So much for all those knuckleheads that thought Donald Trump would come to the rescue for the American working man and woman…..
General Motors announced Monday that it would shutter as many as five auto manufacturing plants in North America — four in the United States — and cut thousands of jobs across the company.
GM said it would not assign products in 2019 to auto assembly plants in Detroit-Hamtramck, Mich.; Lordstown, Ohio; and Oshawa, Ontario, and propulsion plants in Warren, Mich., and White Marsh, Md.
Those five plants assemble and produce parts for several Chevrolet, Cadillac and Buick vehicles that GM said would be discontinued within the next two years. As many as 5,901 hourly and 804 salaried workers could lose their jobs if GM does not allocate a new product to the plants.
The Associated Press reported that GM will cut almost 15,000 hourly and salaried jobs in North America. News channel WFMJ, the NBC affiliate station in Lordstown reported that employees were told the plant will close in March.
Reuters, meanwhile, reported that Canadian auto worker union Unifor said Sunday it was told by GM that there would be no product allocated to the Oshawa plant in 2020.
GM also said it would cut the company’s corporate workforce by 15 percent and slash 25 percent of executive positions in an effort to save $6 billion in costs and capital expenditures by the end of 2020. The company offered buyouts to 50,000 salaried employees in October and aimed to reduce its corporate workforce by 18,000 jobs, according to Reuters….
GM stock has CLIMBED on this news….
White House financial guy Larry Kudlow will meet with GM senior management….