General Motors to slash 14,700 jobs in USA and Canada
Nov 27, 2018, 00:45
The US carmaker has also announced it will close three plants outside North America by the end of 2019.
GM jumped as much as 7.9 percent to US$38.75, the highest since July, as of 12:20 p.m.in NY trading. The Detroit-Hamtramck Assembly produces the Buick LaCrosse, Cadillac CT6, Chevrolet Impala, and Chevrolet Volt. The Cruze compact auto will be discontinued in the USA market in 2019.
GM's Oshawa plant assembles the Chevrolet Impala and Cadillac XTS and finishes Chevrolet Silverado and GMC Sierra trucks. But the automaking leader of the future may not be GM or one of its traditional rivals. The company has said tariffs on imported steel, imposed earlier this year by the Trump administration, have cost it $1bn. The company offered buyouts to 18,000 white-collar workers in October, but hasn't said how many accepted.
Senator Rob Portman is urging GM to bring a new the production of another vehicle to the Lordstown plant.
Numerous cars that General Motors says it will cease producing were hailed as major break-throughs when introduced.
Canadian Prime Minister Justin Trudeau said he had spoken to Barra to express his "deep disappointment in the closure" of the plant in the Ontarian town of Oshawa.
GM said the moves will save $6 billion in cash by the end of next year, including $4.5 billion in recurring annual cost reductions and a $1.5 billion reduction in capital spending.
"In contrast to times past..."
GM said it was ending Volt production because the vehicle was meant to be a bridge to fully electric cars when it was introduced about a decade ago.
GM is reportedly slashing 14,700 factory and white collar jobs in North America, and may close five factories.
GM doesn't foresee an economic downturn and is making the cuts "to get in front of it while the company is strong and while the economy is strong," Barra told reporters. At GM's Detroit headquarters on Monday, there were signs directing people to a "new hire orientation" meeting. The company said it is aiming to save $6.5 billion in "cost efficiencies" through 2018.
Both U.S. vehicle assembly plants scheduled to stop production next year now build slow-selling passenger cars.
Trump said Monday that he was unhappy about the Lordstown plant stopping production, and that GM should use the factory for another auto.
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A rule of thumb for the automotive industry is that if a plant is running below 80 percent of production capacity, it is losing money.
It was expected that GM needed to address underutilization of its plants. The automaker in June ended the second shift at its factory in Lordstown, Ohio, cutting 1,500 workers.
"Every time we have a problem with a point, I just put up a picture of a Chevrolet Impala", the USA president was reported to have said.
He hadn't previously paid attention to politics, but in July 2017 he went with his mom and aunt to a Trump rally in Youngstown, Ohio, where the president essentially promised to save his job.
Barra is reducing staff from operations that make conventional cars and hiring people who can design electric cars or add software prowess to GM Cruise LLC, the automaker's autonomous vehicle unit in San Francisco.
Bobbi Marsh, who has worked assembling the Chevrolet Cruze compact auto at the OH plant since 2008, said she can't understand why the factory might close given the strong economy.
Rivals Ford Motor Co and Fiat Chrysler Automobiles NV have both curtailed US auto production. Ford said in April it planned to stop building almost all cars in North America.
Many drivers see them as emblematic of a presidency disconnected from day-to-day economic difficulties. "I'm very disappointed. But up to 200 people were later seen walking down the street, apparently heading toward the Elysee presidential palace.
Al-Jubeir said the kingdom is investigating and holding those responsible to account "to make sure this doesn't happen again". Erdogan has said Turkey also played the recordings to Saudi officials, something Shalaan declined to confirm or deny.
Traders said recent weakness in equities has fanned concerns about global growth, which is also contributing to declines in oil. He's kept at it even as prices have plunged, tweeting on November 12 that he hoped Saudi Arabia and OPEC wouldn't cut output.
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Washington Wizards have a 5-11 record (5-11 against the spread ) so far this season and now sit in the 11 place of the East. The lightning-quick point guard's contract extension, agreed to previous year , has not even begun kicking in yet.
Whitaker, who was serving as chief of staff for Sessions, was not serving a post that required Senate confirmation. The president's position is that he could if he wants, but he doesn't want to because it would look bad .
Alcindor in a tweet came to Phillip's and Ryan's defense, calling Phillip "a smart, professional, and hardworking journalist". She added , "He's not apparently built for this". "CNN should be ashamed of itself having you working for them", Trump said.
China is now the second-biggest aid donor to the region behind Australia, rising from almost nothing a decade ago. Instead, Papua New Guinean Prime Minister Peter O'Neill - who is the chair - will issue a chairman's statement.
Since Sessions resigned at Trump's behest, the president would not need Senate approval to appoint an acting attorney general. He also tweeted an ex-prosecutor's opinion piece that described a "Mueller lynch mob", which he said was "worth a read".
Victoria's premier, Daniel Andrews, praised the police and bystanders who rushed to help "complete strangers". Ashton said the three victims, all men, and the suspect were transported to the Royal Melbourne Hospital.
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