Tuesday Ticker: April 26, 2022

Toronto, Ontario ⁠— In this Tuesday Ticker, General Motors shares some important news just a day before the OEM reveals its first quarter 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 Chairman Mark Ruess said Monday.

Ruess told CNBC that GM will introduce “electrified” versions of the Corvette in 2023, followed by an all-electric version later, which will be powered by GM’s proprietary Ultium battery platform.

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

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

The equipment manufacturer is expected to announce its first quarter financial results today, April 26, after the market close. Analysts note that GM’s sales in the United States fell 20% in the first quarter of 2022, mainly due to supply chain problems, although the automaker also obtained 65,000 reservations for the all-electric GMC Hummer. .

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

The LeanTec software complements 3M’s RepairStack performance solutions, a hardware and software system that helps ensure materials needed for repairs are at your fingertips, 3M said.

“This acquisition adds new levels of data and insight integration that will allow body shops greater visibility into their business operations, operational efficiency and improved customer experience,” said Dave Gunderson, Division President. 3M Automotive Aftermarket.