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GM says EVs are the future — but trucks are going to take it there

In the PowerPoint deck for the General Motors Capital Markets Day presentation, one of the more disturbing things comes early on, during GM President Mark Reuss' initial remarks, in an area where he is discussing the company's overall strength in trucks. The point being made is that GM has a truck for all and sundry. And there it is, a phrase on a slide that should send chills up the spines of those who still pine for the old Bob Seger "Like a Rock" Silverado ads: "Little bit country. Little bit rock 'n' roll." That's right. Donny and Marie. Somehow the Denis Leary snark in the F-150 ads is all the more appealing. The Capital Markets Day presentation was chock full of observations about electrification and automation (Reuss and CEO Mary Barra both noted that the corporation's vision is one of "Zero Crashes. Zero Emissions. Zero Congestion." Dan Ammann talked about the progress being made at Cruise Automation; Reuss rolled out the plan for an array of electrified vehicles, with a luxury EV and a compact SUV being the "Centroid Entries" for the modular bases of many others). But it is worth noting that there is no getting away from the power of pickups in the U.S. market, as that was the central topic in Chief Financial Officer Dhivya Suryadevara's comments, with "Truck Franchise" being flanked by "Key Financial Priorities" and "Financial Outlook." Clearly, to gloss the old phrase, the truck segment is where the money is. Suryadevra enumerated how the truck segment is significantly different than other types of light vehicles. Among her points: GM, Ford and FCA have more than 90% of market share. The truck parc has been growing and aging over the past 10 years. Customers are fiercely loyal to the segment—as in 70% of truck buyers are truck buyers. A good number of the vehicles are for commercial use (40 percent). Trucks are "less prone to. . .mobility disruption." Trucks offer high margins. Translaton: The segment is one that they're solidly positioned in. There are lots of old trucks on the road that will need to be replaced by new ones. Perhaps buyers may switch from a Sierra to a Canyon, but it will be a truck. If your livelihood depends on that type of vehicle, even if gas prices go up or the economy begins to go south, you're going to stick with it. Most of the country isn't San Francisco, so trucks will continue to be essential. And, well, they're profitable in the extreme.

GM extends production at Detroit factory until early 2020

General Motors Co said on Friday it had extended the production at its Detroit Hamtramck plant until January 2020, against an earlier plan to discontinue production in June this year. The No.1 U.S. automaker is revamping its operations, which include plant closures and thousands of job cuts, as it looks to boost profitability in the wake of declining U.S. auto sales. The Hamtramck plant will continue to produce the Chevrolet Impala and Cadillac CT6 sedans until early next year, the company said. "We are balancing production timing while continuing the availability of Cadillac advanced technology features currently included in the CT6-V — the Blackwing Twin-Turbo V-8 (engine) and Super Cruise (driver assistance system)," GM said. The plant has already discontinued production of the Buick LaCrosse sedan and Chevrolet Volt electric hybrid car. Detroit-based union United Auto Workers' President Gary Jones said GM's decision to continue production at the plant was a relief for the workers as well as their families. "We commend GM for today's decision and we reiterate the importance of a collective bargaining process in times like these," Jones said. Reporting by Ankit Ajmera. Related Video:

GM to announce second U.S. battery plant, in Tennessee, with LG Chem, sources say

General Motors and South Korean joint-venture partner LG Chem will announce a second U.S. battery cell manufacturing plant on Friday, revealing plans for a $2.3 billion factory in Spring Hill, Tennessee, three people familiar with the matter said. The plant will use a different, more cost-effective battery chemistry than the one the companies will offer from the joint-venture plant they are building in Lordstown, Ohio, the sources said on Wednesday. The battery will be for the Cadillac Lyriq electric crossover vehicle that GM will begin building at its nearby Spring Hill assembly plant next year, the sources said. The timing of the Tennessee battery plant's opening is unclear, but there will be a period when the battery is supplied for the Lyriq by another LG facility until the Tennessee plant opens and it will not come from Lordstown, one of the sources said. GM would not confirm the details and declined further comment, and a spokesman for LG did not have an immediate comment. A Tennessee economic development spokeswoman also declined to comment. The No. 1 U.S. automaker previously said it was exploring the feasibility of another U.S. battery cell plant with LG's battery unit, LG Energy Solution, via its Ultium Cells LLC joint venture. Sources previously told Reuters that GM and LG Chem were in advanced talks with Tennessee officials, and that the plant there would be similar in scope to the $2.3 billion Lordstown plant. GM said in October it would invest $2 billion in Spring Hill to build EVs. The Detroit automaker said last year it was investing $27 billion in electric and autonomous vehicles over the next five years. Sources previously said GM would need more battery plants beyond the Tennessee one to meet aggressive EV targets. GM has set a target in January of halting sales of light-duty gasoline and diesel-powered vehicles by 2035. LG Energy said last month it planned to invest more than $4.5 billion in U.S. battery production over the next four years, including plans to build at least two new plants. LG had been embroiled in a high-profile dispute with rival South Korean firm SK Innovation in the United States after LG alleged SK stole trade secrets, but the companies settled that and other disputes with SK agreeing to pay $1.8 billion to LG. (Reporting by David Shepardson in Washington and Ben Klayman in Detroit; Editing by Matthew Lewis) Related Video: