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GM to cut production at 5 plants in North America, kill several models

DETROIT/WASHINGTON — General Motors Co said on Monday it will cut production of slow-selling models and slash its North American workforce in the face of a stagnant market for traditional gas-powered sedans, shifting more investment to electric and autonomous vehicles. The announcement is the biggest restructuring in North America for the U.S. No. 1 carmaker since its bankruptcy a decade ago. GM said it will take pre-tax charges of $3 billion to $3.8 billion to pay for the cutbacks, but expects the actions to improve annual free cash flow by $6 billion by the end of 2020. GM plans to halt production next year at three assembly plants: Lordstown, Ohio, Hamtramck, Michigan, and Oshawa, Ontario. The company also plans to stop building several models now assembled at those plants, including the Chevrolet Cruze, the Cadillac CT6 and the Buick LaCrosse, the sources said. Sources said the Chevrolet Volt, Impala and Cadillac XTS would also be discontinued. Signs of the demise of six passenger-car models have been swirling since July. Plants in Baltimore, Maryland, and Warren, Michigan, that assemble powertrain components have no products assigned to them after 2019 and thus are at risk of closure, the company said. It will also close two factories outside North America, but did not identify those plants. The AP reported that 14,700 jobs would be affected. Some 8,100 of those would be white-collar jobs reduced through buyouts or layoffs. The No. 1 U.S. automaker signaled the latest belt-tightening in late October when it offered buyouts to 50,000 salaried employees in North America. The company also said it will cut executive ranks by 25 per cent to "streamline decision making." Some 6,000 factory workers could lose their jobs or be transferred to other plants. Its shares were last up 6.2 percent at $38.16. Tariff 'headwinds' and cost-cutting GM Chief Executive Officer Mary Barra told reporters on Monday the company can reduce annual capital spending by $1.5 billion and increase investment in electric and autonomous vehicles and connected vehicle technology because it has largely completed investing in new generations of trucks and sport utility vehicles. Some 75 percent of its global sales will come from just five vehicle architectures by early in the 2020s. It plans to reduce annual capital spending to $7 billion by 2020 from an average of $8.5 billion a year during the 2017-2019 period.

Cadillac Elmiraj has production potential

There are many reasons to love the Cadillac Elmiraj Concept, but not the least of which is how production-ready this big coupe appears to be. Take out the overly fancy interior and a few conceptual elements of the exterior, and this looks like a coupe that could be in dealers now as the successor to the Eldorado.
On top of that, Automotive News is quoting Bob Ferguson, Cadillac senior vice president, as saying that a production version of this car is "very doable." AN adds that if the Monterey showstopper gets the green-light, this car would compete against the upcoming Mercedes-Benz S-Class Coupe and would based on Cadillac's upcoming rear-wheel-drive flagship sedan due out in 2015. The range-topping coupe would debut sometime after the sedan model. Cross your fingers.

Cadillac CT6 hits dealers in March for $54,490

When the Cadillac CT6 hits dealerships in March of 2016, it will carry a starting price of $54,490 (including a $995 destination charge). That strikes us as a reasonable asking price. For some context, the CTS, which sits a rung down the size and pricing ladder at Cadillac, starts at $46,555. A BMW 5 Series sedan begins its pricing journey at a bit over $50,000 while the larger 7 Series commands a bare minimum of $82,000. So, while the Cadillac's range-topping CT6 isn't exactly a 5 Series or 7 Series competitor, its pricing strategy seems to reflect an interesting position in the luxury-car playing field. For that $55,000-ish asking price, the CT6 comes equipped with a 2.0-liter turbocharged four-cylinder engine that pushes 272 horsepower to the rear wheels. When equipped with a 335-horsepower, 3.6-liter V6 engine and all-wheel drive, the CT6 nudges up just slightly to $56,490. Again, that's a reasonable $2,000 surcharge for more power and four driven wheels. Continuing up the CT6 structure brings us to the 400-horsepower, twin-turbo, 3.0-liter V6 for $65,390 that also comes with all-wheel drive. All models come with an eight-speed automatic transmission. At the very top of the pricing scale sits the CT6 Platinum, which carries a MSRP of $84,460. As noted earlier, that puts the tip of Cadillac's CT6 spear just into the starting territory of BMW's biggest luxury sedan. A plug-in hybrid model is promised that will offer 335 horsepower and 432 pound-feet of torque with double the fuel efficiency of a comparable non-hybrid CT6, but Cadillac hasn't yet announced pricing for that model. We're eager to find out exactly where the CT6 lands on the scale of high-end luxury cars in America. One thing is for certain, though: Cadillac is clearly trying pique the interest of German cross-shoppers with its top-level offering. Check out the press release below for more details from the automaker about its so-called Cadillac Touring 6 Sedan. Related Video: 2016 Cadillac CT6 Range-Topping Sedan Slated for March Launch NEW RANGE INCLUDES CT6 STARTING AT $53,495; CT6 PLATINUM PRICED FROM $83,465 2015-11-02 Cadillac extends the top of its range with the 2016 Cadillac Touring 6 sedan, which begins production in Detroit in January, with initial shipments to dealers in March. Through the integration of new technologies, the first-ever Cadillac CT6 creates a new formula for the range-topping sedan and substantially expands the Cadillac portfolio.