GM slashing 15% of N. American salaried workers, discontinuing several vehicle models - Mercedes Benz SLK Forum

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#1 Old 11-26-2018
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GM slashing 15% of N. American salaried workers, discontinuing several vehicle models



DETROIT (AP) — General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles.

The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. Most of the affected factories build cars that won't be sold in the U.S. after next year. They could close or they could get different vehicles to build. They will be part of contract talks with the United Auto Workers union next year.

Plants without products include assembly plants in Detroit; Lordstown, Ohio; and Oshawa, Ontario. Also affected are transmission factories in Warren, Michigan, as well as Baltimore.

More than 6,000 factory workers could lose jobs in the U.S. and Canada, although some could transfer to truck and SUV plants.

GM, the largest automaker in the U.S. and includes the Chevrolet, Buick, Cadillac and GMC brands, 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.

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

GM doesn't foresee an economic downturn and is making the cuts "to get in front of it while the company is strong and while the economy is strong," CEO Mary Barra told reporters.

Barra said GM is still hiring people with expertise in software and electric and autonomous vehicles, and many of those who will lose their jobs are now working on conventional cars with internal combustion engines.

Barra said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust with it.

The factories up for possible closure are part of GM's effort "to right-size our capacity for the realities of the marketplace," as consumers shift away from cars to trucks and SUVs.

The company, she said, has invested in newer architectures for trucks and SUVs so it can cut capital spending while still raising investment in autonomous and electric vehicles.

The salaried reductions amount to 15 percent of GM's North American workforce out of 54,000. At the factories, 3,000 workers could lose jobs in Canada and another 3,600 in the U.S. Some U.S. workers would transfer to truck and SUV plants where GM is increasing output, the company said.

GM has offered buyouts to 18,000 retirement-eligible workers with a dozen or more years of service. It would not say how many have accepted the buyouts, but it was short of the company's target because GM said there will be white-collar layoffs.

The company expects to take a pretax charge of $3 billion to $3.8 billion due to the actions, including up to $1.8 billion of asset write downs and pension charges. The charges will take place in the fourth quarter of 2018 and the first quarter of next year.


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#2 Old 11-26-2018
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UK getting hit too.

Locally, workers taking action.

https://www.bbc.co.uk/news/uk-englan...yside-46323891

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#3 Old 11-26-2018
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Autonomous vehicles
Electric propulsion
Ride-sharing

These are the 3 things GM claimed as drivers of this cut of 15% of their workforce. Hmmm...... slap me silly, but where is the pent-up demand for electric vehicles? Tesla is practically hiding unsold vehicles (in tens of thousands) in unmarked "parking lots" around the country. Autonomous vehicles? Puleaze... the technology is still been tested, while the issues of insurance and liabilities remain unaddressed. Where is the demand for such vehicles today? I don't see it... do you?

And finally, ride sharing... this is even more nebulous. Ride sharing is only making in-roads into traditional taxi cab industry, so while GM may lose sedans traditionally used as taxis, they are sure to gain by private buyers looking to invest in newer cars for such activities. Afterall, Uber and Lyft maintain their drivers to have newer cars (<5 years old) so it should remain a zero-sum game for the likes of GM and other car manufacturers.

Will we see Toyota or Ford or Chrysler make similar cuts? Enquiring minds will like to know... but call me skeptical of this GM decision, especially stating it isn't about the economy.

It. is. always. about. the. economy.

The rosy-look today is far likely to turn into a recession by end of FY2019 to entering 2020. Buckle up people... its gonna be bumpy. Best to stay in cash awhile to ride out the bumps to come....
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#4 Old 11-27-2018
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VW gonna kick some american bum.

https://www.greencarreports.com/news...n-new-platform

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Electric vehicles - perhaps OK if you just want to go shopping but no good for travelling long distance ...oh, charging points are being installed at service areas presumably not enough if there is a large change to electric vehicles.

Did read somewhere some data compiled about electricity availability in the UK. The UK is near capacity and at times imports electricity from other countries in Europe. At present if there was a large uptake of electric vehicles there would be a shortage of electricity.

Also perhaps fine if you have a driveway but what happens if you live in a flat etc?

Suppose the other problem with modern vehicles they rust very little and the mechanics good for x00,000 miles with very little servicing required.
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I really feel sorry for the workers that loose there jobs.

7 reasons GM is headed to bankruptcy


https://abcnews.go.com/Business/story?id=7721675&page=1

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#8 Old 11-27-2018
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Don't we bail them out already? A chance for them to learn? In-grained corporate structure blind to needed changes then and now.


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