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GM CEO to meet with U.S. lawmakers over job cuts

WASHINGTON — General Motors Co Chief Executive Mary Barra plans to visit Capitol Hill next week to discuss the company's plans to halt production at five plants in North America next year and cut up to 15,000 jobs, two congressional aides said on Friday. GM has come under harsh criticism from lawmakers from both major political parties, and from President Donald Trump, since Monday when it announced the biggest restructuring for the U.S. No. 1 carmaker since its bankruptcy a decade ago. Barra is expected to meet with lawmakers from Michigan and Ohio, where GM plans to shutter three plants, as well as senior leaders in Congress. GM did not immediately comment. Barra has been calling lawmakers this week to explain the decision to end production. Trump has threatened to revoke subsidies for GM. The Detroit automaker plans to halt production next year at three assembly plants: the Lordstown small-car factory near Youngstown, Ohio; the Detroit-Hamtramck complex in Detroit; and the Oshawa, Ontario, assembly complex near Toronto. It will also stop building several models now assembled at those plants, including the Chevrolet Cruze, the Chevrolet Volt hybrid, the Cadillac CT6 and the Buick LaCrosse. Additionally, GM plans to shutter the Warren transmission plant outside Detroit and a plant that makes electric motors and drivetrains outside Baltimore, Maryland. The Cruze compact car will be discontinued in the U.S. market in 2019, although GM may continue building it in Mexico for other markets, Barra said. Reporting by David Shepardson. Related Video:

GMC talking to dealers about possible Jeep Wrangler competitors

With respect to the team at GMC, it's pretty much fair to say the manufacturer prospers on a lineup of nothing more than gussied up Chevrolets. The brand's successes aside, GMC can be boiled down thusly – the Sierra is a Silverado, the Terrain an Equinox, the Canyon a Colorado and the Acadia is a Traverse, albeit with sometimes dressier duds. Strictly speaking, it's not that simple – Acadia and Terrain have siblings beyond the Bowtie – but the brand is remarkable for its lack of distinctive models. That could change, though, as The Wall Street Journal is claiming General Motors has broached the idea of a building a GMC-badged competitor to the Jeep Wrangler during a meeting with dealers. WSJ claims the new off-roader would "borrow cues and capability" from the defunct Hummer brand. That, of course, could mean many, many different things. While the original Hummer, the H1, was an exceptionally capable vehicle off-road, the H2 and H3 weren't nearly as single minded. It's unclear if a Hummer-inspired, off-road-ready GMC would lean more towards the former than the latter. According to WSJ's report, the GMC Jeep appears to be in the very, very early planning stages, with one unnamed source saying the idea was "being kicked around real hard." GM is still courting dealers for feedback, while it refused the Journal's request for comment. What are your thoughts? Is a Wrangler competitor long overdue for GM? Do you think GMC is the best brand to introduce such a model? Have your say in Comments. Related Video: Featured Gallery 2013 Jeep Wrangler Unlimited Rubicon 4X4 View 12 Photos News Source: The Wall Street JournalImage Credit: Copyright 2015 AOL GM GMC SUV Off-Road Vehicles

GM posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC