Trump Tough on General Motors For 14,000 Layoffs Announced
Trump Tough on General Motors For 14,000 Layoffs Announced
GM slashing 15% of its salaried workers in North America
28 November, 2018, 03:33
President Donald Trump fired off tweets at General Motors Tuesday and sent the company's stock tumbling, showing he is still fuming about the news that the company has chose to close down several North American plants and potentially cut more than 14,000 jobs.
During its third-quarter earnings report last month, General Motors said it had benefited over $150 million in tax savings so far in 2018 from the GOP tax reform legislation passed past year.
The meeting was planned prior to GM's announcement on Monday, the official said.
Most of the factories to be affected by GM's restructuring build cars that won't be sold in the US after next year.
In addition to these plants, GM said that at the end of 2019 it will cease production at two other plants located outside North America, providing no further details but saying that it will do so in the very near future. In October, nearly 65 percent of new vehicles sold in the US were trucks or SUVs.
Work on six-speed transmissions made at the Warren, Michigan, transmission plant would stop August 1, while the Baltimore transmission plant would stop production April 1, GM said.
"There is disappointment that it seems like GM would rather build its electric cars in China rather than the United States", Kudlow said, confirming that the administration was looking into cutting subsidies for the company.
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The U.S. automobile manufacturer announced Monday it plans to cease work on the Chevrolet Cruze at a Lordstown, Ohio, plant and on three Chevy, Buick and Cadillac models at a Detroit-Hamtramck facility in MI.
In an investor call, Barra said some GM cars would no longer be available in North America, including the Chevrolet Cruze. "It emphasizes what a precarious position the North American auto industry is in, and why we needed the changes that we see in the new NAFTA".
In October, a spokesman for the company said GM remained committed to both the Cruze and continued sales of passenger cars overall.
Kudlow also made it plain that the agreement would be signed by representatives of all three countries later this week when G20 leaders gather in Buenos Aires for their annual meetings, something that's been in question as Canada and Mexico seek an end to their tariff standoff with the US over steel and aluminum.
While industry-wide passenger vehicle sales were down 13.2 percent through the first nine months of the year, pickup truck and SUV sales rose 8.3 percent.
General Motors announced that it would be laying off 14,700 workers, including 6,000 factory workers, and closing down four plants in the United States and one in Canada.
President Donald Trump, who has made bringing back auto jobs a big part of his appeal to OH and other Great Lakes states that are crucial to his re-election, said his administration and lawmakers are exerting "a lot of pressure" on GM.
Ontario Premier Doug Ford said he talked to the head of GM on Sunday and was told "the ship has already left the dock" when he asked if there was anything Ontario could do. It's expected to reach that point by the end of this year. Ford said in April it planned to stop building almost all cars in North America.
GM closed a plant in Indonesia in 2015 and fired 500 workers after reportedly losing about US$200 million on the Chevrolet Spin.
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