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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 moving back to Detroit after four years in New York City

After four years in New York City, The Wall Street Journal reports that Cadillac is moving its headquarters back to Detroit. This comes about four months after former head Johan de Nysschen was ousted from the automaker for a variety of reasons, including slumping sales and a product line not in concert with consumer tastes. It's also months after a Cadillac spokesperson told The Detroit Free Press that "It's 100 percent that we're staying [in New York City], that was never a question." Let's be clear about this, the move to New York was not Cadillac's biggest issue. As contributing editor James Riswick reminded us this morning, "the decision to sell three similarly sized large sedans, a variety of obsessive BMW-fighting cars, and only one crossover was not done while they were in New York." That was all planned years ago, before de Nysschen ever joined the company. He may not have righted the ship, but he didn't set it on its course. Note that the XT4, Caddy's second crossover after the SRX-replacing XT5, is just now hitting the market. The move to Manhattan was meant to give Cadillac more autonomy and put its leadership in a place where they could get a sense of what a luxury car buyer wants and needs. Detroit is great, but it can be an echo chamber, especially in a company as large and storied as General Motors. The problem is that Cadillac still relies heavily on Detroit and that poor communication was slowing development, according to the report. Steve Carlisle, a long-time GM employee, took over the brand after de Nysschen was let go. He and more than 100 others work in New York. Related Video:

Cadillac reveals futuristic EV crossover in Detroit

Cadillac just revealed a futuristic EV crossover model at an off-site event before the Detroit Auto Show. The vehicle doesn't have a name now, but Cadillac says that and additional information will be revealed closer to the car's launch. Any sort of specifications, range and things of that matter are not available right now. Although, Cadillac mentions we can expect both two- and all-wheel drive and for it to be sold globally. What we know for sure is that this vehicle is meant to preview an actual production model at least somewhat resembling this one. As we look at the two photos, this vehicle looks a bit concept-like but probably won't need a whole lot of change to make it production-ready. When that production will start, Cadillac doesn't make any mention of either. GM said on Friday that Cadillac "will be at the vanguard of the company's move toward an all-electric future." This reveal is the first vehicle related to that goal since the statement only a couple of days prior. We contacted Cadillac in an attempt to understand a bit more about where this car stands in the concept versus production car realm, and will update when we learn more. For now, take a gander at what Cadillac says represents the future of its brand. Related video: