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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.

President Obama will be on Comedians in Cars Getting Coffee

The seventh season of Jerry Seinfeld's excellent Comedians In Cars Getting Coffee will debut on Wednesday, December 30, and if this first trailer is any indication, the guest lineup is damn impressive. But rather than building up to one big guest over the course of the season, the show is starting with one of the biggest guests possible – the president of the United States. President Barack Obama will join Seinfeld behind the wheel of what looks like a 1963 Chevrolet Corvette Stingray for a trip around the South Lawn of the White House. According to CBS, the pair will enjoy their coffee in the staff dining room, which is probably a better idea than crippling Washington, D.C., with a Stingray-led motorcade. Aside from the president, Seinfeld has recruited a couple comedy icons, including first-timers Will Ferrell and Steve Martin. Also appearing are Garry Shandling, Sebastian Maniscalco, and Kathleen Madigan. The four-wheeled stars will include the Corvette, a Plymouth Superbird, a Chevy Camaro, a classic Porsche 911, a BMW 2002, and what we think is a (rather troublesome) 1952 Siata 208 8V Coupe Balbo. You can check out the entire trailer up at the top of the page. News Source: Crackle via YouTube Celebrities TV/Movies BMW Chevrolet Porsche Coupe Performance Classics Videos jerry seinfeld comedians in cars getting coffee cicgc will ferrell

GM Halts Sale Of Most Chevy Cruze Models

General Motors has told dealers to stop selling some 2013 and 2014 Chevrolet Cruze compact cars. But the company won't say why. Dealers say stop-sale orders are routine and almost always made to fix a safety problem. They received the order in an e-mail Thursday, but no reason was given. The move comes as GM deals with fallout from a delayed recall of 1.6 million older small cars to fix an ignition switch problem. The company says the switches can slip out of the run position and shut down the engine. That causes loss of power steering and brakes and disables air bags. GM says the problem has been linked to 31 crashes and at least a dozen deaths. Spokesman Greg Martin says he has no details on the Cruze. Related Gallery Chevy Impala Earns Highest Accolades From Consumer Reports Recalls Chevrolet GM Cruze