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GM investing $2 billion in Tennessee plant to build Cadillac Lyriq, other EVs

DETROIT — General Motors said on Tuesday it will invest $2 billion to convert its Spring Hill, Tennessee, factory to produce electric vehicles, starting with the new Cadillac Lyriq, alongside existing combustion-engine Cadillacs. Spring Hill will be GM's third U.S. electric vehicle factory, along with existing plants in Detroit and Orion Township, Michigan. The Tennessee plant was built in 1990 as the exclusive source for GM's now-defunct Saturn brand. The Cadillac Lyriq crossover is slated to go into production in Spring Hill in late 2022, according to AutoForecast Solutions (AFS), which tracks industry production plans. AFS said it expects some electric vehicle production will be announced at a later date for a factory in Mexico. Among additional investments, GM on Tuesday said it will spend $32 million at its truck plant in Flint, Michigan, to increase production of the Chevrolet Silverado and GMC Sierra heavy-duty pickups. GM will spend $100 million to shift production of the redesigned GMC Acadia crossover from Spring Hill to a plant near Lansing, Michigan. Spring Hill will continue to build the gas-engine Cadillac XT5 and XT6 crossovers. The plant also will build other future electric vehicles in addition to the Lyriq. The automaker's plans for investing in U.S. factories comes with two weeks left in the U.S. presidential election campaign. President Donald Trump and Democratic rival Joe Biden are competing for support from auto workers in Midwestern swing states. GM Chief Executive Mary Barra has outlined plans to invest $20 billion by 2025 in new electric vehicles and battery technology. The automaker is spending $2.2 billion to overhaul and retool its Detroit-Hamtramck factory to build a GMC Hummer EV electric pickup truck in late 2021, followed by an automated robotaxi and other electric vehicles. GM builds its electric Chevrolet Bolt at a large assembly plant north of Detroit.

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.

Cadillac CT5 vs. BMW 3 Series | How they compare on paper

Cadillac just introduced the CT5 sedan at the 2019 New York Auto Show, and it's set to replace both the larger CTS and smaller ATS in the brand's lineup. We have all the details and features for you, in addition to a deep dive with the car's chief engineer, but now it's time to see how it stacks up to the long-time standard bearer in this class: the BMW 3 Series. Now, the car is a bit larger than the completely new 2019 3 Series, but Cadillac says the 3 and the rest of the compact luxury sedan class is its target for this car. We'll dive further into this little conundrum later. This comparison will look at how these vehicles measure up on paper, as we haven't driven the CT5 yet. That will come later, but we're expecting it to be a proper sport sedan competitor with the 3 Series, since Cadillac is building it off GM's dynamically superb Alpha platform. Now let's get on with the comparison. Powertrains and performance Both of these sedans come standard with 2.0-liter turbocharged four-cylinder engines. The BMW four-pot is a bit more potent, coming in with 18 more horsepower and 37 pound-feet of torque more than the Cadillac. Here's our driving review of the BMW. The only upgrade engine for both available initially are turbocharged six-cylinders. BMW offers up its revised inline-six, while Cadillac offers a V6. These six-cylinders are both 3.0 liters. Cadillac bests the BMW in brute torque by 31 pound-feet, but BMW takes the horsepower prize, making 47 more ponies. It's hard to say which car will actually be faster to 60 mph — they'll probably end up being about the same once official numbers are out. This segment used to be one guaranteed to offer a manual transmission, but that's not the case anymore. Neither Cadillac nor BMW will offer a manual to start, but expect to see the stick shift return to higher performance models of each car. For now, they both get torque-converter-style automatic transmissions. One dimension that isn't going away from either anytime soon is rear-wheel drive. Both cars offer rear-wheel and all-wheel drive in every spec available. Fuel economy for the 3 Series is impressive at 30 mpg combined with the four-cylinder. We'll have to wait and see if Cadillac can challenge that figure with its less powerful engine. Size and practicality Here's where a lot of the confusion about the Cadillac CT5 sets in. The CT5 is a tad larger than the 3 Series in its exterior dimensions, but the interior specs are nearly identical.