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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.

Chevy Corvette Stingray picks up another award, this time from Automobile

The new Chevrolet Corvette Stingray has picked up another buff book accolade after capturing Road and Track's Performance Car of the Year award. The seventh-generation of America's sports car (sorry Viper, Mustang, et al.) has been named Automobile Magazine's Automobile of the Year.
Automobile's award to the Corvette over competitors is the mirror image of its rival Motor Trend, which named the Cadillac CTS its car of the year over the C7. The CTS was, according to the Automobile team, the closest contender to the mighty Stingray. Great news all around for General Motors it seems.
As for what pushed the Corvette past its distant, four-door cousin, Automobile commended its excellent, 6.2-liter V8 calling the car's performance "simply awesome" while also remarking that it is easier to drive fast than ever before thanks to steering and chassis tweaks. Following a theme set by other publications, there were also plaudits for the interior, of all things, with the buff book complimenting the car's ergonomics and material quality, while also praising the standard seats.

Chevy Silverado WT gets its own murdered-out trim pack

Media days for the 2015 Chicago Auto Show ended last week, but that hasn't stopped Chevrolet from adding just one more thing. The Bowtie brand showed off three new trim packages for its trucks in the Windy City – the Colorado GearOn and the Silverado Midnight and Custom – but protests from consumers over the price of these equipment packs has led the company to release a new trim group for its most affordable fullsizer, the Silverado WT. The $1,595 Black Out pack will be available on both the regular- and double-cab Silverado WT and offers a few simple, stylistic upgrades. Five-spoke, 20-inch black wheels are the headlining item, although Chevy will also include "deep tinted glass" and black bowtie badges both fore and aft. Available only in black (the company even paraphrases old Mr. Ford in its press release), the new package adds just enough to class up the otherwise dreary looking Work Truck. Chevy has only released one image for the time being, available up top. Dealers, meanwhile, are currently taking orders. Check below for the brief press release. Chevrolet Silverado Work Trucks Get Blacked Out DETROIT – Chevrolet is adding a $1,595 Black Out package for regular- and double-cab 2015 Silverado 1500 WT models. It includes 20" black painted aluminum wheels, P275/55R20 all-season blackwall tires, deep tinted glass and black bowties. Prices start at $28,895. The package is available for order now, and customers can have any color they want, as long as it is black. Editors' Note: Manufacturer's Suggested Retail Price excludes tax, title, license, dealer fees and optional equipment. Includes dealer freight charges and option package discounts. Founded in 1911 in Detroit, Chevrolet is now one of the world's largest car brands, doing business in more than 140 countries and selling more than 4.8 million cars and trucks a year. Chevrolet provides customers with fuel-efficient vehicles that feature engaging performance, design that makes the heart beat, passive & active safety features and easy-to-use technology, all at a value. More information on Chevrolet models can be found at www.chevrolet.com.