GM Cuts Jobs and Production, Canceling Some Car Models

Oscar PerryNov 28, 2018

Two as-yet unspecified sites outside of North America are also facing the end of the line. The Detroit-based company's shares surged. Up to 14,000 workers in the US and Canada will be laid off by the end of this year.

Mr Trump separately told the Wall Street Journal that GM should stop making cars in China and make them in the United States instead. However, that subsidy ends after 200,000 electric vehicles are sold by a company.

"I spoke with Mary Barra, the head of General Motors last night".

GM CEO Mary Barra said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust.

"We recognise the need to stay in front of changing market conditions and customer preferences to position our company for long-term success".

GM fell as much as 2.9 percent and traded down 2.4 percent at $36.73 at 2:16 p.m.in NY.

While industry-wide passenger auto sales were down 13.2 percent through the first nine months of the year, pick-up truck and SUV sales rose 8.3 percent.

Could Korean production be under threat?

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GM plans to halt production next year at three assembly plants - Lordstown, Ohio, Hamtramck, Michigan, and Oshawa, Ontario.

The Detroit auto giant, looking to slash $6 billion in costs by 2020, said Monday it would halt production at several plants in the USA and Canada, cut as many as 14,800 jobs and ditch several models including the Chevy Volt, Impala and Cruze, as well as the Cadillac CT6.

That didn't seem to placate Trump, who famously promised OH supporters their jobs were "all coming back" during a 2017 rally not far from GM's Lordstown facility, where production will grind to a halt in the spring.

"They say the Chevy Cruze is not selling well".

Those five plants now build cars that won't be sold in the USA after 2019, so they could close or get different vehicles to build.

As part of the restructuring, it will halt production at four factories in the U.S. and one in Canada, as it phases out certain models of slower-selling cars. "That's a real mismatch in a market where 40 per cent of the vehicles sold are crossover utilities".

The moves are meant to shift resources to investing in electric and autonomous vehicles and to prepare for a downturn in the auto market, the automaker said. I say, "Well, then get somebody - get a auto that is selling well and put it back in". The totals are imprecise in part because there may be some double-counting with employees who are taking the October buyout offer. Six models produced at those plants will also bite the dust.

The announcement is the biggest restructuring in North America for the US's largest automaker since its bankruptcy a decade ago. Those locations have yet to be announced, but its Korean operation has been under pressure for some time now.

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