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GM cutting Chevy Sonic, Buick Verano production by more than 20%

General Motors' Orion Assembly plant in Michigan is seeing even more production cuts this year to further reduce inventories of the Chevrolet Sonic and Buick Verano. These latest adjustments mean layoffs for about 100 workers in phases starting in July. "GM Orion Assembly will adjust plant production capacity to better align with market demand," the company said in a statement announcing the change. Through May, sales of the Sonic are down 28.5 percent to 29,082 vehicles, and the Verano is off 15.6 percent, with 15,279 sold this year. According to unnamed plant insiders speaking to Automotive News, the assembly rate is slowing at Orion Assembly from the current 33 cars an hour down to 26 an hour, a 21-percent reduction. GM is also reportedly going to keep the plant idle for three weeks during the normal summer shutdown, rather than the usual two. Earlier in the year, the factory was idled for two weeks due to excess supply of the Sonic and Verano. In March, it was closed again for several days for the same reason. The Orion Assembly plant is the future home to the line for the Chevy Bolt EV. GM Statement: GM Orion Assembly will adjust plant production capacity to better align with market demand. A phased layoff of approximately 100 employees will begin in July 2015 and conclude by year-end. Related Video: News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Chevrolet GM Hatchback Sedan buick verano orion assembly

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Meet the Greenest and Meanest vehicles of 2016

If you've been keeping track, you won't be surprised with the number one entry in this year's list of greenest cars from the American Council for an Energy-Efficient Economy (ACEEE). In fact, the top three spots on the 2016 list are all the same as they were in 2015. After that, things get interesting. For one thing, this is the first Greenest list that doesn't have any purely internal combustion engine powertrain on it. Hybrids, yes, but if you want to be one of the top 12 greenest cars this year, you'd better have some sort of electric angle. ACEEE says that the conventional, gas-powered Smart Fortwo and Chevrolet Spark just missed the cut. In a statement, ACEEE lead vehicle analyst Shruti Vaidyanathan said, "The 2016 scores are in, and plug-in electric vehicles are outpacing all other vehicle offerings in terms of environmental friendliness." Like last year, one of the noticeable vehicles missing from the green list is the Tesla Model S. One reason? ACEEE takes curb weight into account (lighter is better), and the Model S is a heavy beast. The ACEEE doesn't just look at the clean side of the ledger. It also puts out a "meanest" list. These are the vehicles that pollute the most, not only from their tailpipes, but also any pollution created during the entire manufacturing process, from mining the raw materials to the energy used to produce the vehicle at the factory. The entire list, from greenest to meanest, is done using a "cradle to grave" analysis. You can see how the ACEEE determines its rankings here, explore the entire greenest cars site here, or click through our galleries to see which vehicles are extra green (above) or extra mean (below) this year. 12: Mercedes-Benz GL550 4MATIC View 12 Photos More Electric Cars than Ever on Greenest Vehicles List Electric Vehicles Nab 9 out of Top 12 Spots in ACEEE's Environmental Vehicle Rankings Washington, DC: Despite a tumultuous year for the automotive industry, manufacturers have continued to offer exciting technology options for a growing vehicle market. Today at greenercars.org, the American Council for an Energy-Efficient Economy (ACEEE) released its 19th annual comprehensive environmental ratings for vehicles. The following vehicles comprise the Greenest List for 2016: Greenest Score 1. Mercedes-Benz Smart ForTwo Electric Drive Convertible / Coupe 63 2. Chevrolet Spark EV 63 3. Fiat 500E 62 4. Toyota Prius Eco 61 5. Volkswagen E-Golf 61 6. Nissan Leaf S / Leaf SV 61 7. Kia Soul Electric 59 8.