Economy

Trump Slams GM, Threatens Company

Trump Slams GM, Threatens Company”

GM also plans to close an assembly plant and a transmission plant in OH, along with an assembly plant in Canada. Now, GM says the Cruze will no longer be sold in the USA and production will end March 1.

And on Facebook, the Maryland Democrat wrote: "General Motors is now choosing to move factories overseas instead of choosing to invest in workers here in the United States".

Shares of GM, the largest automaker in the US which sells the Chevrolet, Buick, Cadillac and GMC brands, rose almost 6 percent on the news to $37.93 in midday trading Monday.

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.

"General Motors made a big China bet years ago when they built plants there (and in Mexico) - don't think that bet is going to pay off", he added. About 6,000 factory workers could lose jobs in the USA and Canada, although some could transfer to truck plants.

White House economic adviser Larry Kudlow said at Tuesday's White House press briefing that he met with Barra on Monday to talk about the layoffs. The company said this is part of a plan that restructures to cut costs and focus more on autonomous and electric vehicles.

"Well, it's one plant in Ohio". "We're going to get those jobs coming back, and we're going to fill up those factories or rip them down and build brand-new ones". I said well get a vehicle that is selling well and put it back in.

She said: 'This industry is changing very rapidly, when you look at propulsion, autonomous driving and ride sharing.

The firm on Monday announced plans to reducing its salaried workforce by 15% and shut eight factories around the world.

GM plans to halt production next year at three assembly plants: the Lordstown small-car factory near Youngstown, Ohio; the Detroit-Hamtramck complex in Detroit; and the Oshawa, Ontario, assembly complex near Toronto.

GM said the moves will save $6 billion in cash by the end of next year, including $4.5 billion in recurring annual cost reductions and a $1.5 billion reduction in capital spending.

As part of the restructuring, it will halt production at four factories in the United States and one in Canada, as it phases out certain models of slower-selling cars. They make a auto called Chevy Cruze. I said: 'I heard you're closing your plant.

Ohio's incoming governor and lieutenent governor, Mike DeWine and Jon Husted, said they would visit GM in person to make the case for saving the Lordstown plant.

Those cuts are in addition to $6.5 billion that the company has announced by the end of this year.

"It's very understandable, given all the hype associated with the trade agreement, and, you might say, the troubled relationship between your prime minister and our president, that it's some sort of reaction to the tariffs on steel and aluminum", said MI business professor Marick Masters.

GM will stop producing cars and transmissions at the plants through 2019.



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