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GM extends vehicle production cuts into mid-March due to global chip shortage

DETROIT — General Motors said on Tuesday it was extending production cuts at three North American plants until at least mid-March due to the global semiconductor chip shortage, while vehicles at two other factories would only be partially built. GM, whose shares dipped 1% after the announcement, did not disclose the impact volumes or say which supplier and vehicle parts were affected by the chip shortage. But it said it would focus on keeping production running at plants building its highest-profit vehicles, full-size pickup trucks and SUVs. GM said it intended to make up as much lost production as possible once the shortage chip eased. "Semiconductor supply remains an issue that is facing the entire industry. GM's plan is to leverage every available semiconductor to build and ship our most popular and in-demand products," GM spokesman David Barnas said. GM said it was extending downtime at its U.S. plant in Fairfax, Kansas, its Canadian factory in Ingersoll, Ontario, and its Mexican facility in San Luis Petosi until mid-March when it would reassess the situation, he said. In addition, GM would build but leave incomplete for final assembly vehicles at Wentzville, Missouri, and its Mexican plant at Ramos Arizpe. GM vehicles affected by the idled plants include the Chevrolet Malibu sedan, Cadillac XT4 SUV, Chevy Equinox, and GMC Terrain SUVs. Vehicles to be left incomplete for now included the Chevy Colorado, GMC Canyon pickups and Chevy Blazer SUV. This week, GM had said it was idling the three factories where it has now extended downtime and said it would halve production at a plant in South Korea. The chip shortage has affected many automakers, including Toyota, Volkswagen, Stellantis, Ford, Renault, Subaru, Nissan, Honda and Mazda. Asian chipmakers are rushing to boost production but say the supply gap will take many months to plug. German chipmaker Infineon said the shortage would get worse in the near term. The chip shortage is expected to cut global output in the first quarter by more than 670,000 vehicles and last into the third quarter, IHS Markit said. AutoForecast Solutions estimated total lost production this year could reach 1 million vehicles. Honda and Nissan said on Tuesday they would sell 250,000 fewer cars in total this financial year due.

2016 Cadillac CTS-V First Drive [w/video]

A million insects lost their lives today. Boxelder bugs and mayflies making the ultimate sacrifice in Elkhart Lake, their carapaces no buffer against a rocketing rectangle of safety glass. Their bodies gorily streaking into spangles along the diamond-faceted face of the Cadillac CTS-V. Road America is a four-mile ribbon of pavement snaking its way through the emerald center of the country's northern heartland. Since the 1950s it's seen uncountable fields of diverse racing machinery rocket over its hills and around its 14 corners. I would imagine that on those occasions the tramping of onlookers and hubbub of vehicles, both competitive and commonplace, would dissuade a great number of our six-legged friends from making their way onto the track. But today it's just me turning laps. Inconceivably just one journalist, driving the baddest roadgoing Cadillac ever made, on one of the loveliest circuits America has ever carved out. So big-winged bugs made it out to me in a vast array and a tragic sum, and I drilled through them oblivious to anything but one of the greatest days of driving I've ever had. Cadillac has turned its CTS-V from a performance sedan to a monster. For 2016 Cadillac has turned its CTS-V from a performance sedan to a monster worthy of the carnage described above. The words "epic" and "awesome" are hilariously overused on the Internet, but in the case of the CTS-V's 6.2-liter supercharged V8, their literal meanings are fitting. The capacity to produce 640 horsepower and 630 pound-feet of torque is astounding. Feeling those outputs come to growling life under my foot arch, uncorks different reactions in my brain as the day wears on: first trepidation, next cautious optimism, finally red-eyed bloodlust. A glance at the power and torque curves will show you that the charged V8 behaves more like a naturally aspirated thing than a turbo'd on/off switch. Peak torque arrives at 3,600 rpm, horsepower at 6,400, giving the engine lovely, linear power delivery. Even with top torque happening near the middle of the tach, there's no small amount of the stuff when the engine first spins up, so launching all 4,145 pounds of Detroit iron still feels exotic. Launching all 4,145 pounds of Detroit iron still feels exotic. On the roads around Wisconsin, using all of the available power is hardly advisable, but I have no trouble driving this fast car slowly (sort of).

GM laying off more than 4,000 workers Monday morning

According to reports from Automotive News, The Detroit News, and CNN, General Motors plans to begin laying off more than 4,000 salaried workers starting Monday morning. In a statement to AN, a spokesperson for the automaker said, "We are not confirming timing. Our employees are our priority. We will communicate with them first." We've been expecting layoffs at General Motors since November, 2018. At the time, the Detroit-based automaker announced it would seek to shed 8,100 salaried employees, shut down five assembly plants in North America, and kill off several slow-selling models. One month earlier, GM offered buyout packages to 18,000 workers and said it would seek to cut its global workforce by 25 percent. A spokesperson said at the time the moves were "proactive steps to get ahead of the curve by accelerating our efforts to address overall business performance." The cost-cutting moves are expected to save GM up to $2.5 billion in 2019 and as much as $6 billion by 2020. David Kudla, CEO and chief investment strategist of Mainstay Capital Management, referred to the impending culling as "Black Monday" and told The Detroit News that the layoffs would begin around 7:30 a.m. and continue in waves throughout the coming days and weeks. GM plans to deliver on its fourth-quarter and full-year 2018 earnings report on Wednesday. President Donald Trump plans to deliver the annual State of the Union address a day earlier on Tuesday. We expect to hear plenty more from both sides over the next several days.