Along with fellow Detroit automaker Chrysler, GM submitted an updated viability plan to the U.S. Treasury Department yesterday containing details about its future products. Included within the document was a single image of the production-ready 2010 Cadillac CTS Coupe.
The coupe was previewed as a concept at the 2008 North American International Auto Show, but no production version has been seen up to this point. Compared with the concept, the biggest change appears to be the addition of B-pillars – a necessary evil to accommodate side-impact safety standards. Outside of that, changes are minimal to the overall design and consistent with the transformation from concept to production – headlamps, wheels, side vents, etc.
According to GM’s updated viability plan, it will cut 47,000 jobs over the course of the year, with 20,000 of those cuts happening in the U.S. In its last viability plan, GM said it would cut between 20,000 and 30,000 jobs in the U.S. over the course of the next four years. In addition to the twelve plant closings it was already planning, GM will now close an additional five plants by 2012.
To date, GM has received $13.4 billion in loans from the U.S. Treasury Department – but it may need up to $16.6 billion more by 2011 to avoid bankruptcy, according to its viability document. GM says that a traditional Chapter 11 Bankruptcy filing could cost the government anywhere from $83 to $103 billion, damage GM’s reputation with consumers, and severely restrict new car sales for years.
President Barack Obama’s automotive task force, headed by Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers, is expected to review both GM and Chrysler’s viability plans by the end of the week.