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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.

2017 North American Car, Truck, and Utility Vehicle of the Year finalists revealed

The finalists for the 2017 North American Car, Truck, and Utility Vehicle of the Year were announced Tuesday at AutoMobility LA ahead of the 2016 LA Auto Show. Approximately 60 judges, including Autoblog's editor-in-chief Mike Austin, evaluated over 40 vehicles and named three models as the finalists in each category. The award for the Utility Vehicle of the Year is new for 2017 and separates SUVs, crossovers, and minivans from pickup trucks. The finalists are: Car of the Year: Chevrolet Bolt Genesis G90 Volvo S90 Truck of the Year: Ford F-Series Super Duty Honda Ridgeline Nissan Titan Utility Vehicle of the Year Chrysler Pacifica Jaguar F-Pace Mazda CX-9 The winners for the 24th annual NACTOY awards will be named on January 9 at the Detroit Auto Show. Related Video: Chevrolet Chrysler Ford Honda Jaguar Mazda Nissan Truck Crossover Minivan/Van SUV Electric Luxury Sedan north american car of the year NACTOY

Jeff Gordon to pace Indy 500 in Corvette Z06

The Chevrolet Corvette has served as pace car for the Indianapolis 500 more than any other vehicle in the century-long history of the race. And this year it'll be at the front of the pack again in the form of the Corvette Z06 driven by Jeff Gordon. With 650 horsepower on tap, the Z06 is among the fastest, most powerful cars ever to serve as pace car for the Greatest Spectacle in Racing – right up there, at any rate, with the ZR1 that led the field in 2012 and the Viper GTS from 1996. For this year's race, it's been decked out in white with special graphics, strobe lights and a red interior. The 99th running of the race will mark the 13th time a Corvette has been tapped for the honor. Gordon, a name better known to NASCAR fans, but certainly no stranger to the track, will handle driving duties. The four-time Sprint Cup champion has won the Brickyard 400 no less than five times, including the very first time it was held back in '94. No driver has won at Indy more than Gordon – a record he shares with Michael Schumacher, who won the US Grand Prix there five times. (AJ Foyt, Al Unser and Rick Mears share the record for Indy 500 victories at four apiece, in case you were wondering.) It'll be a busy Sunday for Gordon, who will also be competing in the Coca-Cola 600 at Charlotte on the same day. Jeff Gordon to Drive Corvette Z06 Indy 500 Pace Car Five-time Brickyard winner will lead pack for 99th running of the Indianapolis 500 2015-04-29 INDIANAPOLIS – Five-time Brickyard 400 winner and four-time NASCAR Sprint Cup champion Jeff Gordon will drive a Corvette Z06 pace car for the 99th running of the Indianapolis 500 mile race, May 24 at the Indianapolis Motor Speedway. It is the 13th time a Corvette has served as the official pace car, dating to 1978, and the 26th time a Chevrolet has led the pack for "The Greatest Spectacle in Racing." Corvette has served as the pace car more than any other vehicle in the race's history. Gordon, who grew up in nearby Pittsboro, Ind., is no stranger to the Indianapolis Motor Speedway. In 1994 he won the inaugural Brickyard 400 – the first-ever NASCAR race at the Brickyard, and has visited the winner's circle there four more times. That makes him one of only two five-time winners at Indy in any series. Michael Schumacher won five Formula One races there. "It's great to have Jeff Gordon serve as this year's pace car driver," said Jim Campbell, Chevrolet U.S. vice president of performance vehicles and motorsports.