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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.

Should heavy-duty pickup trucks have window stickers with fuel mileage estimates?

If you were to stroll into your nearest Chevrolet, Ford, GMC, Nissan, or Ram dealership, you'd find a bunch of pickup trucks. Most of those would have proper window stickers labeled with things like base prices, options prices, location of manufacture, and, crucially, fuel economy estimates. But you'd also run across a number of heavy-duty trucks with no such fuel mileage data from the Environmental Protection Agency. The EPA doesn't require automakers to publish the valuable miles-per-gallon measurement for vehicles with gross weight ratings that exceed 8,500 pounds. That makes it difficult for consumers to compare behemoths powered by turbocharged diesel engines – between one another, and between smaller, gasoline-fueled trucks. Consumer Reports doesn't think it should be this way, and it's spearheading an effort (PDF link) to get the government to require manufacturers to publish fuel economy estimates. In its own testing, CR found that heavy-duty pickups powered by Ford's Power Stroke, GM's Duramax, and FCA's Cummins diesel engines (which doesn't include the Ram's EcoDiesel) get worse fuel mileage than their lighter-duty gas-powered siblings. We're not so sure HD-truck buyers are unaware of this fact – big diesels don't really come into their own until big loads are placed in their beds or attached to their trailer hitches. Under heavy workloads, the diesel trucks will almost certainly return greater efficiency than a similar gas-powered truck. What's more, HD trucks with lumbering diesels in general make the driver feel more confident while towing due to greater torque at low engine RPM than gas trucks. They also offer greater max-weight limits. Still, we agree EPA fuel mileage estimates should be offered for heavy-duty pickups. And we think the comparisons provided by Consumer Reports might be interesting to potential buyers. Click here to see the results of CR's tests, and let us know what you think using the poll below. Related Video: Featured Gallery 2017 Ford F-Series Super Duty: First Drive View 22 Photos News Source: Consumer Reports Government/Legal Green Read This Chevrolet Ford GMC Nissan RAM Fuel Efficiency Truck Commercial Vehicles Diesel Vehicles poll gmc sierra hd chevy silverado hd

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.