General Motors shuttering plants, cutting 15% of workforce

General Motors To Close Ohio Plant, Thousands Affected

"I spoke with her and I said, 'This country has done a lot for General Motors - you'd better get back in there soon.' That's Ohio".

Trump criticised GM for not closing facilities in Mexico or China on Twitter.

"I pressed GM again to provide new opportunities to the Lordstown workers and take advantage of the skilled workforce there".

Kudlow, who met with Barra on Monday, said that Trump felt betrayed by GM, which the government had been trying to help.

On Monday, GM announced that it planned to cut 14,000 blue-collar and salaried jobs, or 15 percent of its total workforce, and halt production at five factories (four in the USA and one in Canada) next year in a bid to reduce costs amid slowing sales and changing consumer tastes.

The company also said it will stop operating two additional factories outside North America by the end of next year, in addition to a previously announced plant closure in Gunsan, Korea.

As recently as 2012, passenger cars made up more than 50 percent of all US new vehicle sales. For instance, GM plans to add hundreds of workers at its pickup truck assembly plant in Flint, Michigan, Morrissey said.

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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.

National Economic Council director Larry Kudlow also said Tuesday the White House's reaction was "a tremendous amount of disappointment maybe even spilling over into anger". Barra said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust.

The five North American plants affected by the move are the assembly plants in Detroit-Hamtramck and Lordstown, Ohio, as well as the one on Oshawa, Ontario, and the two engine and transmission production plants in Baltimore, Maryland, and Warren, Ohio, all of which employ some 14,500 people.

"We recognise the need to stay in front of changing market conditions and customer preferences to position our company for long-term success", Barra said. In the meantime, external forces-particularly, China, GM's largest market-have dented GM's bottom line, wiping out much of the company's savings from the GOP tax reform.

More than 16 months ago, the UAW confirmed that it was discussing with GM the potential threat to plants and jobs from slumping US sedan sales.

Its North American salaried workforce, including engineers and executives, will shrink by 15 percent, or about 8,000 jobs. That figure was about 50 percent cars just five years ago. GM said the cuts will boost automotive free cash flow by US$6 billion by the end of 2020 and result in one-time charges of up to US$3.8 billion in the fourth quarter of this year and first quarter of 2019.

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 USA over steel and aluminum.

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