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GM profits threatened by glut of pickups

Automotive News reports that General Motors may slash production or ramp up discounts in order to deal with an oversupply of pickup trucks. GM currently has more than double the standard supply of pickups, and the vehicles are threatening to dampen the automaker's profits for 2013. Typically, automakers try to sustain a 60- to 75-day supply of vehicles, but GM is currently loaded with a 139-day supply, as of last month. At the end of November, the automaker was sitting on 245,853 units.
The manufacturer says that it will adjust production accordingly before laying any incentives on the profitable pickups. Even so, there's some concern that the inventory swell could hurt the roll-out of the next-generation Chevrolet Silverado and GMC Sierra. GM actually began slowly stepping back production in August, but it's clear the company will take further action as it heads toward the end of the year and into the next. Analysts predict the automaker could reduce pickup manufacturing by nearly half in the first quarter of 2013.
That still may not be enough to keep GM from laying extra cash on the Silverado and GMC Sierra. While the company's incentive spending was down in November compared to the same month in 2011, both the Ram 1500 and Ford F-150 saw double-digit percentage increases in sales last month while the Silverado and Sierra numbers slid compared to a year prior. Incentive spending could help move more trucks and add some balance to the GM inventory surge.

GM already raising prices on 2014 Silverado and Sierra pickups

General Motors must be pretty pleased with sales of its two newest pickups, the GMC Sierra and Chevrolet Silverado, as it's announced price hikes for both models, as part of a planned price tweak.
Prices will be bumped by as much as $1,500, although weirdly, they'll be offset by as much as $1,500 in cash-back offers through the end of October. Fox Business reports that GM spokesman Jim Cain said of the price hike, "With the sell down of the '13 models nearly complete, this price adjustment was planned and is a normal part of business."
The move, as Fox is quick to point out, is an interesting one, as sales of the twin pickups struggled last month relative to the Ford F-Series, while both of GM's crosstown competitors have been aggressively undercutting Silverado and Sierra prices. The F-150 starts at $24,070 and the Ram 1500 comes in at $23,600, not counting any cash on the hood. A base Silverado, meanwhile, retails at $25,575.

Chevy Corvette Stingray picks up another award, this time from Automobile

The new Chevrolet Corvette Stingray has picked up another buff book accolade after capturing Road and Track's Performance Car of the Year award. The seventh-generation of America's sports car (sorry Viper, Mustang, et al.) has been named Automobile Magazine's Automobile of the Year.
Automobile's award to the Corvette over competitors is the mirror image of its rival Motor Trend, which named the Cadillac CTS its car of the year over the C7. The CTS was, according to the Automobile team, the closest contender to the mighty Stingray. Great news all around for General Motors it seems.
As for what pushed the Corvette past its distant, four-door cousin, Automobile commended its excellent, 6.2-liter V8 calling the car's performance "simply awesome" while also remarking that it is easier to drive fast than ever before thanks to steering and chassis tweaks. Following a theme set by other publications, there were also plaudits for the interior, of all things, with the buff book complimenting the car's ergonomics and material quality, while also praising the standard seats.