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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.

1970 Chevy Camaro gets 650-hp crate engine for SEMA

The latest edition of the Chevrolet Performance catalog arrives at the 2015 SEMA Show, and to demonstrate the insane creations that are possible with it, the company has a seriously powerful machine in tow. This custom 1970 Camaro RS boasts the new LT4 crate engine that makes a staggering 650 horsepower and 650 pound-feet of torque. The offering gives hot rod builders the ability to put the Corvette Z06's 6.2-liter supercharged V8 into any project where they can make the mill fit. This Hyper Blue Metallic Camaro should offer neck-snapping performance with its massively powerful engine and a T-56 Super Magnum six-speed manual gearbox. Chevy's show car is about more than just packing copious horsepower into a classic shape, though. The builders also overhaul the suspension with coilovers at the front and rear, in addition to a four-link setup at the back. Behind the 19-inch aluminum wheels, the coupe has Z06-based brakes at both ends. For better visibility, it wears LED headlights and taillights. Plus, the interior gets custom gauges and a six-point roll cage. With pieces like titanium intake valves and forged aluminum pistons, the LT4 crate engine comes ready to offer serious performance, but Chevy also gives builders a few options to fit their application. The mill is available with either wet- or dry-sump lubrication. Depending on the version, there are kits to fit front-end accessories, air conditioning, and power steering, as well. The new Chevy Performance catalog features other high-performance components like Z06-based parts for the standard Stingray and an array of performance upgrades for the 2016 Camaro, including suspension lowering kits, brake upgrades, and more. We look forward to seeing this vast collection of goodies at SEMA this year. Related Video: Classic 1970 Camaro Shows Supercharged LT4 Heart Contemporized muscle car highlights new Corvette Z06-based crate engine LAS VEGAS – Chevrolet Performance is showing off the new LT4 crate engine in the most attractive way possible – under the hood of a classic 1970 Camaro RS. The concept vehicle was introduced today at the SEMA Show, in Las Vegas. As the supercharged 6.2L heart of the Corvette Z06, the LT4 is rated at 650 horsepower and 650 lb-ft of torque, making it the most powerful production-vehicle engine ever from General Motors. The new crate engine – offered in dry-sump and wet-sump versions – allows builders to use the high-tech performance engine in their hot rod projects.

Chevy keeps teasing next Camaro, 70 percent of parts unique to it [w/video]