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GM to slash 14,700 jobs in North America
28 November 2018, 01:58 | Kelvin Horton
General Motors To Close Ohio Plant, Thousands Affected
Trump tweeted his warning Tuesday, a day after GM announced it would shutter five plants and slash 14,000 jobs in North America.
Four factories in the USA and one in Canada could be shuttered by the end of 2019 if the automaker and its unions don't come up with an agreement to allocate more work to those facilities, GM said in a statement Monday. The company said this is part of a plan that restructures to cut costs and focus more on autonomous and electric vehicles. GM stock declined by over three percent after Mr. Trump's tweet was posted.
"You may find additional announcements coming on that topic".
National Economic Council Director Larry Kudlow on General Motors' decision to lay off 15 percent of its salaried North American workforce. USA automakers have enjoyed almost a decade of prosperity since the 2008-2009 financial crisis and the government bailouts of GM and the former Chrysler Corp. GM will also cease production of several auto models, including the Chevrolet Cruze and the Buick LaCrosse.
GM has begun what is expected to be a long and expensive transition to a new business model that embraces electrified and automated vehicles, many of which will be shared rather than owned.
Holden says these plans remain in place, despite the wide-ranging decisions taken in Detroit that will now see its global product development operations further "compressed" and major cutbacks made at production facilities in North America and elsewhere. Barra said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust.
Over the last two years, GM has been removing shifts from the Lordstown plant, causing approximately 3,000 workers to lose their jobs.
GM expects to hit the 200,000-vehicle threshold by the end of this year.
Cadillacs, while not entirely popular in the United States, are among GM's biggest sellers worldwide, particularly in China.
Around 6,700 line workers in the United States and Canada will be "at risk" of losing their jobs, but the United Auto Workers (UAW) union suggested Monday that layoffs and furloughs would be discussed in upcoming contract meetings. The Trump administration threatened to retaliate by withholding federal subsidies for the company's cars. Trump said he told the company that the US has done a lot for GM and that if its cars aren't selling, the company needs to produce ones that will.
Months later, though, Trump imposed new tariffs on imported steel and aluminum that increased prices for many American manufacturers, including carmakers.
Huston-Rough said the job cuts will be accomplished through "a combination of retirements, layoffs and work relocations".
GM will stop producing cars and transmissions at the plants through 2019. He said the decision to halt sales of the Chevrolet Cruze had "nothing to do with tariffs" but was because of poor sales.
GM workers in Oshawa walk out in protest of plant closure
The loan also appears to be attributed to a bankrupt version of the firm that was split off from a viable version of GM that year. Unifor national president Jerry Dias said in April that the Oshawa complex was headed for closure in June of this year.
Trump says he expects to raise tariffs on China
He said in the interview his tariffs could impact Apple products imported from China, including iPhones and laptops. Trump said that the next round of Chinese tariffs will be on consumer electronics coming in from the country.