1998 S-10 Drag Project on 2040-cars

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GM CEO to meet with U.S. lawmakers over job cuts

WASHINGTON — General Motors Co Chief Executive Mary Barra plans to visit Capitol Hill next week to discuss the company's plans to halt production at five plants in North America next year and cut up to 15,000 jobs, two congressional aides said on Friday. GM has come under harsh criticism from lawmakers from both major political parties, and from President Donald Trump, since Monday when it announced the biggest restructuring for the U.S. No. 1 carmaker since its bankruptcy a decade ago. Barra is expected to meet with lawmakers from Michigan and Ohio, where GM plans to shutter three plants, as well as senior leaders in Congress. GM did not immediately comment. Barra has been calling lawmakers this week to explain the decision to end production. Trump has threatened to revoke subsidies for GM. The Detroit automaker plans to halt production next year at three assembly plants: the Lordstown small-car factory near Youngstown, Ohio; the Detroit-Hamtramck complex in Detroit; and the Oshawa, Ontario, assembly complex near Toronto. It will also stop building several models now assembled at those plants, including the Chevrolet Cruze, the Chevrolet Volt hybrid, the Cadillac CT6 and the Buick LaCrosse. Additionally, GM plans to shutter the Warren transmission plant outside Detroit and a plant that makes electric motors and drivetrains outside Baltimore, Maryland. The Cruze compact car will be discontinued in the U.S. market in 2019, although GM may continue building it in Mexico for other markets, Barra said. Reporting by David Shepardson. Related Video:

GMC Sierra EV AT4, Chevy Silverado EV Trail Boss caught in spy photos

We've known for a while now that GMC and Chevy have been working on AT4 and Trail Boss versions of their respective Sierra EV and Silverado EV pickup trucks. But we're getting our best look yet at them with these spy photos. They give us a better idea of what body changes there will be, as well as a close-up of the tires, giving us their size and type. Some basics of off-road trim levels are obvious to spot. Both trucks feature bright red recovery hooks up front. But beyond that, there isn't much different from the outside of either truck compared to the base examples of each. The front bumpers are basically the same profile as the base bumpers, with the exception of the recovery hooks. The Silverado has natural black plastic fender flares, whereas the GMC has body color examples with integrated marker lights. They both get the same standard side steps, and the rear bumpers also appear unchanged. Each of these is equipped with the MultiPro/Multi-Flex tailgate. Chevrolet Silverado EV Trail Boss prototype View 14 Photos Really the biggest change appears to be in the wheels and tires. Each of them have unique designs, but they have the same dimensions. They're 18-inch wheels with 285/75R18 tires. That comes out to just shy of 35 inches in diameter, a good size of tire for an off-roader — and note how it doesn't even look all that large on such big trucks. Said tires are Goodyear Wrangler Territory AT all-terrains. The gas-powered trucks come with slightly narrower (275) mud-terrain versions as standard. Both of these trucks should start somewhere below the range-topping first edition models the two brands are currently marketing to the public, which hover between $95,000 and $110,000 depending on specification. The Silverado WT does start at just under $80,000, and we would expect the Trail Boss and the Sierra EV AT4 to come in somewhere above that, possibly between $85,000 and $90,000. Specifications are a mystery. It seems likely that at least the Silverado will get the WT's dual motors with 510 horsepower and 615 pound-feet of torque. The GMC could potentially get the more powerful motors making 754 horsepower and 785 pound-feet of torque as a way to differentiate itself, though this is speculation. The 204-kWh battery pack is probable, though there are rumors that at least GMC is going to start offering a smaller, more affordable 170-kWh pack that could be an option.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.