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GM Cuts 15% of it's salaried workforce, may close up to 5 North American plants
Posted on 11/26/18 at 9:41 am
Posted on 11/26/18 at 9:41 am
quote:
General Motors is poised to close factories in Michigan, Ohio, Maryland and Canada, and slash 15 percent of its salaried workforce in a sweeping cost-cutting plan designed to boost its profits.
The Detroit-based automaker said it would end production by the end of 2019 at its Lordstown Assembly plant in northeast Ohio; its Detroit-Hamtramck Assembly plant in southeast Michigan; its Oshawa Assembly plant in Ontario; its Baltimore Operations parts plant; and its Warren Transmission Operations plant in southeast Michigan.
Assembly plants are job juggernauts. GM has about 1,500 employees at the Detroit plant, 1,600 at the Lordstown factory and 2,500 in Oshawa.
The announcement comes ahead of next year's contract talks with the United Auto Workers union, which could potentially lead to decisions to devote vehicles to those facilities.
But there's a serious chance that the plants close for good.
CEO Mary Barra is seeking to reposition GM for a future defined by self-driving cars, ride-sharing networks and electric vehicles.
The plan may signal the demise in the U.S. of several passenger cars that have been struggling, including the Chevrolet Cruze, the Chevrolet Impala and the Cadillac XTS.
The cuts will make GM "lean and agile" as the company aims to "lead in autonomous and lead in electric vehicles," Barra said.
Taken together, the moves will deliver more than $6 billion in additional annual cash flow by the end of 2020, GM said. That includes $4 billion in cost cuts and $1.5 billion in reduced capital expenditures.
GM said it would also close two additional plants outside of North America by the end of 2019. It will also continue with plans to close its plant in Gunsan, South Korea.
The workforce reduction will affect 15 percent of the company's salaried and salaried contract workforce. It's not clear how many of those cuts will be voluntary and how many will take the form of layoffs. GM offered buyouts to 18,000 workers several weeks ago.
The company said it would also have 25 percent fewer executives.
USA Today
How long until the Democrats try to blame Trump for GM being a bloated behemoth with shitty business practices?
This post was edited on 11/26/18 at 9:42 am
27
Posted on 11/26/18 at 9:42 am to TigersSEC2010
Those jobs either are or are not coming back depending on who you believe.
Posted on 11/26/18 at 9:44 am to TigersSEC2010
They shouldn’t make such shitty cars and trucks
Posted on 11/26/18 at 9:45 am to TigersSEC2010
People can only buy so many 60K dollar trucks and suvs, it's insane that most people do anyway.
I've been predicting a vehicle bubble for years, muh 96 month financing
I've been predicting a vehicle bubble for years, muh 96 month financing
Posted on 11/26/18 at 9:48 am to TigersSEC2010
quote:
CEO Mary Barra is seeking to reposition GM for a future defined by self-driving cars, ride-sharing networks and electric vehicles.
Don’t you still need an assembly line to manufacture and make self driving cars and electric vehicles?
Posted on 11/26/18 at 9:52 am to TigersSEC2010
quote:
The cuts will make GM "lean and agile"
not to worry:
Posted on 11/26/18 at 9:55 am to 90proofprofessional
quote:
not to worry:
Not his fault GM is cowtowing to the unions brah
Posted on 11/26/18 at 9:55 am to 90proofprofessional
They can build those junky electric cars, but people won't buy them. If they would build cars that the average person could afford and they could make a modest profit on they would sell so many they couldn't make enough.
This post was edited on 11/26/18 at 9:57 am
Posted on 11/26/18 at 9:55 am to TigersSEC2010
No surprise as the auto industry has been struggling for a few years now. Current vehicle costs just aren't sustainable. Do people really need $80K "luxury" trucks and SUVs? No but they think they do then they are stuck in one for 8 years. It's only going to get worse as interest rates rise and cheap money is harder to obtain.
This post was edited on 11/26/18 at 10:01 am
Posted on 11/26/18 at 9:57 am to TigersSEC2010
GM and Ford need to stop making shitty cheap cars.
Their trucks and SUVs are great.
Their cars suck. Need to go back to rear wheel driven luxury sedans imo
Their trucks and SUVs are great.
Their cars suck. Need to go back to rear wheel driven luxury sedans imo
Posted on 11/26/18 at 9:59 am to TigersSEC2010
I thought Obama saved GM. What gives?
Posted on 11/26/18 at 9:59 am to TigersSEC2010
American companies have almost completely hitched their wagon to luxury pickups and large SUVs.
This despite trends with younger adults, car sharing, and generally not wanting to drive and park a dually F450 in the city every day.
This despite trends with younger adults, car sharing, and generally not wanting to drive and park a dually F450 in the city every day.
This post was edited on 11/26/18 at 10:00 am
Posted on 11/26/18 at 10:00 am to TigersSEC2010
I'm shocked that GM is a poorly run company.
Posted on 11/26/18 at 10:00 am to TigersSEC2010
Not a good look for TRUMP
This post was edited on 11/26/18 at 10:00 am
Posted on 11/26/18 at 10:04 am to Lou Pai
quote:
Not a good look for TRUMP
The auto industry downturn has been a work in progress. Cash for Clunkers simply artificially propped them up for a while or else this would have already happened.
Posted on 11/26/18 at 10:06 am to Magician2
quote:
Don’t you still need an assembly line to manufacture and make self driving cars and electric vehicles?
Electric and self driving cars are no more than a silly bubble. They are the robot vacuum cleaners of the auto industry.
This post was edited on 11/26/18 at 10:11 am
Posted on 11/26/18 at 10:07 am to golfntiger32
quote:
They shouldn’t make such shitty cars and trucks
This. Plus I refuse to pay 40-50 thousand Federal Reserve Notes for something that will be ready for the junk yard in 10-15 years. I wouldn't hesitate to drive my 21 year old Tacoma from here to Alberta, Canada though. I ain't going to California.
Posted on 11/26/18 at 10:10 am to TigersSEC2010
These plants build sedans and small cars, the market has moved away from them. People want trucks and SUVs.
Posted on 11/26/18 at 10:10 am to Lou Pai
quote:Not a good look for OBAMA who bailed these guys out just a few years ago.
Not a good look for TRUMP
Posted on 11/26/18 at 10:15 am to Magician2
quote:
Don’t you still need an assembly line to manufacture and make self driving cars and electric vehicles?
1) I'm not getting in a self driving car ever.
2) What a surprise it's going to be for the owner of an electric car, when the $4000.00 battery pack requires replacing. As I understand it, you can't just replace one defective battery they all have to be replaced in numerical order.
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