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5 reasons why GM is cutting jobs, closing plants in a healthy economy

DETROIT — Even though unemployment is low, the economy is growing and U.S. auto sales are near historic highs, General Motors is cutting thousands of jobs in a major restructuring aimed at generating cash to spend on innovation. It's the new reality for automakers that are faced with the present cost of designing gas-powered cars and trucks that appeal to buyers now while at the same time preparing for a future world of electric and autonomous vehicles. GM announced Monday that it will cut as many as 14,000 workers in North America and put five plants up for possible closure as it abandons many of its car models and restructures to focus more on autonomous and electric vehicles. The reductions could amount to as much as 8 percent of GM's global workforce of 180,000 employees. The cuts mark GM's first major downsizing since shedding thousands of jobs in the Great Recession. The company also said it will stop operating two additional factories outside North America by the end of next year. The move to make GM get leaner before the next downturn likely will be followed by Ford Motor Co., which also has struggled to keep one foot in the present and another in an ambiguous future of new mobility. Ford has been slower to react, but says it will lay off an unspecified number of white-collar workers as it exits much of the car market in favor of trucks and SUVs, some of them powered by batteries. Here's a rundown of the reasons behind the cuts: Coding, not combustion CEO Mary Barra said as cars and trucks become more complex, GM will need more computer coders but fewer engineers who work on internal combustion engines. "The vehicle has become much more software-oriented" with millions of lines of code, she said. "We still need many technical resources in the company." Shedding sedans The restructuring also reflects changing North American auto markets as manufacturers continue to shift away from cars toward SUVs and trucks. In October, almost 65 percent of new vehicles sold in the U.S. were trucks or SUVs. That figure was about 50 percent cars just five years ago. GM is shedding cars largely because it doesn't make money on them, Citi analyst Itay Michaeli wrote in a note to investors. "We estimate sedans operate at a significant loss, hence the need for classic restructuring," he wrote. The reduction includes about 8,000 white-collar employees, or 15 percent of GM's North American white-collar workforce. Some will take buyouts while others will be laid off.

Paul Newman's overachieving 'Volvette' up for bid

For the longest time, it was the ultimate suburban family hauler. But this particular Volvo wagon had a life far beyond the Wegmans parking lots and high school playing fields. This particular 1998 V90 belonged to no ordinary soccer mom or dad, as Paul Newman owned it. Maybe he raced it around the rural roadways of Westport, Connecticut, with kids is tow or to pick up pizzas. The actor, who owned a race team in and out of three decades and racked up four SCCA National Championships, was given the “Volvette” as a surprise gift from one of his teams in 2007, so-called because it was crammed with a 400 horsepower 6.0-liter Chevy LS2 engine and four-speed automatic found in sixth-generation Corvettes from 2005 to 2007. The car, as well as dozens of artifacts of NewmanÂ’s racing career including rings, medals, art, and memorabilia, are on auction currently at RM Sotheby's online: High Speed: Paul NewmanÂ’s Racing Legacy. Bidding closes June 13. The V90 is one of two Newman machines on the block. Estimated winning bid is expected to be $20,000 to $25,000. NewmanÂ’s affection for Volvos dated back some time: his first pumped-up Swedish example was a1988 Volvo 740 powered by a 3.8-liter turbocharged V6 from a Buick Grand National. The car recently sold on Bring a Trailer for $87,777. The middle-child swapped Volvo was a 1995 960 with a supercharged 5.0-liter Mustang V8. Newman famously convinced friend David Letterman to get one (Letterman once co-owned Rahal Letterman Lanigan Racing). Quipping that Volvo station wagons were “just as ugly as homemade shoes,” Letterman nevertheless ordered one and went on to rave about it. With upwards of 400 horsepower or more, one such modified Volvo 960 tested by Car and Driver was as fast as a mid-Â’90s Mustang Cobra. The hot-rod Volvo currently on offer accommodates Porsche 911 components in the front end and mods to the driveshaft. Says the auctionÂ’s description, “The exterior was kept unchanged, as Newman was known to prefer a stock look with his Swedish station wagons.” Sadly, Newman had not enough years left to sufficiently enjoy the Volvette. He died of cancer at age 82 a year after it was given to him. Related video: Celebrities Buick Volvo Auctions Automotive History Wagon

The last Buick Cascada unceremoniously rolls off the assembly line

Motorists in the market for a new Buick Cascada need to act fast. Peugeot-owned Opel has built the last example of the drop-top model in its Gliwice, Poland, factory, and there's no replacement in sight. Buick announced the Cascada's demise in early 2019, and GM Authority learned the model went out unceremoniously. There's no indication that the final example received a commemorative plaque on its dashboard, or is headed to a private collection; photos of it aren't even available. The dealership who ordered it might not know it's about to receive the last specimen of the breed. As a non-luxury, front-wheel-drive convertible, the Cascada was marooned on an island that Buick's rivals abandoned halfway through the 2010s. The Chrysler 200 Convertible and the Volkswagen Eos were discontinued after the 2014 and 2015 model years, respectively. Landing in a class of one likely raised more than a few eyebrows in Buick's product planning division, but it was a semi-enviable position that helped the firm sell about 17,000 units of the Cascada between the 2016 and 2019 model years. It proudly pointed out about 60 percent of buyers were new to General Motors. Left-hand-drive examples of the Cascada were sold under the Buick and Opel banners. Right-hand-drive models joined the Vauxhall range in the United Kingdom, and they wore a Holden emblem in Australia. The four flavors were identical with the exception of some brand-specific trim pieces and powertrains. None will get a successor; the aforementioned carmakers are no longer operating under the same roof, and the global convertible segment is steadily shrinking.  The Cascada's multinational provenance made more sense before General Motors sold its Opel and Vauxhall divisions to PSA Groupe, the Paris-based carmaker that owns Peugeot, Citroen and DS. The French firm pledged to keep producing cars for Buick for as long as necessary, but the former sister companies tacitly agreed to stop co-developing vehicles. The sedan and station wagon variants of the Regal are now the only Opel-designed, PSA-built model left in the the Buick portfolio.