GM Is Laying Off 14,700 Workers




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ORIGINAL POST

POSTED BY Ed (17 days ago)
General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles.

The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. Most of the affected factories build cars that won’t be sold in the U.S. after next year. They could close or they could get different vehicles to build. They will be part of contract talks with the United Auto Workers union next year.

Plants without products include assembly plants in Detroit; Lordstown, Ohio; and Oshawa, Ontario. Also affected are transmission factories in Warren, Michigan, as well as Baltimore.

http://time.com/5463338/general-motors-gm-job-cuts-layoffs/

COMMENTS

Ed (17 days ago)
After Wasting $14 billion on Share-Buybacks, GM Prepares for Carmageddon , Cuts Employees, Closes 8 Plants

“We recognize the need to stay in front of changing market conditions and customer preferences,” explained GM CEO Mary Barra in perfect corporate-speak in the statement released this morning, as employees are fretting about their jobs.

The phrase, “changing market conditions,” in regular English means that sales are skidding in the US despite enormous incentives. GM’s new-vehicle deliveries in the US plunged 11% in the third quarter and are down 1.2% for the year. In Canada, GM’s sales have dropped 1.6% so far this year. GM apparently expects these “market conditions” to worsen further, and it’s getting ready for it.

So GM is going to cut 15% of its salaried workers and salaried contract workers. At the end of 2017, GM had 54,000 salaried workers in North America. Of them 52,000 are in the US.

That’s a lot of folks: 15% of those North American salaried workers amounts to 8,100 people. Included in this group are some people who may have already accepted voluntary buyouts.


And “to streamline decision making,” GM will slash 25% of its executives – starting with CEO Barra? Just kidding about the Barra part.

https://wolfstreet.com/2018/11/26/gm-after-14-bn-share-buybacks-prepares-for-carmageddon-shift-to-evs-cuts-workers-closes-8-plants/

https://wolfstreet.com/wp-content/uploads/2018/11/US-GM-share-buybacks.png


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