GM Stock Price Shoots Up On Announcement Of Thousands Of Job Cuts

GM to Close 8 Plants, Lay Off Close to 15,000 Workers

On the same day that GM announced layoffs of up to 14,000 workers at as many as five plants in North America, including MI and Ohio, Mr. Trump told reporters he had a stern phone call with CEO Mary Barra in which he reminded her of taxpayers' $80 billion bailout of the auto industry in 2008.

Plants without products include assembly plants in Detroit; Lordstown, Ohio; and Oshawa, Ontario.

The company has marked a sedan plant in Detroit, which makes the Buick LaCrosse, a compact vehicle plant in OH, and another assembly plant outside Toronto for possible closure.

On Monday, GM officials announced their decision to lay off 14,000 factory and white-collar workers in North America.

Too many of GM's factories are operating on a single shift to build models that have fallen out of favour, leading its plants to run about 1 million vehicles short of their full capacity, said Kristin Dziczek, vice president of industry, labor and economics for the Centre for Automotive Research in Ann Arbor, Michigan.

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.

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The company has said the additional tariffs have cost GM more than $1 billion. Meanwhile, the decision to idle the plants is part of a strategic shift away from cars and toward trucks and SUV's ― Americans continue to buy big as gas prices remain relatively low ― as well as electric and self-driving vehicles.

"We call on GM today, just as they called on all of us over a decade ago, please save our American jobs", UAW vice president Terry Dittes said.

The company said it will cut executive ranks by 25 percent to "streamline decision making".

Autonomous vehicles remain in testing and face a litany of safety and regulatory hurdles, while full battery-electric vehicles represent roughly 1 percent of USA sales this year, according to IHS Markit. While Wall Street embraced the news, sending GM stock up almost five percent, the announcement also sparked controversy.

The issue will be addressed in talks with the United Auto Workers union next year. GM has several plants running well below that.

The president said that the layoffs had nothing to do with tariffs and instead blamed Barra for making cars that don't sell.

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The White House has yet to comment on GM's plans.

As recently as 2012, passenger cars made up more than 50 percent of all USA new vehicle sales.

Barra said in a conference call with reporters that she wanted to transition the company when times were good.

At a rally near the plant past year, Trump talked about passing by big factories whose jobs "have left OH", then told people not to sell their homes because the jobs are "coming back".

In a press release, GM said it will cut 15 percent of its salaried workers and new products will be brought to fewer plants next year. So I said: "'Then put a vehicle that is selling well in there but get it open fast'". "We all know there is strong demand for manufacturing space in Detroit and we are willing to work with GM to fill all the available manufacturing space at Poletown with either GM-related entities or other companies".

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