be doing much more for the shareholders given the big bucks that she is making. Share buy backs is a classic example of a CEO running of out good ideas. Keeping the shareholders happy for the short term but sacrificing the long term prospects of the company.
Agreed. My gut feeling is only matter of time and GM will go bankrupt again. Hopefully when that happens Biden is not president because I think he would pull an Obama and push the responsibility from the company to the tax payers.
For $10 billion they could have built a world class EV factory that could produce 2 million cars per year. Instead they squander it on a stonk pump scheme that does nothing for the business itself. Mary Barra is the most overpaid CEO in the country. She's been paid $200 million and returned $0 to shareholders. The stock is lower today than when she took over.
It actually makes sense. They took a bunch of government handouts for EV production and I don't think they have any long term plans to build them in the US. They'll build them in China and brand them as their own.
What the analyst community won't tell you is that stock buybacks are ALWAYS funded with newly issued debt and in this higher for longer rate environment, this is a very shortsighted decision by GM management. This may well be a case where "executives" are in fact "juicing" the stock price in the short term so that they may sell.
@@wysiwyg1 GM is giving credibility to the argument that "executives" use buybacks to give themselves a raise to the detriment of the business itself.
That's what I did -- sold off my tiny holdings. They were down until this little boost.
I was curious what this week's pre-emptive moves would be leading up to Tesla's CT release. It was the 4000-strong dealership letter to Biden representing the voice of the car-buying public yesterday. Today's it's GM's ASR. Week's still young; wonder what Ford's new narrative will be.
Good point 👍
@@first-last-nullNo, but it just goes to show you the UAW should have held out longer for a better contract.
GM's stock is a "dead man walking" at this point and this move was a last ditch effort to keep investors interested until Mary reveals the next new shiny object!
The next new shiny object is actually building high quality vehicles that don't have problems and are what people want to buy.
Don't lead the market, read the market.
You did it Mary! You lead and it matters…(Thanks sleepy Joe)
From 13% to 8% on the Chinese market. Love the look on Jim’s face as she try’s to baffle with bs. Kinda like when they asked about your raise vs the gm employees in the interview while UAW negotiations were going on😂
Insane, how a month ago they were saying they didnt have the money to pay their workers. Looks like they screwed them over again and the shareholders get the real profits.
This is why you should always pay attention to what CEO's do rather than what they say!
I was thinking exactly the same... so much BS. From being a cry baby claiming it would be difficult to make a profit, to buying back stocks big time only a few months later.
The ivory tower continuing to pay themselves when they can't perform like normal businesses!
Fewer shares. Earnings per share goes up. She gets her bonus because the stock went up
And had everyone screaming the unions are bad and corporate greed isn't real.....lol
GM headed for bankruptcy by end of decade. GM takes 10 billion they could spend to make a profitable EV, thereby ensuring GM’s security for the future. Instead, they give it to shareholders. Unbelievable
lol
Reminds me of Kodak and Blockbuster.
GM will do fine maybe they will merge with some other companys!
GM did the same thing before they bankrupt last time. They're pumping stock temporarily and sell their shares.
last ditch effort to mask the failing business. lol
She cares about one thing. Herself.
I would put money on that taxpayers will be picking up the $10 billion tab and the worthless executives will get away with it too.
General Motors is on its deathbed. The failure to modernize their product line dooms the company. It really is that simple.
Not at all!
That plus the unions
I guess they could afford to pay their workers all along
thought they didnt have money for the workers
They won't. GM will be bankrupt within the next couple of years.
They still don’t. All those stocks will go to bonuses for the executives 😂
Mary will elect to sell her options at the elevated stock price and secure her retirement. Investors will be left holding the bag of a company headed to bankruptcy.
You get it!
Spending precious capital on a buy back while your cars and trucks are not selling is an extremely foolish allocation. Fire the board. The tax payers don’t agree! 😡
But their cars and trucks are selling great!
She speaks like a true politician 🤮
The GM titanic is on fire and sinking fast!!!
I guess that someone really wants their year end bonus.
I assume in the GM boardroom it went something like this:
So what do we do with the short term profits?
Invest in EVs or guarantee our bankruptcy by paying out dividends so our stock goes up short term and we can all get our performance based bonuses?
Let's go with certain demise.
THIS is why people all over the place are on strike. Companies with out of touch CEOs like this lady nickel and dime their employees and everyone who is unfortunate enough to deal with them yet have NO problem buying back their own stock. And don’t forget, they’re sitting on debt that’s is 3x the companies value.
She didn’t answer the question Jim Kramer asked that I was looking forward to when he asked “What if the president decides cars are too expensive and allows the Chinese to enter the US market?” Now I don’t think any president will just allow that as it is a bipartisan issue but there are many ways the Chinese brands can get around the tariffs like manufacturing in Mexico and the biggest threat of the Chinese brands, BYD, is already in Mexico. But anyways, back to the point. She didn’t answer the question which I wanted to atleast see GM acknowledging the possibility of this threat as they have fantasy land price expectations for their EVs like the Blazer at an absurd $60k and what their plan is to stay competitive. They seem completely out of touch with the need to provide an affordable electric car and if I had stock in GM, I would dump them immediately as I would have taken her reaction as accepting defeat to BYD. If GM (or Ford or any legacy automaker for that matter) does not provide an affordable EV for the masses the Chinese will. And that will be the end of Detroit.
BYD is in Mexico as a distributor, not manufacturing, yet
@@renegarcia2857 It will get there. Especially if it sees much sales success in Mexico. Building plants in Mexico will allow them to build closer to their market and skirt tariffs for the US market.
Instead ofnpaying down 118 of billions of debt they do 10 billion of buy back. Great long term focused CEO move isn't it
Reflection of corporate greed …
Why wouldn't the company wait until price gets in the teens like it's going to. Over paying now. $14 long term target. Big move up then
She gets paid $30 million a a year.
Thats ok!
GM board plans to do a reverse stock split as it will drop to about 10.00/shr in the next 2 yrs. This is what they won't tell you.
She's personally going to cash out. That is the reason for the buyback - which also sets up GM up for more govt cash & bailouts -- watch this loser company lose more and enrich shareholders like Barra.
Tesla would have used 7 billion of that to build a giga factory and double their money. Smh!! Rip GM. I dont know anyone who wants to buy their crap.
gM has the same future in car market as James harden has in his new team 😂
Mary has said in the past that her compensation is affected by gm share price. Hmmm
The ICE perspective 😂 🦖☄️
self liquidation.
Sinking ship! That’s why Berkshire took the loss and dumped all GM shares!
100
No
Here we go again, smh. Time for Barra to exit and then get someone in the driver's seat who knows what they're doing.
Wildcat Corp.?
Mrs. Barrera, use your 4l80e transmission four (4) speed for the Chevrolet truck lineup. Keep everything the same in the 2024 year. The cars are good with the six(6) speed. Do not give to aftermarket. Everything is at the junkyards for the machine shops and auto shops. Go Sam Houston.
The fact that Cramer is interviewing Mary makes me doubt and block Cramer this is not investment advice that makes any sense
Would never buy a GM vehicle after saying they can’t pay their workers but she makes as much as she does but now she can buy back stock now. This stock is dead
UAW workers combined cost= 9.7 billion over 4 years. The shareholders bonus= 10 billion annually. "Greedy Corporate Oligarchs" will be the demise of us all.
End of the road for the CGI EV/autonomous/flying car stock pumps. The buyback should give enough time for the "leadership" to cash out before the stock price reflects the disaster of over priced and uncompetitive vehicles.
Mrs. Barra, You run the COOP- ER-ATION. I closed the office in Austin. Close one corporate in California. The main one that controls the assembly plant. I'm thinking Rancho Cumungamanga need closing. Design studio also need closing North Hollywood. Go Sam Houston. You have designers at every assembly plant. Government Print shows I'm correct. Stock to buy ratio is even. Stock to sale ratio is low. Handbook shows according to manufacturers position. Itemize your books for future savings plan Mrs. Barra. Without prejudice Judge. Go Sam Houston.
I'm sure Fain is proud now
These dorks have been stealing customers money for 40 years. You're lucky if the value of a GM stays ahead of the loan balance. Toyota is killing it.
Software?
I don't care who you are, but nobody and I mean nobody is worth more than $2 million dollars a year in compensation. Period.
I have some certainty, one that I ain’t buying their crap
Bring back the CT6 in the USA, or another ICE vehicle
I guess UAW was right... plenty for buybacks and dividends and ceo pay
Financial engineering...
if you have 11B$ earning and you do a 10B share buy back and give a dividend honnestly there is nothing left to invest in the business. Would be ok if it was mature business without change going on like carbury or budweisser, but car the car industry is going trougth it's biggest change ever, be it ev, autonomous, china. I guess their plan is investor will pillage raid it as much as they can, and then ask gvt to rescue them later. I don't understand those debtor owning the 76B$ of LT debt of GM let that happen, with 16B$ being funnel out of the business like that so suddently their bond just suddently became quite riskier.
GM has over $115b in debt and the number keeps going up. And over time, the interest on the debt will keep going up. I think they're just trying to get as much shareholder money as possible before they report a surprise $50b loss and file for bankruptcy.
She needs the balls to say it: EV requirements are insane and we can't meet them.
Yet other companies have no problem meeting them 🤷♂️
@@Shiftheads Not true. Otherwise the government wouldn't have to pay you to buy one.
@@AutobahnVault your logic is flawed. I gave you facts which I'm guessing you didn't look up and your reason is because you get a tax credit.
@@Shiftheads What facts? Look up the meaning of "Tax credit" and get back to us.
@@AutobahnVault tesla, BYD, vw, Hyundai, polestar. These companies have no problem making and selling EV. Gm picks the ugly chevy bolt that has fire problems and 150k 10klb hummer to try and sell ev. They aren't even trying. They take incentives to build a battery factory that doesn't even happen. It's GM it's not everyone like you say
Good old Mary "BS" Barra
Accountability for everyone except executives. Business as usual.
Any issue I'll take the argument Ma'am, Mrs Mary Barra. Go Sam Houston.
The whole system needs to come down, ya know at one point in time stock buybacks were market manipulation, thanks Reagan for getting us one step closer to corporate America.
GM is in the toilet. 🚽
100
Pump and Dump.. just you watch..
Jim framer is such a vicious person like a snake trying to bite Mary.😁😁😁
"Kyle left on is own" so suprising, all car are grounded, gm postponed Origin, and cut the financing of cruise... i guess he could have name his horse CEO in his place while he goes somewhere there is still something to do.
Lmao the UAW should change their name to BuyBack, they might have a quicker result next time
Yup. That’s a wrap.
This Hillary Clinton "considered" running mate, would have worked out.
Where is she looking?
I mean why would they care how the company does in the long run when they will just get a bailout from tax payers in the end?
She is compensated off share price. It's all she cares about. She keeps kicking the EV can down the road so it's the next CEO problem after she walks away with millions. This won't end well. UAW increases won't matter after they all lose thir jobs
Say it Mary tesla is the king of Evs😂
A company going nowhere . Lacks vision
did gm pay back their loan from the tax payers years ago.
The jury is still out on whether EVs are environmentally friendlier than ICE.
You ever think about where all the brake dust goes? EVs with regenerative braking often still have their original pads after ~100k miles
The jury isn't out lol. Many independent research firms and institutions have proven it is better in the long run to operate an EV over an ICE vehicle. Just use Google it's not hard
Don't buy because of a buyback. It means the stock is so bad they need to buy more themselves. All you saw today where short coverings. Today is the day to buy 9 month short positions.
Your on a role Mary keep up the crappy work..Tesla investors love your work..
You're*
@@theunbearablebull you’re right karen..
If GM really wanted to grow they had a chance back in the 90s but GM had burned that chance. Gm has poor management and horrible quality and reliability of GM vehicles. I heavily in vest in modern car industry but GM and Ford will be never on that list.
Wasn't this piece of work, not long ago complaining that giving the UAW the necessary wage increases would hurt the company! Modern capitalism needs to be reinvented and narcissists like this need to kicked out from holding positions like these!
Don't invest in better cars or automation, invest in the stock price. Hope she gets fired.
😂 they have had more chances than they deserve, gone by 2030 no doubt (unless US government saves them again)
Get rid her, or GM will fail.
Fire that dumpster fire of a ceo and bring back the old GM logo. She is awful!
GM should partner with Tesla... just swallow their pride and make the leap.
It may want to but no reason for Tesla to. Tesla is worth 20 GMs in marketcap.
@@dfv671 a partnership would immediately open up thousands of service centers. GM could have access to Tesla's technology. The first legacy automaker to partner with Tesla in some way or another is the smartest one.
When hell freezes over 😂
@@MaryBarra____TextLine 🤣
Tesla is a sinking ship!
You have no EV or software future. GM is done again.
What a waste of 5 minutes,,😂,,shes trying too rip off gm like it did too gm vehicle owners 😂😂😂
Crook
You didn't see this in the making next the layoffs will start then plants will be idled or shut down
Buy back is stupid. Take that $10 billion and build a EV and battery factory. Stop making 98% gas cars