All about GM

On May 6, it was announced that GM will provide a benefits package to employees who will be laid off due to the closure of the plant in Colombia, a process that was stopped by the Ministry of Labor for alleged violations of the law.

The president of GM in South America commented: “We are offering a very generous retirement package, which is born from the love and gratitude we have for them. This includes a job transition service, either for those who decide to become entrepreneurs or for those looking for another job.”

This measure will impact 600 workers from the plant and 128 from the Colmotores Industrial Free Trade Zone company who were laid off by GM during the first round of liquidations.

A response from the Ministry of Labor regarding this proposal made by GM is currently awaited.

(Multiple sources on May 6, 2024)

General Motors-backed Beijing Momenta Technology Co. has filed confidentially for an initial public offering in the U.S., according to people familiar with the matter.

Momenta is working with China International Capital Corp., Goldman Sachs and UBS Group on a potential listing that may happen as early as this year, that could raise USD 200 million to USD 300 million.

Deliberations are ongoing and the Chinese company may decide against an IPO in the U.S., the people said. 

The company was founded in 2016 by artificial intelligence engineers from Microsoft Research Asia, and its backers include General Motors, Temasek Holdings Pte and IDG Capital. 

Besides GM, Momenta has also raised money from SAIC Motor Corp., Temasek Holdings Pte, IDG Capital.  and billionaire Jack Ma’s Yunfeng Capital.

(multiple sources on May 6, 2024)

On May 6, it was announced that GM fired several workers at its plant in Sao Jose dos Campos, Brazil through a telegram sent to them.

Although GM did not mention the number of employees affected, the metalworkers union of Sao José Dos Campos and Region estimated that there were 50.

The telegram sent by GM mentions: “Considering the end of your paid leave, as provided for in the collective agreement signed in the second half of last year, we request that you attend administrative measures related to the end of your employment contract.”

This telegram was sent by GM to the employees one day before the end of their period of job stability that ended on May 3, which was agreed in November 2023, after employees of the plants in Sao José dos Campos, Sao Caetano do Sul and Mogi das Cruzes were on strike for 17 days.

The union is expected to meet with the manufacturer to discuss the matter.

(Multiple sources on May 3, 2024)