Here's why GM is dropping Apple CarPlay
source link: https://finance.yahoo.com/news/heres-why-gm-is-dropping-apple-carplay-164546895.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Here's why GM is dropping Apple CarPlay
Brian Sozzi sat down
General Motors (GM) says it's doing the right thing for its business by driving away from the popular Apple (AAPL) CarPlay infotainment experience.
"There are many manufacturers today that don't have CarPlay," GM CFO Paul Jacobson said on Yahoo Finance Live (video above). "But I think we recognize that the burden's on us. If we're going to take that feature out of our vehicles, we need to respond with a program and a customer package that is equally as compelling, if not more compelling. We think with the partnership we have with Google and ultimately with the vehicle data we have, we can create an experience that customers are going to love."
The auto giant said in late March it would phase out Apple CarPlay and Android Auto, despite the strong consumer preference to use the platforms for everything from maps to music controls. Apple CarPlay is supported in 800 vehicles, the tech giant said.
In place of CarPlay, GM will stand up a new built-in infotainment system developed with Google (GOOG, GOOGL) for its future line of EVs.
GM will begin the phase-out process of CarPlay with the 2024 Chevy Blazer EV.
By making the move, the company is aiming to collect more of its own data to not only better understand drivers, but to pad its longer-term profit margins.
GM told investors on Tuesday it's looking to achieve profit margins of more than 20% on "new businesses" by 2030. That would be above the company's overall 2030 operating margin goal of 12% to 14%.
Pros have speculated GM could charge subscriptions for services such as insurance by tapping into an accumulating stream of data that it owns.
"It's part of where we're going as a company," Jacobson added. "Obviously data and software is a big competitive space across the board."
Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations or anything else? Email [email protected]
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Yahoo FinanceUPS stock drops as weakening consumer demand hits volumes
The results come amid growing fears of a US recession ahead. UPS' sales decline follows the broader trend of retail sales in the U.S., which dropped on a monthly basis in both February and March.
10h ago
FortuneGen Z is at the top of bosses’ firing list because they think they’re the most difficult generation to work with
Managers would rather work with the once-maligned millennial than Gen Z. But they're misunderstanding the youngest generation.
5h ago
ReutersUS default on debt would trigger an 'economic catastrophe' - Yellen
U.S. Treasury Secretary Janet Yellen on Tuesday warned that failure by Congress to raise the government's debt ceiling - and the resulting default - would trigger an "economic catastrophe" that would send interest rates higher for years to come. Yellen, in remarks prepared for a Washington event with business executives from California, said a default on U.S. debt would result in job losses, while driving household payments on mortgages, auto loans and credit cards higher. She said it was a "basic responsibility" of Congress to increase or suspend the $31.4 trillion borrowing cap, warning that a default would threaten the economic progress that the United States has made since the COVID-19 pandemic.
11h ago
AP FinancePast Fox firings carry lessons for network after Carlson
Before ousting Tucker Carlson, Fox News had twice fired wildly popular hosts – and both times the network recovered better than the stars it cut loose. Fox's dismissals of Glenn Beck in 2011 and Bill O'Reilly in 2017 offer lessons in what the post-Carlson fallout might be. Carlson was let go on Monday, less than a week after Fox agreed to pay Dominion Voting Systems $787 million for airing bogus claims of voter fraud following the 2020 election.
9h ago
Yahoo FinanceAlphabet first quarter earnings top estimates, announces $70B stock buyback
Investors will eagerly await an update on Alphabet's AI plans when the company reports first quarter earnings after the bell on Tuesday.
4h ago
Yahoo FinanceStocks moving in after-hours: Microsoft, Alphabet, Chipotle, Visa
These are some of the stocks moving in after-hours trade on Tuesday, April 25, 2023.
3h ago
Investor's Business DailyGM Ending Chevy Bolt Production By The End Of 2023; Automaker Defies Wall Street With Earnings Gain
General Motors told investors Tuesday it plans to stop production of the Chevrolet Bolt by the end of 2023. CEO Mary Barra made the announcement during the earnings call to discuss GM topping first-quarter earnings and revenue estimates while raising its profit guidance for 2023. Meanwhile, GM stock fell.
5h ago
Zacks4 Restaurant Stocks to Buy Amid Industry Headwinds
The restaurant industry is poised to grow as operators are making efforts to overcome the ongoing challenges, helping stocks like Portillo's (PTLO), Darden Restaurants (DRI), Chuy's Holdings (CHUY) and Jack in the Box. (JACK).
11h ago
ReutersRussia revives fried chicken chain Rostic's after KFC owner leaves
MOSCOW (Reuters) -Some former KFC restaurants in Russia began reopening as Rostic's on Tuesday, as the new owners revive a brand born soon after the collapse of the Soviet Union, although franchise agreements mean the U.S. chain's brand is set to live on. Brands Inc last week finalised its exit from Russia, transferring master franchise rights to Smart Service, a local franchisee led by Konstantin Kotov and Andrey Oskolkov.
16h ago
Barrons.comGM Is Recalling 40,000 Trucks. Why the Market Is Shrugging.
General Motors is recalling the vehicles because a fault with the brake pressure sensor assembly could cause an electrical short-circuit.
2d ago
ReutersKering sales edge up 1%, lagging rivals
Sales at French luxury group Kering rose by just 1% in the first quarter, as star label Gucci benefited less than rivals from a rebound in China and revenues fell sharply in the United States. Kering's sales came in at 5.08 billion euros ($5.58 billion)for the three months to end-March. The increase in comparable sales, which strip out the effect of currency fluctuations and acquisitions, was bang in line with analyst expectations.
9h ago
Barrons.comBud Light’s Controversy Over Dylan Mulvaney, Explained
Bud Light lost both dollar sales and market share after calls to boycott the brand, while Miller Lite and Coors Light both gained, an industry report said.
6h ago
FortuneFrank founder moved millions of dollars out of JPMorgan after she was accused of defrauding the Wall Street giant—and put it in Signature Bank
Javice rushed to pull her funds out of Signature Bank after it was taken over by the FDIC in March.
14h ago
BenzingaChatGPT Can Predict Stock Market Moves? New Study Shows ChatGPT Surprisingly Accurate in Predicting Stock Moves And Could Even Replace Investment Analysts
A new study conducted by finance professors from the University of Florida shows the potential value of ChatGPT in predicting stock market movements. See More: A Healthier Alternative to Coffee & Energy Drinks: Pureboost Gives You Energy Without The Burnout and Exhaustion In the study, over 50,000 news headlines about companies dating back to October 2021 were fed to the chatbot, which evaluated whether the news was good, bad or irrelevant to the company's stock prices. Using sentiment analysis,
6h ago
SmartAssetDo I Have More in Savings Than the Average American 70-Year-Old?
Part of retirement planning includes determining how much to save and invest so you can enjoy the type of lifestyle you desire. Setting your savings target by age can be a good way to organize your strategy and gauge how … Continue reading → The post How Much Does the Average 70-Year-Old Have in Savings? appeared first on SmartAsset Blog.
11h ago
TipRanksDown More Than 50%: Buy These 3 Beaten-Down Stocks Before They Rebound, Say Analysts
Despite the early recovery seen at the start of the year, following 2022’s resolute bear, a sustained bull rally has failed to materialize since. Weighed down by an uncertain global economic backdrop and the prospect of a recession, market conditions have been volatile, with investors seeking clear signals on the market’s direction. Well, according to Carson Group chief market strategist Ryan Detrick, there are plenty of them flashing brightly right now. In contrast to those predicting rough day
11h ago
BloombergFox Fired ‘Uncontrollable’ Host Tucker Carlson, Who Badmouthed Bosses
(Bloomberg) -- Fox News, in announcing Monday that it’s parted ways with Tucker Carlson, is losing a host who brought in millions of viewers but proved too much to handle even for corporate chiefs Rupert and Lachlan Murdoch.Most Read from BloombergFox Fired Its Biggest Star Tucker Carlson, Who Badmouthed BossesClarence Thomas’s Billionaire Friend Did Have Business Before the Supreme CourtTucker Carlson Leaves Fox News in Shakeup After SettlementBRICS Draws Membership Bids From 19 Nations Before
15h ago
Barrons.comJ&J’s $40 Billion Spinoff Could Rule Consumer Health. But It Has One Rival.
On Monday afternoon, Johnson & Johnson which owns each of these brands, put a number on it: About $40 billion. Johnson & Johnson is pricing the IPO at between $20 and $23 per share, and expects to raise about $3.2 billion. At a valuation of $40 billion, Kenvue represents about 9% of Johnson & Johnson’s current market value f $426 billion.
7h ago
ZacksAGNC Investment (AGNC) Beats on Q1 Net Spread and Dollar Roll
Rising average net interest spread supports AGNC Investment's (AGNC) Q1 earnings. However, the rise in the weighted average cost of funds acts as a headwind.
8h ago
ReutersEnphase Energy second-quarter revenue forecast disappoints, shares fall
(Reuters) -Enphase Energy Inc reported market-beating profit in the first quarter on strong sales in Europe, but forecast second-quarter revenue below Wall Street expectations, sending its shares down as much as 17% in extended trading on Tuesday. Pavel Molchanov, an analyst at Raymond James, sees net metering reform in California creating headwinds in the second quarter for Enphase, but said that "the company is doing extremely well in Europe", with the two factors "essentially cancelling each other out."
4h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK