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GM to trim Russian output, raise prices amid currency woes

General Motors is shutting down its factory in Russia's second largest city, St. Petersburg, from the middle of March until the middle of May as the country's currency, the ruble, continues to give economists fits. The ruble's value has plunged due not only to western sanctions, but a precipitous fall in oil prices. We knew these factors were already impacting the auto industry there, as Ford reported in its 2014 earnings statement, and now they're forcing GM to cut production at the factory, shown above, that is responsible for production of the Chevrolet Cruze and Opel Astra. Meanwhile, Automotive News is citing Russian outlet Kommersant as saying that GM has hiked its prices in the country by an average of 20 percent over the past two months. While a GM spokesman confirmed the St. Petersburg plant would be shut down for the two-month span reported by Kommersant and AN, he would not confirm the price increase. News Source: Automotive News - sub. req.Image Credit: Alexander Nikolayev / AFP / Getty Images Earnings/Financials Plants/Manufacturing Chevrolet GM Opel opel astra

Why the Corvette is Chevrolet's billion-dollar baby

Edmunds has worked up a piece that tries to figure out just how much the global Chevrolet Corvette economy is worth, a spitballed guesstimate putting the number at more than $2.5 billion with the proviso that the number is probably low. It starts by taking Corvette's new car sales of 14,132 units last year, which would equate to $714,725,900 (including destination) assuming ever car sold was a base coupe with no options. In the final tally, a little extra padding gets that number up to $750,000,000.
But that's not all. Consider this: Many of the almost 1.4 million Corvettes produced over the model's history are still on the road. There are new parts being produced and aftermarket companies like Mid-America Motorworks deaing business, that single Illinois company doing more than $40 million a year in sales. There are the Corvette events large and small, restorers who do nothing but Corvettes, salvage yards that deal only in used Corvette parts and the Corvette magazines where owners find all this stuff.
And then there are the Corvette-themed tchotchkes, every single one of which provides a tiny contribution to the huge licensing royalties that General Motors collects every year. The article admits there's no way to come to an accurate number, but it just goes to show how valuable one specific model can be to a company.

GM recalling 521,817 cars in two campaigns

General Motors is issuing two, separate recalls covering a total of 521,817 vehicles worldwide. The larger campaign covers 468,887 units of the 2011-2012 Chevrolet Malibu. Specifically, 437,045 of these are in the US, and the rest are outside the country. In these sedans, a steel cable that connects the seat belt to the vehicle can fatigue and separate. GM knows of 36 claims about the problem but only one minor injury. According to The Detroit News, this happened when a taxi driver hit his head. To fix things, dealers will replace the "outboard lap mounting bracket," which will move the tensioner rearward. They'll also inspect and if necessary replace the steel cable and lap pretensioner. In the second campaign, 52,930 examples the 2015 Chevy Colorado and 2015 GMC Canyon have seat frame attachment hooks that were installed incorrectly during assembly. GM hasn't received any reports of crashes, injuries, or fatalities about this problem. Dealers will inspect the affected trucks and repair as necessary. GM spokesperson Alan Adler told Autoblog that he didn't yet have a specific date when affected owners would receive official mailings about either of these recalls. GM Statement General Motors is recalling 48,309 2015 model year Chevrolet Colorado and GMC Canyon midsize pickup trucks in the U.S. because certain seat frame attachment hooks were not properly attached to the vehicle body during assembly. Dealers will inspect the potentially affected seats for proper installation and repair if necessary. GM knows of no crashes, injuries or fatalities related to this condition. The total vehicle population of the recall is 52,930 including 4,620 vehicles sold in Canada. General Motors is recalling 437,045, 2011-2012 model year Chevrolet Malibus in the U.S. because the flexible steel cable that connects the safety belt to the vehicle can fatigue and separate over time as a result of occupant movement in the seat. Dealers will replace the outboard lap mounting bracket to relocate the tensioner slightly rearward. Dealers will inspect the cable and, if necessary, replace the lap pretensioner. GM knows of 36 claims, no crashes or fatalities and one minor injury reportedly related to the condition. The total vehicle population of the recall is 468,887 including Canada, Mexico and exports.