GM plans to reveal $100M upgrade to Corvette factory
#1
Team Owner
Thread Starter
GM plans to reveal $100M upgrade to Corvette factory
Last Updated: May 04. 2011 1:00AM
GM plans to reveal $100M upgrade to Corvette factory
Christina Rogers / / The Detroit News
General Motors Co. today plans to announce it will invest $100 million to upgrade its Bowling Green, Ky., factory, where it makes the iconic Chevrolet Corvette, according to a person familiar with the plans.
GM North American President Mark Reuss is scheduled to make the announcement at the plant this morning, the person said. Reuss will be joined by Kentucky Gov. Steve Beshear and other public officials.
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It's unclear whether the improvements will add jobs at the plant, which employs 471 workers. No other details on the investment were available.
GM sells very few Corvettes each year, despite the car's racing prestige and popularity among enthusiasts. Last year, GM sold 12,624 Corvettes, a figure representing less than 1 percent of its total U.S. sales volume.
Pricing on the base model is $53,600; the high-end performance model — the mostly hand-built ZR1 — sells for $111,000.
Chevrolet is also enhancing the 2012 model year Corvette with a new seat design, an improved stereo and new tire options.
crogers@detnews.com
(313) 222-2401
From The Detroit News: http://detnews.com/article/20110504/AUTO01/105040334/GM-plans-to-reveal-$100M-upgrade-to-Corvette-factory#ixzz1LQD0WUCe
GM plans to reveal $100M upgrade to Corvette factory
Christina Rogers / / The Detroit News
General Motors Co. today plans to announce it will invest $100 million to upgrade its Bowling Green, Ky., factory, where it makes the iconic Chevrolet Corvette, according to a person familiar with the plans.
GM North American President Mark Reuss is scheduled to make the announcement at the plant this morning, the person said. Reuss will be joined by Kentucky Gov. Steve Beshear and other public officials.
Advertisement
It's unclear whether the improvements will add jobs at the plant, which employs 471 workers. No other details on the investment were available.
GM sells very few Corvettes each year, despite the car's racing prestige and popularity among enthusiasts. Last year, GM sold 12,624 Corvettes, a figure representing less than 1 percent of its total U.S. sales volume.
Pricing on the base model is $53,600; the high-end performance model — the mostly hand-built ZR1 — sells for $111,000.
Chevrolet is also enhancing the 2012 model year Corvette with a new seat design, an improved stereo and new tire options.
crogers@detnews.com
(313) 222-2401
From The Detroit News: http://detnews.com/article/20110504/AUTO01/105040334/GM-plans-to-reveal-$100M-upgrade-to-Corvette-factory#ixzz1LQD0WUCe
Last edited by John Shiels; 05-04-2011 at 05:51 PM.
#2
Team Owner
Thread Starter
Last Updated: May 04. 2011 11:42AM
GM: 250 jobs to be added at Corvette plant
Bruce Schreiner / / Associated Press
Bowling Green, Ky.— General Motors is investing $131 million in the Kentucky plant that assembles the Corvette, creating 250 new jobs.
Mark Reuss, GM's North America president, made the announcement today at the south-central Kentucky plant with Gov. Steve Beshear and local officials.
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GM says the investment will support production of the next-generation Corvette. The Bowling Green plant will continue building the current Corvette for at least the next two model years.
Nearly 400 production workers now assemble Corvettes. Chevrolet spokesman David Caldwell says some of the 250 jobs created might be filled by a pool of laid-off workers.
The plant has been home to Corvette production since 1981. Caldwell says at the plant's peak in the 1980s, it employed 1,000 people.
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From The Detroit News: http://detnews.com/article/20110504/...#ixzz1LQHYpnW7
GM: 250 jobs to be added at Corvette plant
Bruce Schreiner / / Associated Press
Bowling Green, Ky.— General Motors is investing $131 million in the Kentucky plant that assembles the Corvette, creating 250 new jobs.
Mark Reuss, GM's North America president, made the announcement today at the south-central Kentucky plant with Gov. Steve Beshear and local officials.
Advertisement
Click here to find out more!
GM says the investment will support production of the next-generation Corvette. The Bowling Green plant will continue building the current Corvette for at least the next two model years.
Nearly 400 production workers now assemble Corvettes. Chevrolet spokesman David Caldwell says some of the 250 jobs created might be filled by a pool of laid-off workers.
The plant has been home to Corvette production since 1981. Caldwell says at the plant's peak in the 1980s, it employed 1,000 people.
Subscribe to Detroit News home delivery and receive a SPECIAL INTRODUCTORY OFFER.
From The Detroit News: http://detnews.com/article/20110504/...#ixzz1LQHYpnW7
#5
Team Owner
Thread Starter
#6
Safety Car
Got this email from the NCCC Net just now:
GM Announces C7 to be Built in Bowling Green
The General Motors Corvette Assembly Plant was packed full of community and state leaders, GM officials, media and supporters of Corvette today in hopes of good news with regards to the future of Corvette and Bowling Green. It was good news indeed as GM North America President Mark Reuss took to the podium and announced their plans to invest $131 million in the Bowling Green Assembly Plant, "This facility is particularly thrilling for me to be at because I've had Corvettes, in fact, Corvette is one of the reasons why I went to work for the company a long time ago," said Reuss.
Reuss announced that the next generation Corvette, the C7, would be produced in Bowling Green and that 250 jobs would be created.
He added that the current generation will continue for about two more years while work happens behind the scenes to update the facility and ensure the Corvette will continue to be the true American sports car built here for many years to come. The C7 model is predicted to be debuted Spring of 2013 for a 2014 model year Corvette.
"As you know Bowling Green is a special place and not just to me and to GM but to Corvette lovers around the world. This place is THE mecca for those who appreciate true affordable sports car performance and they come from the four corners of the globe to see what you do here," said Reuss. "It is amazing and it is inspiring and it is very American."
The General Motors Corvette Assembly Plant was packed full of community and state leaders, GM officials, media and supporters of Corvette today in hopes of good news with regards to the future of Corvette and Bowling Green. It was good news indeed as GM North America President Mark Reuss took to the podium and announced their plans to invest $131 million in the Bowling Green Assembly Plant, "This facility is particularly thrilling for me to be at because I've had Corvettes, in fact, Corvette is one of the reasons why I went to work for the company a long time ago," said Reuss.
Reuss announced that the next generation Corvette, the C7, would be produced in Bowling Green and that 250 jobs would be created.
He added that the current generation will continue for about two more years while work happens behind the scenes to update the facility and ensure the Corvette will continue to be the true American sports car built here for many years to come. The C7 model is predicted to be debuted Spring of 2013 for a 2014 model year Corvette.
"As you know Bowling Green is a special place and not just to me and to GM but to Corvette lovers around the world. This place is THE mecca for those who appreciate true affordable sports car performance and they come from the four corners of the globe to see what you do here," said Reuss. "It is amazing and it is inspiring and it is very American."
#7
Burning Brakes
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Peanuts
I think the best part of the news is the commitment to a C7 in Spring 2013.
The $130M is peanuts in terms of upgrade/retooling an automotive assembly plant.
Also don't think the new jobs are long term,they simply need staff for the upgrade/retooling itself not to build cars later. In fact could be less jobs later if the $130M makes them more efficient.
Don't get me wrong, I think it is great news, just not that dramatic.
The $130M is peanuts in terms of upgrade/retooling an automotive assembly plant.
Also don't think the new jobs are long term,they simply need staff for the upgrade/retooling itself not to build cars later. In fact could be less jobs later if the $130M makes them more efficient.
Don't get me wrong, I think it is great news, just not that dramatic.
#8
Team Owner
Thread Starter
If they have 400 people making 12,000+ per year when the new model comes out I bet they will sell over 20,000 I think they will keep the extra employees.
#10
Drifting
#11
Safety Car
Go fart around in C6 general.... the new seat has been put in the '12 C6 and most assume it's a C7 seat pulled forward. For the longest time the reason for not upgrading the C6 seats was the crash testing certification costs etc. Well now that they've developed a new car and have to spend that money anyway they can put them in the C6.
It's the same seat frame but with new foam, bolsters, and covers. Supposedly you could buy the foam and covers and retrofit any C6 seat.
I think they did a nice job... look supportive, but still something you could take a long trip in.
It's the same seat frame but with new foam, bolsters, and covers. Supposedly you could buy the foam and covers and retrofit any C6 seat.
I think they did a nice job... look supportive, but still something you could take a long trip in.
#13
Safety Car
#14
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"Ask Tadge" Producer
- Suede on the surfaces
- Slightly enhanced shoulder lateral support
- New headrest required by federal mandate
The seat will still provide the same questionable lateral support for the hips and midsection, but add some for the shoulders. That may help a bit, but it's not going to make a massive difference. The suede will help prevent some sliding around as well.
I'm pretty sure the C7 seats are going to be a major departure from what we see here. In fact, I'd bet on it.
jas
#15
Safety Car
That's a very incorrect assumption, I can almost assure you. There's very little difference between the seat you see in that photo and the up-level C6 seat, save for:
The seat will still provide the same questionable lateral support for the hips and midsection, but add some for the shoulders. That may help a bit, but it's not going to make a massive difference. The suede will help prevent some sliding around as well.
I'm pretty sure the C7 seats are going to be a major departure from what we see here. In fact, I'd bet on it.
jas
- Suede on the surfaces
- Slightly enhanced shoulder lateral support
- New headrest required by federal mandate
The seat will still provide the same questionable lateral support for the hips and midsection, but add some for the shoulders. That may help a bit, but it's not going to make a massive difference. The suede will help prevent some sliding around as well.
I'm pretty sure the C7 seats are going to be a major departure from what we see here. In fact, I'd bet on it.
jas
IMO they should simply have a standard seat and an optional high-performance seat. As for the C7 seat or not... I really don't know. I do know that for years the reasoning mentioned on the forums for not updating the C6 seat was the certification costs. If that's the case then why would they spend the money to do something new like this for the last 2 years? Up until now most of the "new" stuff for the C6s has been just dipping into the parts bin and offering more variety.
#16
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"Ask Tadge" Producer
What people want is a more supportive seat made out of better materials. The "more supportive" part requires a different frame, and a change to how the airbag would sit in the side of the seat. Those things would require a crash test, which GM isn't interested in doing for C6.
jas
#17
Safety Car
The changes seen on the seat aren't enough to warrant a new crash test, and further, one of them was required by law (headrest). At no point did the restraint system change, nor the frame, nor any part of the seat that would possible affect safety in a crash. The side airbag is in exactly the same spot as it is in the current C6 seat, etc.
What people want is a more supportive seat made out of better materials. The "more supportive" part requires a different frame, and a change to how the airbag would sit in the side of the seat. Those things would require a crash test, which GM isn't interested in doing for C6.
jas
What people want is a more supportive seat made out of better materials. The "more supportive" part requires a different frame, and a change to how the airbag would sit in the side of the seat. Those things would require a crash test, which GM isn't interested in doing for C6.
jas
#18
Team Owner
Thread Starter
12,000 plus cars sold and how many make it to the track? Then How many are not satisfied with it at the track? They could care less about tracked cars. Anything good for the track sucks on the street because it is a struggle to get out of.
#19
Le Mans Master
Should we all decide to have automatic withdraw from our accounts or just pay them on Apr 15th as usual?
#20
Team Owner
Thread Starter
Last Updated: May 05. 2011 12:52PM
GM's first quarter profit: $3.2B
Christina Rogers / / The Detroit News
Detroit— General Motors Co. posted a $3.2 billion profit during the first quarter - its fifth consecutive quarterly profit, and further evidence the automaker continues to build momentum after its 2009 bailout.
"It's a solid quarter," GM's Chief Financial Officer Dan Ammann said this morning. "It's good progress. It sets up a good foundation for the rest of the year."
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Revenue from January through March was $36.2 billion.
The first-quarter results also included a number of one-time gains, including $1.6 billion from the sale of its interest in Delphi Automotive, and $300 million for the sale of preferred shares in Ally Financial, Inc., the financial arm formerly known as GMAC. Excluding special items, interest payments and taxes, GM earned $2 billion, compared to $1.7 billion in the first-quarter last year.
The financial results - GM's best first-quarter results in more than a decade -- benefited from growing demand its fuel-efficient vehicles, like the all-new Chevrolet Cruze, and robust sales in China, where GM is a market-leader.
GM was the last of Detroit's Big Three automakers to report its first quarter earnings; Ford Motor Co. last month posted a $2.6 billion profit for the first three months of the year; Chrysler Group LLC on Monday announced its first profitable quarter — $116 million — since exiting bankruptcy in 2009.
"GM's systemic reorganization and more market-attuned new models are together making a substantive impact on the company's ability to generate revenue and profit from its automotive operations," said Bill Visnic, senior analyst for online automotive research firm Edmunds.com.
"In 'right-sizing' itself for its current share of the market, and in designing and building more competitive vehicles in a broader range of market segments, GM is creating a much more viable foundation for consistent growth and profitability."
Automotive free cash flow for Detroit-based GM was negative $1.9 billion due to a one time $2.5 billion charge related to ending vehicle financing with Ally.
GM spokesman Jim Cain said the termination of its financing arrangement with Ally will generate savings down the line.
The $1.77 per-share profit largely beat analysts' estimates and more than tripled the $865 million the company earned in the first quarter 2010.
The rebound was most noticeable in North America, which posted a $2.9 billion profit during the quarter, compared to a $1.2 billion profit in the first-quarter last year.
GM's troubled European operations recorded a $390 million loss, as it continues restructuring there, but the company broke even on earnings, before special items, interest and taxes, a sign of improvement in its core automotive business.
Profits declined on GM's South American operations, but the company posted a $90 million in profit for the quarter, down from $265 million in the first quarter 2010.
GM's international operations reported a $480 million profit, excluding special items, interest and taxes, also down from the $908 million recorded the same quarter a year ago.
Ups and downs in the industry marked the quarter.
GM spent heavily on discounts and other sales incentives, hoping to spur sales during a typically sluggish month — a tactic that was heavily criticized by industry analysts, but appears to have worked.
GM sold 592,545 vehicles in the first quarter, up 26 percent from the same quarter 2010.
"For GM, first quarter was good but second quarter should be better," said Edmunds.com senior analyst Jessica Caldwell. "GM has already dropped incentives spending below $1,000 per car for some models, and the inventory crunch and busy summer selling season are still ahead of us."
Despite the strong performance, the automaker's stock has dipped below November's initial offering price of $33 a share several times. GM closed at $33.04 Wednesday.
Market reaction to the GM's first-quarter earnings will influence the government's ability to recoup the $49.5 billion spent on its 2009 bailout of the then-bankrupt automaker.
The U.S. Treasury remains a 26-percent stakeholder in the company, and will sell off its remaining 500 million shares to recoup what it can in emergency funding. The share price must rise to about $53 a share for the government to break even.
crogers@detnews.com
(313) 222 2401
From The Detroit News: http://detnews.com/article/20110505/AUTO01/105050428/GM-s-first-quarter-profit--$3.2B#ixzz1LWL2OLgo
GM's first quarter profit: $3.2B
Christina Rogers / / The Detroit News
Detroit— General Motors Co. posted a $3.2 billion profit during the first quarter - its fifth consecutive quarterly profit, and further evidence the automaker continues to build momentum after its 2009 bailout.
"It's a solid quarter," GM's Chief Financial Officer Dan Ammann said this morning. "It's good progress. It sets up a good foundation for the rest of the year."
Advertisement
Revenue from January through March was $36.2 billion.
The first-quarter results also included a number of one-time gains, including $1.6 billion from the sale of its interest in Delphi Automotive, and $300 million for the sale of preferred shares in Ally Financial, Inc., the financial arm formerly known as GMAC. Excluding special items, interest payments and taxes, GM earned $2 billion, compared to $1.7 billion in the first-quarter last year.
The financial results - GM's best first-quarter results in more than a decade -- benefited from growing demand its fuel-efficient vehicles, like the all-new Chevrolet Cruze, and robust sales in China, where GM is a market-leader.
GM was the last of Detroit's Big Three automakers to report its first quarter earnings; Ford Motor Co. last month posted a $2.6 billion profit for the first three months of the year; Chrysler Group LLC on Monday announced its first profitable quarter — $116 million — since exiting bankruptcy in 2009.
"GM's systemic reorganization and more market-attuned new models are together making a substantive impact on the company's ability to generate revenue and profit from its automotive operations," said Bill Visnic, senior analyst for online automotive research firm Edmunds.com.
"In 'right-sizing' itself for its current share of the market, and in designing and building more competitive vehicles in a broader range of market segments, GM is creating a much more viable foundation for consistent growth and profitability."
Automotive free cash flow for Detroit-based GM was negative $1.9 billion due to a one time $2.5 billion charge related to ending vehicle financing with Ally.
GM spokesman Jim Cain said the termination of its financing arrangement with Ally will generate savings down the line.
The $1.77 per-share profit largely beat analysts' estimates and more than tripled the $865 million the company earned in the first quarter 2010.
The rebound was most noticeable in North America, which posted a $2.9 billion profit during the quarter, compared to a $1.2 billion profit in the first-quarter last year.
GM's troubled European operations recorded a $390 million loss, as it continues restructuring there, but the company broke even on earnings, before special items, interest and taxes, a sign of improvement in its core automotive business.
Profits declined on GM's South American operations, but the company posted a $90 million in profit for the quarter, down from $265 million in the first quarter 2010.
GM's international operations reported a $480 million profit, excluding special items, interest and taxes, also down from the $908 million recorded the same quarter a year ago.
Ups and downs in the industry marked the quarter.
GM spent heavily on discounts and other sales incentives, hoping to spur sales during a typically sluggish month — a tactic that was heavily criticized by industry analysts, but appears to have worked.
GM sold 592,545 vehicles in the first quarter, up 26 percent from the same quarter 2010.
"For GM, first quarter was good but second quarter should be better," said Edmunds.com senior analyst Jessica Caldwell. "GM has already dropped incentives spending below $1,000 per car for some models, and the inventory crunch and busy summer selling season are still ahead of us."
Despite the strong performance, the automaker's stock has dipped below November's initial offering price of $33 a share several times. GM closed at $33.04 Wednesday.
Market reaction to the GM's first-quarter earnings will influence the government's ability to recoup the $49.5 billion spent on its 2009 bailout of the then-bankrupt automaker.
The U.S. Treasury remains a 26-percent stakeholder in the company, and will sell off its remaining 500 million shares to recoup what it can in emergency funding. The share price must rise to about $53 a share for the government to break even.
crogers@detnews.com
(313) 222 2401
From The Detroit News: http://detnews.com/article/20110505/AUTO01/105050428/GM-s-first-quarter-profit--$3.2B#ixzz1LWL2OLgo