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Sinkhole Opens Up In National Corvette Museum, Swallows Eight Cars

More cars are being moved inside the National Corvette Museum in Bowling Green, Ky. to avoid falling down the same sinkhole that swallowed eight classic sports cars early this morning, Autoblog reported. Museum officials said the hole was discovered when motion sensors activated around 5:45 a.m. The rescue mission can be viewed on the museum's live feed cameras, which weren't working after the sinkhole emerged. A 1993 ZR-1 Spyder and a 2009 ZR1 "Blue Devil," both on loan from General Motors, were among the cars that fell into the sinkhole. The museum owned the other affected Corvettes, which included a 1963 Corvette, a 1984 PPG Pace Car and the 1 millionth Corvette ever produced. The state of the cars at the bottom of the hole isn't known, but trial lawyer and sinkhole expert Ted Corless said the cars may be a total loss for the museum and GM. "Most states, including Kentucky, exclude damage caused by sinkhole activity," he said. "There will be, in all likelihood, a claim made, but a lot of policies would specifically exclude these kinds of damages." Corless has 15 years experience dealing with sinkholes. He said that typically neither the building, nor the cars themselves are protected under their insurance policies. "I would have to say, more likely then not, they're going to have an uninsured loss measured in the hundreds of thousands of dollars." The museum is closed Wednesday while a structural engineer assesses the damage. Related Gallery 2014 Chevrolet Corvette Stingray Test Drive View 9 Photos Related Gallery 2014 Chevrolet Corvette Stingray Test Drive View 9 Photos Weird Car News Chevrolet GM corvette

GM earnings rise 1% as buyers pay more for popular pickups

DETROIT — General Motors said Thursday that higher prices for popular pickup trucks and SUVs helped overcome slowing global sales and profit rose by 1% in the second quarter. The Detroit automaker said it made $2.42 billion, or $1.66 per share, from April through June. Adjusting for restructuring costs, GM made $1.64 per share, blowing by analyst estimates of $1.44. Quarterly revenue fell 2% to $36.06 billion, but still beat estimates. Analysts polled by FactSet expected $35.97 billion. Global sales fell 6% to 1.94 million vehicles led by declines in North America and Asia Pacific, Middle East and Africa. The company says sales in China were weak, and it expects that to continue through the year. In the United States, customers paid an average of $41,461 for a GM vehicle during the quarter, an increase of 2.2%, as buyers went for loaded-out pickups and SUVs, according to the Edmunds.com auto pricing site. The U.S. is GM's most profitable market. Chief Financial Officer Dhivya Suryadevara said she expects the strong pricing to continue, especially as GM rolls out a diesel pickup and new heavy-duty trucks in the second half of the year. "We think the fundamentals do remain strong, especially in the truck market," she said, adding that strength in the overall economy and aging trucks now on the road should help keep the trend going. Light trucks accounted for 83.1% of GM's sales in the quarter, and pickup truck sales rose 8.5% as GM transitioned to new models of the Chevrolet Silverado and GMC Sierra, according to Edmunds, which provides content to The Associated Press. As usual, GM made most of its money in North America, reporting $3 billion in pretax earnings. International operations including China broke even, while the company spent $300 million on its GM Cruise automated vehicle unit. Its financial arm made $500 million in pretax income. Suryadevara said GM saw $700 million in savings during the quarter from restructuring actions announced late last year that included cutting about 8,000 white-collar workers through layoffs, buyouts and early retirements. The company also announced plans to close five North American factories, shedding another 6,000 jobs. About 3,000 factory workers in the U.S. whose jobs were eliminated at four plants will be placed at other factories, but they could have to relocate. GM expects the restructuring to generate $2 billion to $2.5 billion in annual cost savings by the end of this year.

Pushing Back: GM expanding Chevrolet into Korea, Daewoo out

Chevrolet Camaro goes to South Korea - Click above for high-res image
General Motors decided several years ago to begin heavily promoting Chevrolet as its global mainstream brand even in markets where its existing brands like Opel and Daewoo were a dominant force. Today, at the Busan Motor Show in South Korea, GM Daewoo president Mike Arcamone announced that the Camaro would lead the way in GM's efforts to market Chevrolet in South Korea.
For now at least Chevrolet and Daewoo-branded vehicles will coexist in the Korean market. However, while we were in China last week GM officials told us that the Daewoo brand, which has been somewhat tainted by past quality issues, would eventually be phased out in favor of Chevrolet. When the new Aveo launches next year it will likely be badged as a Chevrolet even though GM Daewoo is in charge of engineering the car.