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GM won't pay owners of recalled cars for lost value

Kenneth Feinberg, the man in charge of the General Motors compensation fund dealing with the its widespread ignition switch woes, has issued an informal, two-letter response to the plaintiffs in more than 70 lawsuits seeking redress for lost resale value of their Cobalts: "No." The cases were recently combined into one, but Feinberg told The Detroit News that the fund will deal "only with death and physical injury claims," and that "perceived diminished value" will get no consideration.
ALG, the firm specializing in establishing residual values, determined that Cobalt owners had lost $300 compared to the segment competition and doesn't envision any long-term effects from the recall situation. Feinberg's statement comes in advance of public details on how the compensation fund will work and adheres to GM's long-held position on the matter. The company has already asked a judge to throw out such suits using the pre-bankruptcy defense, even as it stopped using that defense in cases of injury and death.
With plenty of potential gain from the GM suit, however, don't expect the plaintiffs to give up yet. When Toyota was sued for the same reason during the unintended acceleration debacle, it eventually settled the case for between $1 billion and $1.4 billion just to get it over with. Since the 85 law firms involved in the Toyota litigation took home more than $250 million of that total, we shouldn't expect the attorneys to give up on a GM payout, either.

GM trucks get hybrid versions, but you'll probably never see one

A few years ago, General Motors sold hybrid versions of its Chevy Silverado and GMC Sierra pickups. They weren't very good, using GM's old two-mode hybrid system that resulted in only negligible fuel economy gains. But GM's trying again, launching eAssist models of the 2016 Silverado and Sierra that are said to offer 2-mpg improvements in city, highway, and combined fuel economy ratings. Problem is, you probably won't be able to get one. Only 700 eAssist trucks will be made for the 2016 model year – 500 Silverados and 200 Sierras. When you consider that GM moved 824,683 examples of its light-duty pickups in 2015, this small run represents 0.08-percent of all Silverado/Sierra production, and GM says it "will monitor the market closely ... and adjust as appropriate moving forward." But that's not the only limitation. The eAssist trucks will only be sold through California dealers. For the Silverado, eAssist can only be optioned on the 1500 Crew Cab 1LT 2WD model, and for the Sierra, the fuel-saving technology is solely available on the 1500 SLT Crew Cab 2WD model with the SLT Premium Plus package. Granted, in terms of the Sierra, that means you get niceties like LED headlights and taillights, Apple CarPlay and Android Auto, Bose premium audio, heated seats and steering wheel, lane keep assist, and more. In the trucks, eAssist combines a small electric motor and 0.45-kWh battery pack with the pickups' 5.3-liter V8. GM estimates total output of 355 horsepower and 383 pound-feet of torque – no more horsepower than the non-eAssist trucks, but three more pound-feet of torque. GM says the eAssist trucks can tow up to 9,400 pounds, and the battery only adds 100 pounds to the trucks' weight. The electric motor provides 13 hp and 44 lb-ft of torque for a boost of acceleration off the line, or during passing. It also allows the engine to run in four-cylinder mode for longer periods of time. eAssist uses regenerative braking to help power onboard electrical systems, and adds start/stop to the powertrain. Finally, the so-equipped trucks have a six-percent improvement in aerodynamics, thanks to a soft tonneau cover and active grille shutters in the front fascia. Great news is, the eAssist option is relatively inexpensive, only costing $500. But good luck getting your hands on one.

Bob Lutz says Tesla remains 'fringe' brand

We've said it before, we'll said it again: Bob Lutz gives great quotes. From his toilet-themed opinion of global warming to Toyota's deity status, the man knows how to get your attention. His latest? Saying that Tesla Motors is and will remain a fringe brand. Take that, Tesla fanbois. This, of course, is the same fringe company that prompted Lutz and his former colleagues at General Motors to start working on the Chevy Volt around eight years ago. The same fringe company that has easily outsold the similarly priced (but don't call it a competitor) Cadillac ELR with its Model S. Lutz did clarify that the fringe status will only last until Tesla comes out with a mass-market electric vehicle that has a range of 200 to 300 miles. Lutz was on CNBC talking about the TSLA stock's recent performance, and he pointed out that even Tesla CEO Elon Musk says that the California automaker's stock is overvalued these days. Despite its prevalence around these parts, Tesla is not yet a household brand. But the company is working hard to get a cheaper, long-range EV to market in the not-too-distant future, so this fringe thing may not last much longer than that show Fringe did. Watch the video below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: CNBC via Green Car Reports Green Chevrolet Tesla Green Culture Electric Hybrid PHEV cnbc