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GM to sink over $900M into 4 plants, mostly for a new V8

FLINT, Mich. — General Motors says it will spend more than $900 million to update four factories, with the bulk going to an engine plant in Flint, Michigan, to build the next-generation V8 for big pickup trucks and SUVs. Factories in Rochester, New York; Defiance, Ohio; and Bay City, Michigan, also will see investments, some to make V8 engine components as well as parts for future electric vehicles, the company said Friday. The investments won't create any new jobs, but they will preserve about 2,400 hourly and salaried positions positions at the four sites, the company said. The investments “provide job security at these plants for years to come,” Gerald Johnson, GM's manufacturing chief, said in a statement. Much of the money, $579 million, will go to Flint Engine Operations for equipment to build the sixth-generation small-block V8 that will go into the next round of big pickup trucks and SUVs. The plant now employs about 700 people who also will keep making their current product, a diesel engine used in light trucks. GM, like other automakers, is facing stricter government fuel economy standards and pollution limits starting in the 2024 model year. New vehicles sold in the U.S. will have to average at least 40 miles per gallon of gasoline in 2026, up from about 28 mpg, under new Biden administration rules that undo a rollback of standards enacted under former President Donald Trump. That means the new V8 will have to get better mileage and pollute less than the current versions. Although GM wouldn't release details on the new engine, Johnson said during a news conference at the Flint plant that it would be more efficient than the current version. GM has a goal of selling only electric passenger vehicles by 2035, but Johnson said that's a dozen years out, a period when many customers will still want gas engines. “We know that has a horizon,” he said. “Between here and there, there are a lot of internal combustion customers that we don't want to lose,” he said. In addition to Flint, GM's engine components plant in Bay City, Michigan, will get $216 million to build camshafts and connecting rods, and to machine engine blocks and heads for the new V8 being built in Flint. The plant now employs about 425. The Defiance, Ohio, foundry will get $55 million to build a variety of block castings for the new V8. Included is $8 million for castings to support future electric vehicles, the company said. The plant has about 530 employees.

2023 Grand National Roadster Show Mega Photo Gallery | Hot rod heaven

POMONA, Calif. — From an outsider's perspective, it would be easy to assume that the Grand National Roadster Show has always been a Southern California institution. After all, it celebrates the diverse postwar car culture of the region — hot rods, lead sleds, lowriders, and more. However, the show had its roots in NorCal in 1950 when Al Slonaker and his hot rod club showed their custom cars at the Oakland Expo. The GNRS moved to Pomona, California, in 2004. By then it had grown exponentially and seen about a dozen more car customization trends come and go. However, the show and its centerpiece award, the America's Most Beautiful Roadster prize, celebrate what is perhaps the first of those trends: the American hot rod in its purest form. Today, in its 73rd year, the GNRS is the oldest indoor car show in America. Annually it welcomes 500-800 cars, gathered into special themes like Tri-Five Chevys or Volkswagen Bugs. At this year's show, which was last weekend, a special hall was dedicated to pickup trucks built between 1948-98, including mini-trucks, groovy camper bed conversions, and resto-mods.  However, of all the vehicles presented, only nine are eligible for the America's Most Beautiful Roadster award. Winners get their names engraved on a 9-foot-tall perpetual trophy that was, according to The Ultimate Hot Rod Dictionary, the largest in the world when it debuted in 1950. Slonaker chose the word "roadster" initially because "hot rod" bore slightly negative outlaw connotations in 1950. Only American cars built before 1937 of certain body styles — roadsters, roadster pickups, phaetons, touring cars — are eligible, and they cannot have roll-down side windows.  Cars in the running for the cup cannot have been shown anywhere else before their debut at the GNRS.  Contestants for this accolade essentially build their cars to the a platonic ideal of a hot rod. This year the honors went to Jack Chisenhall of San Antonio, Texas, for his "Champ Deuce," a 1932 Ford Roadster. It's exactly what you picture when you think of a hot rod, but distilled to its absolute essence.  Other standouts included "Green Eyes," a two-tone green 1959 Chevy El Camino  with a heavily metal-flaked bed, "Blue Monday," a 1964 Buick Riviera lowrider, and a personal favorite, "Purple Reign," a purple and black 1951 Mercury. Cars may have started out as tools, but there aren't shows like this filled with custom refrigerators.

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.