Trump has harsh remarks for GM over layoffs

28 November, 2018, 03:30 | Author: Kevin Carter
  • Trump goes Godfather on General Motors

Not at all. We've let our position be known and we're not happy about it", "This country has done a lot for General Motors.

GM's stock rose almost 5% on the news Monday, then fell 2.5% Tuesday as President Trump threatened to cut federal subsidies to GM because of the layoffs.

While industry-wide passenger auto sales were down 13.2 percent through the first nine months of the year, pick-up truck and SUV sales rose 8.3 percent. Fiat Chrysler Automobiles got out of small and midsize cars two years ago, while Ford announced plans to shed all cars but the Mustang sports vehicle in the United States in the coming years. The news sent General Motors stock shares into a tailspin, despite earning as much as five percent in trading after the closures were announced on Monday.

"GM received record tax breaks as a result of the GOP's tax bill previous year, and has eliminated jobs instead of using that tax windfall to invest in American workers", he said in a statement. This is all in addition to the previously announced closure of the Korean plant.

CEO Barra told reporters that the firm is making the cuts "to get in front of it while the company is strong and while the economy is strong", although the firm said it was not anticipating an economic downturn.

Months later, though, Trump imposed new tariffs on imported steel and aluminum that increased prices for many American manufacturers, including carmakers.

GM (gm) said Monday it's laying off 15% of its workforce and retiring models such as Chevrolet Cruze, the Cadillac CT6, and the Buick LaCrosse.

While GM has been increasing its focus on highly popular trucks and SUVs, the company said in a statement it would also prioritise investment in "next-generation battery-electric architectures".

Republican lame-duck session priorities should be the wall tax cuts and defunding Planned Parenthood
GM slashing 15% of its salaried workers in North America

"It's like we're in a limbo now", said Marsh, a single mother who said she has a teaching degree to fall back on if the plant is closed.

In the fall, the Detroit automaker offered buyouts to 18,000 white collar workers, but it has yet to say how many accepted, or if its's close to meeting the staff reduction goals it set to better withstand leaner times.

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future", Barra said. The charges will take place in the fourth quarter of 2018 and the first quarter of next year.

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. They could close or they could get different vehicles to build. Some of the affected factories could resume production, depending on the outcome of the company's contract negotiations with the United Auto Workers union next year. I believe they'll be opening up something else.

Unions were also angered by the move and the UAW said "General Motors decision ... to stop production at the Lordstown, Ohio, and Hamtramck, Michigan, assembly plants will idle thousands of workers, and will not go unchallenged". Also on the line are transmission factories in Warren, Michigan, as well as Baltimore.

"Most of the one-shift plants are sedan plants", Dziczek said.

Trump was particularly frustrated with the prospects of a possible closure of a GM plant in OH, according to a transcript of the interview.

More news: USA asks foreign allies to avoid Huawei

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