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When General Motors announced it was cutting up to 14,000 jobs and idling five automotive plants, it justified the massive cuts by citing long-term savings. The cuts would free up $6 billion in cash, for a net savings of $4.5 billion in cash by 2020. The move will "make General Motors more agile, resilient and profitable" while the economy's still revving, CEO Mary Barra told investors Monday. Wall Street seemed to believe her, with GM's stock rising nearly 5 percent and one analyst on the call congratulating her "on getting in front of the curve here." But GM hasn't exactly...

Faced with the bad news from GM — which is discontinuing several passenger-car lines, shuttering five North American factories, and laying off thousands of workers — President Donald Trump responded with his habitual bluster, telling GM they “better damn well open a new plant” in Ohio, and boasting that he was “very tough” on the automaker’s CEO. As is often the case, President Trump’s bluster is unhelpful. General Motors almost certainly is doing the right thing, as painful as that is going to be for the workers who lose their jobs and for the communities that had relied on —...

Political power couple Bill and Hillary Clinton are in Toronto today, spending a very special evening with their supporters to the north. Toronto is part of the small handful of cities on their North American tour. The tour is a series of conversations called "An Evening With The Clintons" - guests are invited to buy tickets and sit down with the Clintons as they tell stories and discuss important issues of today and the future.

President Donald Trump threatened on Twitter to end government subsidies for General Motors in retaliation for layoffs the company announced Monday. What layoffs? General Motors announced that it would be laying off 14,700 workers, including 6,000 factory workers, and closing down four plants in the United States and one in Canada. While GM, and other car companies, have spoken out against rising production costs caused by the Trump administration’s protectionist tariffs, a spokeswoman for the company told TheBlaze that the layoffs and plant closures “are being made as part of our ongoing transformation and are not related to recent trade...

General Motors will end production of six sedans by the end of 2019. North American customers want SUVs, crossovers, hatchbacks and trucks. Sedans have fallen out of favor. As GM (GM) adjusts to changing customer behavior it is also planning ahead for the future. The company announced massive layoffs and is closing five North American facilities as it transitions to self-driving, electric cars of the future. The soon-to-be closed plants mean GM will no longer make these cars: Buick LaCrosse January - September sales: 13,409, down 14.2% The LaCrosse is a large car built by a brand that was a...

Amid flagging sales, General Motors confirmed on Monday that it will no longer make the plug-in hybrid Chevy Volt, ceasing production on March 1st, 2019. The news comes as part of a wider plan by GM to slash car production in North America and halt production of several low-selling brands. Trading on GM shares was briefly halted on the stock exchange early on Monday in anticipation of “major operational changes,” according to CNBC. GM plans to “unallocate” three assembly plants — in Oshawa, Ontario; Detroit, Michigan; and Warren, Ohio — putting the future of those plants in doubt, Reuters reports....

NameThe name, which was DeLorean's idea, was inspired by the Ferrari 250 GTO, the successful race car. It is an Italian abbreviation for Gran Turismo Omologato ("grand tourer homologated"), which means officially certified for racing in the grand tourer class. But in reality, the Pontiac GTO was never really a certified Grand Tourer race car. Internally, it was initially called the "Grand Tempest Option", one of many automobiles in the Pontiac line up with a 'Grand' in it. Despite these things, the GTO is one of the fastest cars ever manufactured by Pontiac. First generation: 1964-67 Second generation: 1968-72 Third...

The Detroit-based company's proposal, modeled after a California program the Trump administration is seeking to undermine, would mandate that manufacturers garner an escalating percentage of total vehicle sales from automobiles powered by electricity or hydrogen fuel cells.

While Tesla, Inc., will be staying on the stock market instead of securing private financing, a much larger question has come up: Will the electric carmaker’s future depend entirely on CEO Elon Musk? An in-depth interview this month with the New York Times, along with sudden moves by Musk like leaking the potential private equity deal August 7 on Twitter, has caused great concerns among Tesla board members. Some of the board would like to explore options such as searching for a No. 2 executive to even out some of Musk’s power — and to take some of the pressure...

General Motors on Friday warned that expansive U.S. tariffs on imported vehicles being considered by the Trump administration could lead to a "a smaller GM" and risks isolating U.S. businesses from the global market. Loading... The Trump administration in May launched an investigation into whether imported vehicles posed a national security threat, and U.S. President Donald Trump has repeatedly threatened to quickly impose a 20 percent import tariff on vehicles. The largest U.S. automaker said in comments filed on Friday with the U.S. Commerce Department that overly broad tariffs could "lead to a smaller GM, a reduced presence at home...

General Motors warned Friday that another wave of tariffs being considered by the Trump administration could force the company to scale back its business and cost American jobs. In comments submitted to the Commerce Department, the automaker said that the tariffs, if approved, could drive individual vehicle prices up thousands of dollars, stifling demand. Such costs would need to be borne either by consumers or the company. Last month, President Trump ordered an investigation into whether imported cars and automotive components could pose enough of a national security risk to warrant tariffs of as much as 25 percent. If he...

Trump hails GM's decision to shut South Korea plant WASHINGTON -- U.S. President Donald Trump on Tuesday hailed General Motors Co.'s decision to shut down a plant in South Korea, saying the carmaker will now "move back" to Detroit. GM announced the same day that it will close one of its four car assembly plants in South Korea by the end of May due to lower demand for its vehicles. The move came as part of the Detroit-based automaker's broad restructuring program across the world. "GM Korea company announced today that it will cease production and close its Gunsan plant...

Oscar Nilsson filed a lawsuit against General Motors Monday concerning a collision between Nilsson on his motorcycle and a Chevy Bolt involved in GMÂ’s Cruise self-driving test program in San Francisco. The crash occurred on December 7, where Nilsson claims a Chevy Bolt involved in GMÂ’s self-driving testing program swerved into his lane, knocking him off of his motorcycle and injuring him, via The Mercury News: Nilsson claims in the suit that he was riding behind one of GMÂ’s autonomous Bolts on Dec. 7 on Oak Street, when the car, with backup driver, changed lanes to the left. When he...

Detroit (AFP) - Regulators will "carefully and responsibly" review General Motors' request to test an autonomous car without a steering wheel, US Transportation Secretary Elaine Chao said Sunday. "It is now coming to the stage with the rapid advancement of self-driving technology that this request is now a reality," Chao said on the sidelines of the Detroit Auto Show. "So we will view the petition carefully and responsibly."​ GM on Friday unveiled the Cruise AV, an autonomous vehicle with no steering wheel or pedals, announcing it had asked the National Highway Traffic Safety Administration to exempt it from a number...

The political and economic crisis in Venezuela is costing US companies dearly, as General Motors can attest following the unexpected nationalization of its plant there. The big auto-maker shut down its operations in Venezuela and laid off its 2,700 workers after the government on Wednesday seized the plant, which had been idle because of the chaotic market environment. The group had been operating in the South American country for 69 years. GM isn't the only US business to be walloped by Venezuela's crisis.

General Motors became the latest corporation to have a factory or other asset seized by the government of Venezuela, and the Detroit automaker faces an uphill battle to recover any damages. GM said Thursday that its only factory in Venezuela was confiscated a day earlier, as anti-government protesters clashed with authorities in a country that is roiled by economic troubles. GM said assets such as vehicles were taken from the plant, causing the company irreparable damage.

U.S. multinationals with plants in Venezuela are likely on edge Thursday, after American automaker General Motors (NYSE:GM) pulled the plug on its operations in the poverty-stricken country, following a government takeover of its plant amid large-scale violent protests. “All foreign companies, and especially U.S. firms, should be concerned with the increasingly extreme and aggressive behavior of the Venezuelan regime,” Ian Vasquez, director of the Cato Institute's Center for Global Liberty and Prosperity, told FOX Business. American beverage company Coca-Cola (NYSE:KO), however, indicated to FOX Business Thursday it didn’t have any plans to pull its operations from the distressed South American...

General Motors Co. says it plans to launch 10 electric and gasoline-electric hybrid vehicles in China by 2020 amid government pressure on the industry to promote alternatives to gasoline. The president of GM’s China unit, Matt Tsien, said Friday during the Shanghai auto show that the company will start production of a pure-electric model in China within two years. …

This news broke overnight and it undoubtedly comes as a shock to anyone who hasn’t been paying to socialism in general and the regime of Venezuelan President Nicolas Maduro in particular. The government of Venezuela came in and seized control of the General Motors plant in the city of Valencia, taking over the property, assets and accounts. The automotive giant responded by saying that they were immediately halting operations. (CNN) General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.GM (GM) described the takeover as an “illegal judicial...

General Motors has stopped doing business in Venezuela after authorities took control of its only factory there in what GM called an illegal judicial seizure of its assets. The plant was confiscated on Wednesday as anti-government protesters clashed with authorities in a country that is roiling in economic troubles such as food shortages and triple-digit inflation. The Detroit automaker said in a statement Thursday that other assets such as vehicles were taken from the plant, causing irreparable damage to the company. It’s not the first time the Venezuelan government has seized a foreign corporation’s facilities. In July of last year,...