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GM throttles back Chevy Malibu, Buick LaCrosse production over swollen inventories

As inventory of the Chevrolet Malibu and Buick LaCrosse continues to pile up, General Motors will be idling its Fairfax Assembly Plant for two weeks, according to Automotive News. This move comes about a month after the plant was shut down for three weeks in late December and early January for the same reason. As of January 31, the GM had a 94-day supply of Malibu stock while the LaCrosse was a little worse with a 117-day supply.
Just last week, GM announced that it would be investing $600 million in upgrading this plant, but it's unclear what future plans the company has in store for Fairfax considering slow sales of both the plant's models. We do expect a refreshed and more luxurious LaCrosse shortly and an early design update for the Malibu to be announced at some point this year, although we have had no official word as to when either will happen.

Corvette owner finds stolen car, but can't get it back [w/video]

It's not too uncommon to hear about owners being reunited with their stolen cars decades after reporting them missing. The story of Terry Dietrich in Georgia starts that way with police finding her lost 1972 Chevrolet Corvette after over 40 years. However, this case takes a different turn because unless she wants to bid on it, Dietrich's likely not getting the 'Vette back. Just six months after purchasing it in 1972, Dietrich's blue Corvette was stolen in Georgia, and in 1975 the sports car found its way to a man in North Carolina. He kept the car right up until his death just a few months ago, and that's when restorer Gary Green bought the 'Vette from his widow, according to Yahoo Autos. Unfortunately, after acquiring the Corvette, Green found some major discrepancies. For one thing, the listed VIN pointed to a '69 convertible, and there was a different serial number on the frame. Green reported the problem to the local police, and they figured out it was the 'Vette Dietrich lost over four decades ago. Consequently, the cops impounded it. The issue now arises that while Dietrich is the victim of the theft, she isn't technically the car's last legal owner. After the Corvette was stolen, she reported the crime to her insurance company, and it paid on the claim, which essentially forfeited her ownership. To make matters slightly more confusing the company can't find the title on the 'Vette either, according to Yahoo Autos. That leaves the well preserved 'Vette sitting in a police impound lot. It will likely go to auction.

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