Maven is propping up a weak GM stock.
General Motors Co. (NYSE: GM) today declared a fourth quarter 2017 dividend of 38 cents per outstanding share of common stock ahead of it of Q3 earnings announcement. (Ford Motor reports Thursday morning.) The dividend is payable Thursday, December 21, 2017 to all common shareholders of record at the close of business on Friday, 8 December 2017 GM stock closed at 45.15-0.46 (-1.01%).
GM shares have moved higher since September – about +29.5% for the year. The company claims it is concentrating on ridesharing – the Lyft semi-acquisition looks brilliant – electric vehicles and self-driving cars. GM is also adding Maven Gig to more cities. The potentially vehicle absorbing/selling/leasing program is partially aimed at Uber, Lyft and delivery drivers. For a flat fee, drivers can rent cars, including insurance and maintenance, directly from the company. (See AutoInformed.com on: Maven Gig Expands to San Francisco, Maven Debuts “Elevated” Car Sharing in Baltimore, Maven Expands Los Angeles Car Sharing with Chevrolet Bolt, Maven Launches City Car Sharing in Atlanta, Maven Car Sharing Now in Denver, Los Angeles, San Francisco)
September U.S. auto sales dropped notably when compared to September 2016, but were still relatively strong, according to AutoData. It said that the seasonally adjusted annual rate (SAAR) in September was 17.76 million units compared to 18.05 million units a year ago.
Industry-wide, 1,435,689 light vehicles were sold in September, compared to 1,512,556 in August and 1,522,297 in July. (See AutoInformed.com on: U.S. Sales Drop in September. Domestics Struggle with Cars)
