BREAKING: GM is slashing 14,700 factory and white collar jobs in North America; may close five factories.
— The Associated Press (@AP) November 26, 2018
The jobs cut is about 15% of its workforce. In doing so, General Motors is killing multiple passenger cars, including the Chevrolet Volt and Chevrolet Cruze.
GM will close the Oshawa Assembly in Ontario, Lordstown Assembly in Ohio and Detroit-Hamtramck in Michigan after December 2019. It will also stop allocating production at propulsion plants in White Marsh, Md., and Warren, Mich., after December 2019.
So far, President Trump has been asleep at the switch and owes this community an explanation. We tried to get his attention on this issue two years ago. He promised us that his massive corporate tax cut would lead to dramatic reinvestments in our communities. (5/8)
— Congressman Tim Ryan (@RepTimRyan) November 26, 2018
-GM reported $6 billion in income & a tax cut of $514 million in the first 3 quarters of 2018
— maura quint (@behindyourback) November 26, 2018
-CEO Mary Barra got $22 mil in compensation in 2017 – 295 times more than the median GM employee’s salary
-So far in 2018 GM’s spent $100 mil in stock buybacks, enriching shareholders https://t.co/0c8SbBb62x
To be clear, what he’s saying is “not a bad thing” is the vast majority of Americans no longer being able to afford cars and instead it being just a luxury product for GM.
— John Whitehouse (@existentialfish) November 26, 2018
Trump on Auto Plants: “They’re going into Michigan and Ohio and all over. They’re coming into Illinois…they’re going North, South Carolina. They’re coming into Florida,” Trump said at an Oct. 27 rally in Murphysboro, Ill.
UPDATE:
Trump said he told [GM CEO Mary] Barra she had “better” reopen plants in the US soon.”We have a lot of pressure on them. You have senators and a lot of other people, a lot of pressure,” the President said. He said the company should find a car that sells better than the Chevy Cruze.
Trump, warning that GM's plant-closing decision amounts to "playing around w/the wrong person," directs CEO: "better damn well open new plant there very quickly" https://t.co/nYQjwbVHCN
— John Harwood (@JohnJHarwood) November 26, 2018