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GM CEO vows better performance 
Once the world’s largest and most powerful automaker, new GM is now leaner,
cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. But, GM, who faces the worst
auto sales slump in a quarter-century is confident. Chrysler emerged from bankruptcy in June and GM exited bankruptcy on July
10. The government now owns nearly 61 percent of GM compared to only 8 percent of Chrysler. Besides the U.S. government’s
61 percent controlling interest, the United Auto Workers union gets a 17.5 percent stake of the company through its retiree
health care trust, and the Canadian government will control 11.7 percent. Approximately 10 percent, the remaining shares went
to bondholders of the old company.
At a
news conference, CEO Fritz Henderson said the revamped automaker will be faster and more responsive to customers than the
old one. It will generate cash and repay billions in government loans ahead of a 2015 deadline.
The new company will build more cars and trucks that consumers want and launch
them faster than in the past, the CEO said. GM also announced plans to experiment with auctioning new cars on eBay, expanding
on an existing partnership covering certified used vehicles.
“We recognize that we’ve been given a rare second chance at GM, and we are very grateful for
that. And we appreciate the fact that we now have the tools to get the job done,” he said.
Known for its sluggish decision-making process and bloated management
ranks, GM will create a single, eight-member executive committee to speed up day-to-day decision-making, replacing two senior
leadership forums.
Henderson, 50, who
was promoted to chief executive in March, will run the global company and oversee its North American operations, said General
Motors Corp. will streamline its bureaucratic management structure, cutting U.S. salaried employment by 20 percent, or 6,150
positions, by the end of 2009. The cuts include 450 executive jobs.
Henderson was chosen when President Barack Obama said former CEO Rick Wagoner’s restructuring
plans didn’t go far enough.
Bob Lutz,
a legendary industry executive, was “unretiring” to become a vice chairman responsible for creative elements of
products, marketing and customer relationships, Henderson said. Lutz, 77, had previously planned to retire at the end of the
year after more than four decades in the auto business.
The automaker is launching a “Tell Fritz” Web site to allow owners and the public to share their
concerns with senior management, and Henderson plans to go out on the road every
month.
He said the U.S. government, which
owns a majority stake in GM, has vowed that it would not get involved in day-to-day decisions.
Henderson said that concessions made by the United Auto
Workers union just before the company entered bankruptcy protection have brought GM’s labor costs down where they are
fully competitive with Toyota Motor Corp.
I
remember as a kid back in the day that one of every seven jobs in America was in or related to the auto industry. Seems to
me that at least there is an even playing field with GM and the Japanese auto makers. I hope the American public will give
a serious look and a preference to the American auto manufacturers in order to keep US competitive in the marketplace and
employ Americans.
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1970 Hemi ‘Cuda 
 
Plymouth had …. uh … let’s say “nerve.”
The company’s resounding message in the case of the Hemi ‘Cuda was: “Damn the insurance company torpedos—
full speed ahead!” The car tested out like a rocketship, as you’ll see in the performance figures at the end of
this essay. As Chrysler maven Cliff Gromer’s Mopar Muscle magazine put it, “The new E-bodies offered a home for
ol’ King Kong hisself—the 426 Hemi.”
When
the redesigned 1970 Plymouth Barracuda came to the muscle-car market, there would be no excuses for not putting a big engine
in the gaping crater under its wide hood. Design engineers had stretched the car sideways by more than 5 inches and increased
both the front and rear tracks by 3 inches. As a result, any Chrysler Corporation engine would fit in the engine bay, right
up to the street version of the “Monster Masher” racing power plant—the 426-cid Hemi.
The Hemi was an $871.45 option for the muscular ‘Cuda sport coupe
(which was base priced at $3,164) and the convertible (which carried a $3,433 window sticker total). The ‘Cuda came
standard with another big-block mill—the 383-cid/355-hp V-8. No wonder Chrysler listed the ‘Cuda as a member of
its “Rapid Transit System.”
Totally redesigned,
the 1970 Barracuda offered buyers a wide menu off models and engines. Three styles were available with a long list of engines.
The specialty performance class ‘Cuda’ offered an innovative ‘shaker’ hood option. A classy Gran Coupe
was the top-of-the-line. Even the 426-cid ‘Street Hemi’ was now offered in special Barracudas, built in limited
numbers. Standard equipment in Barracudas included high-back bucket seats with all-vinyl trim; integral head rests; molded
door and quarter trim panels; flood-111 instrument panel; three-spoke woodgrain steering wheel; floor shift; carpeting; standard
225-cid six and E78-15 fiberglass-belted tires. The Gran Coupe had all Barracuda items plus body sill, wheel lip, and beltline
moldings; Gran Coupe emblems; leather bucket seats and consolette in Knit Jersey (hardtop only); molded headliner; and in
convertible, leather bucket seats; DeLuxe vinyl or cloth and vinyl trims were available at lowered cost. The ‘Cuda’
carried all Gran Coupe equipment plus the four-barrel ‘383’ V-8; heavy-duty suspension and drum brakes; ‘Cuda’
ornamentation; and F70-14 raised white letter tires.
Street
Hemis got new hydraulic valve lifters for 1970, but a new cam profile gave the Mopar engineers no reason to alter the 425
advertised hp rating. The Hemi’s two Carter AFB four-barrel carburetors breathed through the Air Grabber “shaker”
hood scoop.
In order to get the horses to the pavement,
Hemi-powered ‘Cudas and other big-engined Barracudas relied on heavy-duty drive-line parts. There was a choice of the
New Process A-833 four-speed manual gearbox or the 727 TorqueFlite automatic. A Dana 9 3/4-inch differential was kept in place
by a leaf-spring rear suspension with six leaves on the right and five leaves plus two half-leaves on the left. Fifteen-inch-diameter,
7-inch-wide wheels held F60 x 15 tires.
In short, power
was the Hemi ‘Cuda’s long suit. Not long was the list of buyers. Insurance companies did not look kindly
on Hemi ‘Cudas and did not care if they could do 0-to-60 mph in 5.8 seconds and run down the quarter-mile in 14.1 seconds
at 103.2 mph.
Production
Hemi Cudas, particularly the convertibles, definitely fall into the "Holy
Grail" category when it comes to American muscle cars. Only 652 1970 Hemi Cuda hardtops were built, and just 14
convertibles were sold in the U.S. market (three were also built for sale in Canada, and one other convertible was sent overseas).
Collector Pricing
The 1970 Hemi ‘Cuda coupes have been grabbed at auction in recent years for as little as $150,000.
Others have gone for much more — although the 1971 Hemi Cudas are even rarer and more expensive. The sky is the limit
for ‘70 Cuda convertibles prices. An East Coast collector has the first ‘70 ragtop off the assembly line and some
estimates have put its market value in the $5 million range.
While
the Hemi craze has undergone a bit of a market correction as of late, the 1970 Hemi ‘Cuda still attracts top dollar
when offered. Rare enough in authentic form, this car has spawned many imitators in replica form, and even these garner illogical
money.
In current market, a pair of No. 2 condition
‘70 Hemi ‘Cuda coupes sold for $270,000 and $227,000 at the recent Mecum Indianapolis sale while a No. 1 example
sold for $400,000 at the January Russo and Steele Scottsdale auction.
The Mopar Hemi cars were about as good as it got during the Golden Age of muscle cars, and the 1970 Hemi
Cuda was certainly one of fiercest. Today, it is one of the rarest and most coveted.
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