GMC to build electric pickup and more business news
GMC will build an electric pickup
General Motors announced Monday that it will add an all-electric pickup to its GMC brand – beyond the GMC Hummer EV pickup slated for release in the fourth quarter.
During a media call on Monday, top GMC executives said the additional electric pickup would be a full-size truck. But they stopped before giving out the schedule, price, where it will be assembled and whether it will be called the Sierra – after the sale of the current GMC full-size pickup – or a new nickname.
This new GMC EV pickup joins a growing market segment as Ford Motor Co. has plans for an all-electric F-150, Chevrolet has said it will offer an all-electric Silverado and newer automakers such which Tesla, Rivian and Lordstown Motors say are also bringing electric pickup trucks to market.
“This is a large segment that represents approximately 15% of the entire retail industry and is growing,” said Duncan Aldred, vice president of Buick and GMC brands.
First Bank increases profits in Q2
FB Financial Corp, the parent company of FirstBank, reported net income of $ 43.3 million, or 90 cents per share, in the second quarter of 2020.
The bank’s profits were up from the 70 cents per share earned in the same quarter a year ago, but down from the $ 1.10 per share earned in the first quarter.
First Bank reported growth in loans held for investment purposes of $ 151.6 million in the second quarter, or 8.63% on an annualized basis. Excluding Paycheck Protection Program (“PPP”) loans, the bank recorded loan growth of $ 239.9 million, or 13.9% on an annualized basis.
“The team had an exceptional quarter of loan growth and also reduced deposit costs by 10 basis points during the quarter,” said Christopher Holmes, President and CEO of FirstBank. “These efforts contributed to net interest income growth of 4.83% quarter over quarter, or 19.4% on an annualized basis. We also added value for our shareholders by increasing our tangible book value per share at an annualized rate of 15.8%, during the first half of the year. year.”
Ohio coal-fired power plant to close by 2022
Vistra, Texas’ largest electricity supplier, is ramping up its move away from coal with the earlier-than-expected shutdown of an Ohio power plant.
Vistra on Monday announced that it would shut down Zimmer’s power plant in Moscow, Ohio, by mid-2022, years earlier than the previously announced plant withdrawal deadline of 2027. The shutdown comes after the coal-fired power plant failed to generate capacity revenue in the last auction held in May by regional grid operator PJM, which serves parts of the Northeast, Midwest and Mid -Atlantic.
“Zimmer’s coal-fired power plant has recently experienced economic difficulties due to its configuration, costs and performance,” Vistra CEO Curt Morgan said in a statement.
The company plans to shut down seven power plants in Illinois and Ohio, including Zimmer, in the coming years. It will also close a factory in Goliad, Texas by the end of 2027.
– Compiled by Dave Flessner