Archive for the ‘GM’ Category

GM Moves Ammann into CEO Role at GM Cruise

Move marks the second in six months for Ammann.

by on Nov.29, 2018

General Motors President Dan Ammann is now GM Cruise Chief Executive Officer Dan Ammann.

General Motors President Dan Ammann is changing jobs again, now serving as the full time as the Chief Executive Officer of GM Cruise, GM’s autonomous vehicle subsidiary.

Ammann had worked closely with Cruise since GM acquired the self-driving vehicle start up back in 2016.

Business News!

The move marks the second time in six months that Ammann’s role within the company has been changed. In July, he shifted some of his responsibilities to Executive Vice President Mark Reuss to focus on the company’s development of autonomous vehicles.  (more…)

Volvo Expecting to Slow Ramp-Up of Charleston Plant Due to Trump Tariffs

Hiring to slow; impact could be long-term if some production shifts to China.

by on Nov.29, 2018

Volvo President & CEO Hakan Samuelsson said the tariffs implemented by the Trump administration are forcing a production slow down at its new Charleston, S.C. plant.

Volvo expects to slow the pace of expansion at its new factory near Charleston, South Carolina, due to the Trump trade war with China.

The move could impact how quickly the automaker expands production at the $1.1 billion plant, as well as the pace at which it brings on new workers. The workforce was expected to nearly triple, to around 4,000, by early in the coming decade with the addition of a second model at the plant. But some production now could be shifted to China, potentially having a long-term impact on plans for the factory.

News Now!

Volvo issued an official statement Thursday noting, “trade issues may impact the pace of the expansion.” But in conversations with reporters at the Los Angeles Auto Show on Wednesday, Volvo’s global CEO Håkan Samuelsson took things further, indicating the production ramp-up will slow down. (more…)

Ford Cuts Production at Two Plants, Shifting Workers to Other Sites

Company moving workers to meet production needs.

by on Nov.29, 2018

Ford is cutting one shift at the Louisville Assembly Plant, but moving those workers to the Kentucky Truck Plant.

On the heels of General Motors’ announcement that it plans to shutter five plants in North America, Ford Motor Co. said it expects to reduce production at two key U.S. assembly plants by next spring.

However, mindful of the harsh political fallout that followed the GM announcement, including a series of angry tweets from President Donald Trump, Ford took pains to emphasize that workers displaced by the impending cuts at assembly plants in Louisville, Kentucky, and Flat Rock, Michigan, will be offered jobs at nearby Ford plants.

News You Can Trust!

No workers will be laid off during the changes, which are scheduled to take place next spring, Ford spokeswoman Kelli Felker stressed in an e-mail to TheDetroitBureau.com. (more…)

GM Selling Off Hotel Property to Raise Cash, Get Lean

Moody's gives thumbs up to the plan.

by on Nov.28, 2018

GM is looking to sell the hotel it owns in the Millender Center for $45 million.

In another step aimed at disposing of unneeded assets and raising cash, General Motors has confirmed it plans to sell off a hotel located directly across the street from its world headquarters in Detroit, which is now the midst of a real-estate boom.

The automaker said it intends to sell the 265-room Courtyard Marriott hotel that was built in 1985 as part of the mixed-use Millender Center complex on Jefferson Avenue and is linked to General Motors Riverfront headquarters in downtown Detroit by a covered footbridge.

Business News!

GM acquired the property years ago when Detroit was in the economic doldrums. However, downtown has undergone a major revival the past five years and the value of real estate has risen sharply, making it a propitious time to sell, GM said. (more…)

GM Share Price Falls 3% in Wake of Angry Trump Tweets

Worst trading day for company in almost a month.

by on Nov.28, 2018

President Donald Trump said he told GM CEO Mary Barra that the country has been "very good" to the automaker.

After gaining ground on the announcement of a sweeping restructuring, the value of GM’s shares dropped by 3% or almost $1 per share, on the heels of an angry tweet from President Donald Trump in which he again attacked GM’s plans to close five plants and eliminate some 14,500 jobs at the company’s operations.

Overall, it was the worst day for GM shares in almost a month.

News You Can Trust!

In a filing with the Securities Exchange Commission, GM also disclosed that GM’s board of directors approved the restructuring plan on Nov. 20, 2018, but held the news through the Thanksgiving Holiday. (more…)

Trump Threatens General Motors With Economic Sanctions

President suggests EV credit could be revoked.

by on Nov.27, 2018

President Donald Trump suggested he would search for ways to eliminate government subsidies to General Motors.

With the benefit of a good night’s sleep, President Donald Trump once again addressed General Motors’ plans to realign its manufacturing operations in the U.S. and Canada.

He took to Twitter this afternoon to reveal how he plans to deal with the situation.

News Now!

“Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland. Nothing being closed in Mexico & China,” he tweeted. (more…)

GM Will Drop at Least Six Passenger Cars in North American Shake-Up

But new electrified models -- and possibly more SUVs – on the way.

by on Nov.27, 2018

The Buick LaCrosse is one of six models getting axed as GM's brands shift away from sedans and toward sport-utility vehicles.

At least six General Motors passenger car models will be dropped by the end of next year, part of a broad corporate realignment that will see the automaker also shut down three North American assembly plants, idling an estimated 5,600 workers.

The Monday morning announcement reflects the ongoing shift from sedans and coupes to SUVs and CUVs in the U.S. market, though GM CEO Mary Barra also noted that the automaker wants to put more emphasis on the development of electrified and autonomous vehicles going forward.

News You Can Trust!

“We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success,” Barra said Monday. (more…)

Trump Chides GM for Plant Closures, New Congresswoman Blames Trump

President says he's pressuring GM to reverse course.

by on Nov.26, 2018

President Donald Trump said he told GM CEO Mary Barra that the country has been "very good" to the automaker.

Last year, President Donald Trump encouraged employees living near General Motors’ Lordstown plant and other long-shuttered plants to hang in there despite the fact there was no reason to believe the industries in the region were planning to add jobs.

“They’re all coming back. They’re all coming back,” he told a crowd at rally in July 2017. The raucous crowd roared its approval and he added, “Don’t move. Don’t sell your house.”

News Now!

Today he found out he was wrong — again. (more…)

Mary Barra Continues Radical Reshaping of GM

No more business-as-usual.

by on Nov.26, 2018

GM CEO Mary Barra is leading the transformation of the company's manufacturing footprint.

For more than a century, General Motors defined the “old boys network,” and while it long made GM the largest and most powerful automaker on the planet, by 2009 it helped drive the automaker into bankruptcy.

It took a federal bailout to keep Detroit’s largest automaker alive. But it’s GM’s first woman chief executive – indeed, the first female CEO at any major carmaker – who is forcing the company to abandon its shopworn playbook.

Beyond the Headlines!

The latest evidence comes with the announcement on Monday that GM will shutter three North American assembly plants, as well as two powertrain facilities, while slashing 15% of its white-collar workforce. It’s all part of a move, according to Barra, that will see it shift away from the sort of cars and trucks it has been building for more than 100 years and focus on the electrified and autonomous vehicles many experts believe will dominate tomorrow’s transportation industry. (more…)

GM Closing Five Plants, Cutting 15,000 Workers

Company plans to close more plants in the future.

by on Nov.26, 2018

GM is closing three plants in the U.S. and Canada, including its Oshawa, Ontario facility as it transforms its manufacturing footprint.

General Motors, in a move likely to have a significant political impact, confirmed it is preparing to shut five plants in the U.S. and Canada as its restructures its operations across the globe.

GM Chairman and CEO Mary Barra told analysts the company plans to halt production of vehicles, among the them the Chevrolet Volt, Cruze and Impala, now built at plants in Detroit, Lordstown, Ohio, and Oshawa, Ontario. The company also plans to close two powertrain plants.

Subscribe Now!

None of the plants will have products allocated to them past the end of 2019, said Barra. As part of the unfolding restructuring of the company GM also plans to slash is salaried head count by 15% and cut its executive ranks by 25% and restructure its product development system, Barra said. (more…)