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GM to sink over $900M into 4 plants, mostly for a new V8

FLINT, Mich. — General Motors says it will spend more than $900 million to update four factories, with the bulk going to an engine plant in Flint, Michigan, to build the next-generation V8 for big pickup trucks and SUVs. Factories in Rochester, New York; Defiance, Ohio; and Bay City, Michigan, also will see investments, some to make V8 engine components as well as parts for future electric vehicles, the company said Friday. The investments won't create any new jobs, but they will preserve about 2,400 hourly and salaried positions positions at the four sites, the company said. The investments “provide job security at these plants for years to come,” Gerald Johnson, GM's manufacturing chief, said in a statement. Much of the money, $579 million, will go to Flint Engine Operations for equipment to build the sixth-generation small-block V8 that will go into the next round of big pickup trucks and SUVs. The plant now employs about 700 people who also will keep making their current product, a diesel engine used in light trucks. GM, like other automakers, is facing stricter government fuel economy standards and pollution limits starting in the 2024 model year. New vehicles sold in the U.S. will have to average at least 40 miles per gallon of gasoline in 2026, up from about 28 mpg, under new Biden administration rules that undo a rollback of standards enacted under former President Donald Trump. That means the new V8 will have to get better mileage and pollute less than the current versions. Although GM wouldn't release details on the new engine, Johnson said during a news conference at the Flint plant that it would be more efficient than the current version. GM has a goal of selling only electric passenger vehicles by 2035, but Johnson said that's a dozen years out, a period when many customers will still want gas engines. “We know that has a horizon,” he said. “Between here and there, there are a lot of internal combustion customers that we don't want to lose,” he said. In addition to Flint, GM's engine components plant in Bay City, Michigan, will get $216 million to build camshafts and connecting rods, and to machine engine blocks and heads for the new V8 being built in Flint. The plant now employs about 425. The Defiance, Ohio, foundry will get $55 million to build a variety of block castings for the new V8. Included is $8 million for castings to support future electric vehicles, the company said. The plant has about 530 employees.

NHTSA closes 4-year GM investigation, issues common sense advisory [w/video]

Since January 2011, the National Highway Traffic Safety Administration has been investigating a possible problem with corroding brake lines in General Motors' GMT800-platform models, like the Chevrolet Silverado and Suburban and GMC Sierra, in states with salt on their roads in the winter. However, as opposed to launching a full recall of millions of vehicles, the government is issuing a common-sense safety advisory to all drivers in snowy states to keep their vehicle's undercarriage clean. It even has a video explaining things. "Older-model vehicles, often driven in harsh conditions, are subject to corrosion over long periods of time, and we need owners to be vigilant about ensuring they, their passengers, and others on the roads are safe," said NHTSA Administrator Mark Rosekind in the announcement of the end of the investigation. The agency was clear in its report that "brake line corrosion seen in the GM vehicles was not unique," and the government "has not identified a defect that would initiate a recall order." Instead NHTSA is advising drivers, especially those of vehicles from before 2007, to wash their vehicle's undercarriage in the winter and spring to remove salt or other de-icing chemicals. It also recommends regular checks by a mechanic to make sure everything is in proper order. According to the investigation documents, for just the GMT800 platform models, NHTSA found 3,645 complaints of brake line corrosion, which included allegations of 107 crashes and 40 injuries. The issue was found to be more common in vehicles over 10 years old. GM has released a statement (embedded below) that the company "supports the consumer advisory from NHTSA urging regular maintenance and care of brake lines on older vehicles." NHTSA Closes Investigation into Brake-Line Failures NHTSA 13-15 Thursday, April 9, 2015 Agency issues safety advisory on preventing undercarriage corrosion WASHINGTON – The Department of Transportation's National Highway Traffic Safety Administration (NHTSA) today issued a Safety Advisory and consumer video encouraging owners of model year 2007 and older trucks, SUVs and passenger cars to inspect brake lines and thoroughly wash the underside of their vehicles to remove corrosive salt after the long winter in order to prevent brake-line failures that increase the risk of a crash.

New auto loans could soon extend out to 84 months

Cars and trucks are more expensive than ever before. In order to boost sales and help consumers afford new vehicles, automakers are offering longer and longer terms for auto loans. This past week, Bloomberg reported that FCA's Ram Trucks division is currently offering the longest loans. Some stretch to 73 months. Jeep, Fiat and Chevy aren't far behind. More noteworthy is that we'll likely soon see lenders moving from 73-month to 84-month loans. That's seven years worth of interest. More than two-thirds of US auto sales come from light trucks like the Ford F-150, Chevy Silverado and Ram 1500. The average transaction price of a new vehicle is well over $30,000. It's not difficult to spec out a heavily-optioned truck up to $60,000. Vehicles depreciate from the moment they roll off a dealer lot, and these six or seven-year loans could hurt consumers and lenders both in the long run. The U.S. Senate voted last week to kill rules that would prevent discriminatory auto lending. These Obama-era guidelines were meant to curtail lenders who offered higher loans based on race, religion, sex or national origin. Related Video: News Source: Bloomberg Chevrolet Fiat RAM Car Buying car loan car values