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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:

Junkyard Gem: 1997 Oldsmobile Eighty-Eight LSS Supercharged

Oldsmobile got terminated by The General in 2005, in part because the marketing suits decided that the first three letters of the marque's name made the cars undesirable to the under-75 set (never mind that 21st-century rappers continue to venerate Oldsmobiles). Not long before the demise of Olds, though, you could buy an Eighty-Eight with the supercharged L67 V6, known as the Luxury Sports Sedan or LSS. These cars are very rare today, but I spotted this '97 in a Denver self-service wrecking yard. These Eaton blowers are now so easy to find in wrecking yards that most of them go unpicked by customers. The going rate for this supercharger is about 50 bucks, because everyone who wants one already has a big hoard of the things. If you have ever wanted to drop a supercharger onto your crapcan race car's engine, now is the time. Performance was respectable for the era, with output of 240 hp and 280 lb-ft. The 3800 was the descendant of the ancient Buick V6, which debuted way back in 1962, so GM had had many decades in which to make it a dependable (though not very smooth-running) powerplant. Yes, you could still buy big ol' sedans with rear drums at the dawn of the 21st century. Did the LSS steal any sales from potential BMW or Mercedes-Benz buyers? Probably not many, though its $27,695 price tag must have looked pretty tempting when compared to that of the much slower $32,960 Lexus ES 300 in 1997. Right now is the best time to make a resolution you'll enjoy sticking with. The reviewers at Popular Mechanics were unable to break the first-year LSS. Related Video: Featured Gallery Junked 1997 Oldsmobile Eighty-Eight LSS View 12 Photos Auto News Buick Economy Cars Classics Sedan supercharger

GM sees 'strong year' in 2018, then gold in Chevy Silverado for 2019

DETROIT — General Motors said on Tuesday it expects earnings in 2018 to be largely flat compared with 2017, but that profits should pick up pace in 2019 as its revamped line of high-margin pickup trucks hits the U.S. market. The 2018 earnings outlook was above market expectations, sending GM shares up more than 3 percent in premarket trading. "GM had a very good 2017 as we continued to transform our company to be more focused, resilient and profitable," GM Chief Executive Mary Barra said in a statement. "We are positioned for another strong year in 2018 and an even better one in 2019." GM and its Detroit rivals, Ford and Fiat Chrysler Automobiles, are bringing on new trucks at a time when overall U.S. new vehicle sales have been falling, but truck sales continue to grow as consumers abandon passenger cars in favor of pickups, SUVs and crossovers. GM on Saturday fired a new round in the battle for profits from one of the U.S. auto industry's most lucrative segments when it showed a new generation of its Chevrolet Silverado pickup truck at the Detroit auto show. The new Silverado, a highlight of the event, is the successor to GM's best-selling vehicle in North America. Sales of the current Silverado rose nearly 2 percent to 585,000 vehicles in 2017. In the coming months, the company will also reveal a revamped GMC Sierra pickup truck. U.S. new vehicle sales fell 2 percent in 2017 after hitting a record high in 2016, and are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. GM said on Tuesday that while it retools a factory in Ft. Wayne, Indiana, to make the new pickup trucks, it will shift some production to an Oshawa, Ontario, plant in order to avoid missing sales in a hot market for the vehicles. The No. 1 U.S. automaker said it will record a $7 billion non-cash charge for its fourth-quarter 2017 earnings related to deferred tax assets. GM said it expects capital expenditure in 2018 of around $8.5 billion, about $1 billion of which will go toward funding self-driving car technology. Last week, the company said it is seeking U.S. government approval for a fully autonomous car — one without a steering wheel, brake pedal or accelerator pedal — to enter the automaker's first commercial ride-sharing fleet in 2019. GM said it expects 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.