The restructuring reflects the changing US and North American auto markets as manufacturers continue a dramatic shift away from cars toward SUVs and trucks. Some will take buyouts while others will be laid off. The statement continued, "Many of the USA workers impacted by these actions will have the opportunity to shift to other GM plants where we will need more employees to support growth in trucks, crossovers and SUVs". It will also stop building models assembled at those plants, including the Chevrolet Cruze, the Cadillac CT6 and the Buick LaCrosse.
The restructuring reflects changing North American auto markets as manufacturers continue to shift away from cars toward SUVs and trucks. In October, nearly 65 percent of new vehicles sold in the US were trucks or SUVs. Some 75 percent of its global sales will come from just five vehicle architectures by the early 2020s.
He said that the administration would be looking at certain electric vehicle subsidies, but that he "can't say anything final about that".
These are the six cars that GM's range is dropping due to poor - and worsening - sales.
"I implore President Trump to keep his word when he came to the Mahoning Valley past year and promised jobs were 'all coming back".
General Motors' announcement that it planned to idle five manufacturing plants devastated working-class families in Michigan, Ohio, Maryland and Ontario. This is all in addition to the previously announced closure of the Korean plant.
U.S. tourist killed by Indian tribe in Andaman islands, 7 held
Incidentally, the island is inhabited by the Sentinelese who refuse to connect with the rest of the world. The tribal people reportedly fired arrows at helicopters sent to retrieve the bodies.
When asked whether there's any consideration of taking steps to help the 14,000 workers being laid off, akin to the subsidies for farmers hurt by Chinese tariffs, Kudlow said GM CEO Mary Barra had told him there is talk of shifting at least some of the workers to other plants in Texas or MI.
"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.
Mr. Trump said Monday he is "not happy" with GM's decision and warned Ms. Barra to build another plant in OH soon. He said it was "clear" that GM "doesn't respect" the Lordstown workers, and slammed the auto company for not doing enough to reinvest the savings from its tax cuts.
"Everything is up in the air", she said. If this were to happen, it could prove disastrous for the company as it has plans to introduce at least 20 new electric vehicles by 2023. Barra said the company will double resources dedicated to electric and self-driving vehicles over the next two years.
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 company announced on Monday it will halt production at one Canadian plant and four U.S. factories, including the Detroit-Hamtramck Assembly plant that builds the plug-in hybrid electric Chevrolet Volt. The company has sold about 22,000 through September and in August sought an exclusion from 25 percent US tariffs imposed on Chinese vehicle imports. Some of the affected factories could resume production, depending on the outcome of the company's contract negotiations with the United Auto Workers union next year.
The Detroit-based union has already condemned GM's actions and threatened to fight them "through every legal, contractual and collective bargaining avenue open to our membership". The company is also halting production or sale of other models, including the compact Chevrolet Cruze, the full-sized Chevy Impala and certain Cadillacs.