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GM announces net 220 job increase as Trump visits Michigan

GM announced today that about 900 jobs would be added (or, importantly, retained) ahead of President Trump's arrival in Michigan, where he is expected to discuss his plan to roll back fuel economy standards. The timing of the announcement is almost certainly not coincidental, as appending it to a Trump visit gives it a higher profile and dovetails with the President's jobs agenda. It's less likely the decision itself was made for those reasons, but the free PR boost is a nice bonus. As for those 900 jobs themselves, they aren't all new jobs. The only net gain is approximately 220 jobs at the Romulus Powertrain Plant, which produces the 10-speed automatic transmission that's proliferating through the company's lineup. The 180 jobs at Flint Assembly and 500 jobs at Lansing Delta Township are retained jobs – that is to say, spots the company found for workers who would otherwise have been laid off. By the way, the Flint jobs will help with production of heavy-duty pickups, and the Lansing jobs are to produce the Chevrolet Traverse and Buick Enclave. Finding jobs for manufacturing workers in the auto sector, whether new or retained, is admirable. No matter how GM couches it, the company has created or retained a total of 7,000 jobs this year, and its total reinvestment in US production is around $1 billion. But these decisions are business ones, not political ones – timing the announcements to make them seem inspired by economic policy, or the political situation, is simply smart PR. Related Video: Image Credit: Bill Pugliano/Getty Images Celebrities Government/Legal Buick Cadillac Chevrolet GMC

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.

nuTonomy beats Uber to market with self-driving taxi rides, and the latest Corvette ZR1spy shots | Autoblog Minute

Software developer nuTonomy beats Uber to market with self-driving taxi rides in Singapore. A 124 Coupe could soon join Fiat's roadster lineup, and we have the latest spy shots of the new Corvette ZR!. Senior Editor Greg Migliore reports on this edition of Autoblog Mintue. Senior Editor Greg Migliore reports on this edition of Autoblog Mintue. Show full video transcript text [00:00:00] Massachusetts based software company, nuTonomy, launched its self-driving taxi service in Singapore this week. nuTonomy specializes in developing software for self-driving cars. Testing of the companies ride-hailing smartphone app occurred in Singapore, where riders were able to book a free driverless ride. nuTonomy's robo-taxi fleet is comprised of Renault Zoes and Mitsubishi i-MiEVs. Engineers from nuTonomy were present at this public launch as a safety measure. [00:00:30] The company will now continue to collect data and conduct more testing with its self-driving cars in Singapore, Michigan and the United Kingdom. nuTonomy has plans to offer widely-available commercial service in Singapore in 2018. nuTonomy's aggressive play in Singapore has put Uber and its partner Volvo in the unlikely position of playing catch-up. Autocar reported this week that we should expect FCA to add a Coupe [00:01:00] to it's 124 roadster lineup. When? Well, seeing as the 124 Spider just recently made it US dealers we may have to wait until next year to see a hardtop Fiata. It's tough to predict what kind of performance we can expect out of a 124 Coupe but in the U.S. the Spider has 160hp using a 1.4-l turbocharged engine. So the car you see in these pictures is actually Fiat's 124 Rally car that will be used for competition. [00:01:30] Now that's not exactly how the street car will look but it gives you an idea of what a 124 with a fixed roof is gonna look like. This week we got another look at what we think is the Chevy Corvette ZR1 and its massive rear wing. Now to be clear, the images that we're seeing are actually demonstrations. The car was actually captured without the rear wing. However, our spy photographers photoshopped the wing, which we've seen before, on some of these new shots just so you could get [00:02:00] a sense of what the car looks like driving around in it's most recent state. Now we think this car will make more than 700hp, which is kind of a magic number. The Hellcats from Chrysler make 707 so certainly GM wants to beat them.