1966 Chevelle Convertible 396 Restored Ss Clone on 2040-cars

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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.

Junkyard Gem: 1987 Chevrolet Turbo Sprint

Fifteen years ago, I wrote my first-ever automotive article under the name Murilee Martin, and it didn't take me long to start writing about one of my favorite automotive subjects: the junkyard. Before I'd refined my system for documenting discarded vehicles, however, I shot a lot of boneyard photos that never got used. For today's Junkyard Gem, I have four shots from early 2007 of one of the rarest turbocharged machines of the 1980s: the Chevrolet Turbo Sprint. The Chevrolet Sprint was really a rebadged Suzuki Cultus, from the pre-Geo era when General Motors sold the Isuzu Gemini as the Chevrolet Spectrum, the Daewoo LeMans as the Pontiac LeMans and the Toyota Corolla as the Chevrolet Nova (soon enough, the Spectrum became a Geo, and the Nova became the Prizm). The second-generation Cultus appeared in 1988, becoming the Geo Metro on our shores the following year. The Turbo Sprint was available for just the last two years of the Sprint's 1985-1988 American sales run, and it appears that just a couple of thousand were sold; if I'd known at the time just how rare they were, I'd have shot more photos of this one at the now-defunct Hayward Pick Your Part. The turbocharged 993cc three-cylinder produced 70 horsepower, 22 better than the naturally-aspirated version. Since the Turbo Sprint weighed just 1,620 pounds (that's about 500 pounds lighter than a barely more powerful '22 Mitsusbishi Mirage), it was plenty of fun to drive. For 1988, the regular Sprint hatchback cost $6,380 while the Turbo Sprint listed at $8,240 (that's about $15,375 and $19,855 today, respectively). Believe it or not, a Turbo Sprint actually raced in the 24 Hours of Lemons 10 years ago, though it didn't end well. This ad is for the regular Cultus, not the Cultus Turbo, but the screaming guitars sound reasonably turbocharged. For the most part, Chevy Sprint marketing was all about cheap purchase price and stingy fuel economy… at a time when gasoline prices were cratering. Related Video: