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Tuesday Ticker: April 26, 2022

Toronto, Ontario ⁠— In this Tuesday Ticker, General Motors shares some hefty news a mere day before the OEM reveals its Q1 2022 financial reports, while 3M plans to leverage technology from a digital inventory management solutions company.

Corvettes and currents
General Motors will launch an electric version of the Chevrolet Corvette sports car starting next year, GM president Mark Ruess said on Monday.

Ruess told CNBC that GM will launch “electrified” versions of the Corvette in 2023, followed by a fully electric version later, to be powered by GM’s proprietary Ultium battery platform.

“Yes, in addition to the amazing new Chevrolet Corvette Z06 and other gas-powered variants coming, we will offer an electrified [as well as] a fully electric, Ultium-based Corvette in the future. In fact, we will offer an electrified Corvette as early as next year. Details and names to come at a later date,” wrote Ruess in a LinkedIn post.

As of Monday’s close, shares of General Motors were trading at USD$39.90 per share; up nearly one percent from Friday’s close.

The OEM is expected to announce its Q1 financial results today, April 26, after market close. Analysts note GM’s U.S. sales dropped 20 percent in Q1 2022, primarily due to supply chain issues, though the automaker also secured 65,000 reservations for the all-electric GMC Hummer.

3M goes Lean(Tec)
3M announced Monday that it acquired the technology assets of LeanTec, a provider of digital inventory management solutions for the automotive aftermarket in the U.S. and Canada.

The LeanTec software complements the 3M RepairStack Performance Solutions, a hardware and software system that helps ensure materials needed for repairs are on hand, said 3M.

“This acquisition adds new levels of data integration and insights that will allow bodyshops greater visibility of their business operations, operational efficiency and a better customer experience,” said Dave Gunderson, 3M Automotive Aftermarket Division president.

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