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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.

Beast mode on the open road: New presidential limo close to delivery

Signs of the Beast have been seen on the open roads around Milford, Mich., home of GM's Proving Grounds. The Beast, in this case, being the nickname for the next-generation presidential limousine. We've seen this car previously in spy shots while parked or driven, going back to January 2016. This is our spy photographers' latest look at the vehicle, and the first on public roads. Which may be a sign that it is almost ready for delivery. It replaces the current Beast, which has been in use since 2009. And "car" isn't exactly the right word for this rig, as it's actually a unique vehicle with Cadillac styling cues custom-built atop a medium-duty truck frame. There may possibly be more than one Beast 2.0 delivered, because two limos are sent anywhere the president goes, to provide a backup or decoy. The grille has touches of the Cadillac Escala concept car, which is heavily influencing Cadillac's evolving future look. But it's what's inside that intrigues everyone. Here's what we know, or at least has long been rumored, about the current Beast and the new Beast 2.0. 1. It has its own airplane. It and its twin follow the president around the globe aboard a C-17 Globemaster cargo plane. 2. It's heavily armored, with 5-inch-thick glass, 8-inch-thick doors that weigh as much as a commercial aircraft door, and its components include titanium, ceramics, and a bombproof plate that covers the underside. As such, the old Beast was estimated to weigh between 14,000 and 20,000 pounds. You can therefore imagine how it got its name. 3. It's equipped like the Batmobile or the Green Hornet's Chrysler Imperial Crown, with run-flat tires and night-vision gear. It can fire gas canisters out the front bumper. 4. It has a diesel engine because of its weight and size (see the gallery below for a sense of scale). And of course, diesel is less flammable in a firefight. The old Beast supposedly gets 8 mpg. 5. Its Secret Service codename is Stagecoach. 6. There's a shotgun by the driver and God-knows-what in the trunk. 7. It supposedly has a stock of blood in the president's type, along with a defibrillator and other emergency gear. 8. And it's pretty nice inside, by all accounts. Since this is not Trump's own personal vehicle and may well serve his successor, let's assume the gold leaf has been kept to a minimum and it's done up in tasteful leather and wood. But then again, who really knows, outside of the Secret Service and a handful of GM engineers.

Junkyard Gem: 1973 Cadillac Eldorado

The 1971-1978 Cadillac Eldorado was a gloriously ridiculous personal luxury coupe, packing a monstrous 500-cubic-inch V8 (that's 8.2 liters for you freedom-hating metric types) under its acre-sized hood for the first five years of production. Fuel economy was comfortably into single-digit territory, which meant you had to be a real high roller to be able to feed a new Eldo after OPEC turned off the oil spigot. I found this '73 in a Denver wrecking yard earlier this spring. View 18 Photos This car appears to have been sold new in Denver, and the extensive bodywork and sanded areas indicate that it was someone's project car prior to coming to the end of the line. The front-wheel-drive system used in the Cadillac Eldorados and Oldsmobile Toronados of this era was known as the Unified Powerplant Package, and it used a longitudinally-mounted engine feeding a chain-drive setup that proved to be amazingly sturdy and reliable. So sturdy, in fact, that it was used in gigantic front-wheel-drive GMC motorhomes. Everyone agrees that these cars are cool, but few are willing to rescue a rough example and take on the difficult and expensive job of a full restoration. This one isn't rusty, but that wasn't enough to save it. Related Video: