Saturday, 23 February, 2019

GM Begins To Axe 4,000 Jobs As Part Of Restructuring

The General Motors headquarters building Modal Trigger The General Motors headquarters building Getty Images
Priscilla Morrison | 05 February, 2019, 22:16

But the move enraged Trump, who repeatedly lambasted GM CEO Mary Barra over the decision.

February's cuts will help to amass a projected cost savings of $2.5 billion in 2019.

It follows the automaker's announcement last November that it would idle three vehicle plants (plus two component plants) in North America due to slowing sales of sedan models built at the plants.

General Motors says it has largely completed salaried job cuts in Canada as part of a wider restructuring, though it confirmed Monday it was continuing to make more cuts overseas. In his rebuke of GM, Trump focused on the closures in OH, a state he won in the 2016 election.

GM Canada president Travis Hester has said the future of cars is electric, rather than internal combustion.

Along with letting workers go, GM is also closing four manufacturing plants in the United States and another in Canada. "You don't know if you should plan ahead for anything or not?" And he claimed GM would soon announce steps that could counteract the effect of the plant closures, though what those actions are remain unclear. A senior administration official said Friday the speech's theme would be "Choosing greatness".

More news: Raiders in Discussions With San Francisco Giants to Play at Oracle Park

Many salaried workers inside GM have said they and colleagues have been on pins and needles for the past two months, ever since GM said it would make involuntary cuts.

There are also concerns of a slowdown in the market in the next couple of years.

These cuts come after lukewarm interest in the automaker's voluntary buyout packages, an effort to reduce its white-collar salaried and contracted employees by 15%.

The cuts mostly affect salaried staff and include both blue- and white-collar positions. In addition, there were 1,500 contract employees who were not retained by the company.

GM (GM) is due to report financial results Wednesday and it is expected to report lower earnings.

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