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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.

Rumor: 2016 Chevy Volt gets 53 miles EV range, 40% increase

While we're still waiting for the official word from GM, news is creeping around the Internet that the 2016 Chevy Volt will get a big boost in all-electric range and gas-burning efficiency. According to new rumors out today, the second-gen Volt will be able to go 53 miles on a full charge, have 106 MPGe and be able to get 42 miles per gallon on the official EPA numbers. Compared to the outgoing first-gen Volt (38 miles EV range, 98 MPGe, and 37 mpg) these are all impressive increases. The all-electric range boost of almost 40 percent is the biggest surprise, though. We knew the new Volt would get better numbers than the first-gen model, but when GM debuted the car in Detroit earlier this year, it said it suspected the Volt would get a 50-mile range, 41 mpg and 102 MPGe. We'll be keeping an eye out for official confirmation of all these new numbers. Volt drivers are already making most of their driving miles electric. The number sits at about 80 percent currently, and GM has said it expects this to climb to 90 percent in the new model. GM said in May that the 2016 Volt will start at $33,995, a bit lower than the current Volt's MSRP of $34,170 before any tax breaks. So, for less money you'll be getting much better fuel economy. What's not to like about that? Preorders are already open for interested buyers in some parts of the country. Related Video: Featured Gallery 2016 Chevy Volt View 16 Photos News Source: GM Authority, Autoguide Green Chevrolet Fuel Efficiency mpg ev range

Two More Recalls Push GM Total To 4.8 Million In A Month

General Motors announced two more recalls late Friday, bringing to 4.8 million the number of cars, trucks and SUVs the automaker has called back for repairs in the past month. The string of recalls, topped by an ignition switch problem in compact cars now linked to 13 crash deaths, has embarrassed the company and sidetracked its new CEO, who started work just over two months ago. GM has admitted knowing about the switch problem a decade ago, yet it didn't recall any cars until February. The recall delay has brought two congressional investigations and probes by the Justice Department and the National Highway Traffic Safety Administration. Late Friday night, GM announced it would recall 490,000 late-model pickup trucks and SUVs because transmission oil cooling lines weren't secured properly in their fittings. Transmission oil can leak from a fitting and hit hot surfaces, causing fires, the company said in a statement. GM said it knows of three fires and no injuries. The recall affects Chevrolet Silverado and GMC Sierra 1500 pickup trucks from the 2014 model year, as well as 2015 Chevrolet Suburban and Tahoe SUVs and the GMC Yukon and Yukon XL SUVs. All have six-speed automatic transmissions. The Silverado is GM's top-selling vehicle and an important profit center for the company. The GMC Sierra also is among GM's top sellers. Dealers will inspect the transmission oil cooling line fittings and make sure they're securely seated, at no cost to owners. Also Friday night, GM announced the recall of 172,000 Chevrolet Cruze compact cars because the right front axle shaft can fracture and separate while being driven. The recall affects cars from the 2013 and 2014 model years equipped with 1.4-liter turbocharged four-cylinder gasoline engines. If a shaft fractures, the wheels would lose power without warning and the cars would coast to a stop. GM says it has warranty reports of several dozen shaft fractures. It is not aware of any crashes or injuries. Dealers will replace the shafts free of charge. The recall allows dealers to resume selling affected Cruzes. GM issued a stop sale order on the cars Thursday night. The recall also covers about 2,500 replacement shafts used to fix manual transmission Cruzes that were recalled last September. In all, GM has recalled 4.8 million vehicles since last month, two million more than the company sold last year in the U.S.