GM’s leadership is choosing to close plants in Michigan, Ohio, and Canada. Almost 15,000 people are going to lose their jobs after an almost $50 BILLION dollar bailout, about a decade ago, that GM lied about paying back.
General Motors will cut up to 14,000 workers in North America and put five plants up for possible closure as it abandons many of its car models and restructures to focus more on autonomous and electric vehicles, the automaker announced Monday.
The reductions could amount to as much as 8 percent of GM’s global workforce of 180,000 employees.
The restructuring reflects changing North American auto markets as manufacturers continue to shift away from cars toward SUVs and trucks. In October, almost 65 percent of new vehicles sold in the U.S. were trucks or SUVs. That figure was about 50 percent cars just five years ago.
GM is shedding cars largely because it doesn’t make money on them, Citi analyst Itay Michaeli wrote in a note to investors. READ MORE
The article above says ‘cut up to 14,000 workers’. But The WaPo said nearly 15,000 in an article headlined:
‘GM layoffs and plant shutdowns suggest U.S. economy may be starting to slow — and dent Trump’s claim of an industrial renaissance’
Which is exactly what GM, the liberal media, and Democrats are trying to do. Blame President Trump for General Motors’ business decisions in hopes of hurting President Trump’s reelection. Put the blame where it belongs and that is on Mary Barra. She is not only the CEO of General Motors but she is also the company’s largest individual shareholder with 520,608 shares of General Motors. Mary Barra puts herself and shareholders $$$ before American workers.
READ MORE: https://www.investopedia.com/articles/insights/052316/top-4-general-motors-shareholders-gm.asp
Trump said he was being tough on Barra. He said he told the company that the U.S. has done a lot for GM and that if its cars aren’t selling, the company needs to produce ones that will. READ MORE
Don’t let the media and Democrats blame Trump for this one.