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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 isn't liable for punitive damages in ignition switch cases

NEW YORK — A federal appeals court said General Motors is not liable for punitive damages over accidents that occurred after its 2009 bankruptcy and involved vehicles it produced earlier, including vehicles with faulty ignition switches. The 2nd U.S. Circuit Court of Appeals in Manhattan said on Tuesday that the automaker did not agree to contractually assume liability for punitive damages as part of its federally-backed Chapter 11 reorganization. GM filed for bankruptcy in June 2009, and its best assets were transferred to a new Detroit-based company with the same name. The other assets and many liabilities stayed with "Old GM," which is also known as Motors Liquidation Co. Tuesday's 3-0 decision may help GM reduce its ultimate exposure in nationwide litigation over defective ignition switches in several Chevrolet, Pontiac and Saturn models. It is also a defeat for drivers involved in post-bankruptcy accidents, including those who collided with older GM vehicles driven by others, as well as their law firms. The ignition switch defect could cause engine stalls and keep airbags from deploying, and has been linked to 124 deaths. A lawyer for the drivers and their law firms did not immediately respond to requests for comment. GM had no comment. Circuit Judge Dennis Jacobs said GM's agreement to acquire assets "free and clear" of most liabilities excused it from punitive damages claims for Old GM's conduct. He also noted that the judge who oversaw the bankruptcy concluded that the new company could not be liable for claims that the "deeply insolvent" Old GM would never have paid. The decision upheld a May 2018 ruling by U.S. District Judge Jesse Furman in Manhattan, who oversees the ignition switch litigation. Drivers have sought a variety of damages in that litigation, including for declining resale values. GM has recalled more than 2.6 million vehicles since 2014 over ignition switch problems. It has also paid more than $2.6 billion in related penalties and settlements, including $900 million to settle a U.S. Department of Justice criminal case. The case is In re: Motors Liquidation Co, 2nd U.S. Circuit Court of Appeals, No. 18-1940. Government/Legal Chevrolet Pontiac Saturn Safety gm ignition switch

Buick Velite is a not-so-Volt-like plug-in hybrid concept for China

Is the Buick Velite a Volt by any other name? That's a question worth asking after General Motors said that the Buick Velite concept vehicle will make its global debut at the Guangzhou Auto Show later this month. GM says the car "will provide a template for upcoming models being launched under the Buick Blue new energy vehicle strategy." Whether that means the Velite is a variant of the second-generation of the Chevrolet Volt extended-range plug-in is open to interpretation. Some automotive publications, including Autoweek, are saying that's the case, but GM China doesn't mention the Volt in its press release, only saying that the car is a "high-performance" plug-in hybrid vehicle. As we know, GM doesn't use the "PHEV" descriptor for the Volt, which makes us thing the Velite's powertrain is more like the Cadillac CT6 PHEV. Either way, the concept was developed by the Pan Asia Technical Automotive Center (PATAC), which is a joint venture between GM and Shanghai-based SAIC. As far as the name, GM has been shopping the Velite moniker around for a while now. The automaker first used Buick Velite for the convertible concept vehicle it showed off at the 2004 New York Auto Show. More recently, GM in 2014 filed to use the name for the US variant of its Opel Cascada four-seat convertible model, which debuted in 2013. As for the second-generation version of the Volt, that model appears to be gaining favor in the US. Domestic sales of the Volt through October have surged 64 percent from a year earlier to more than 18,500 units. The new version boosted its all-electric range by 40 percent to 53 miles while increasing its power output by 20 percent. Related Video: News Source: General Motors via Autoweek, Automotive News-sub.req. Green Buick Chevrolet Electric Hybrid PHEV buick velite