A General Motors plant outside Nashville, Tennessee. WASHINGTON: In a massive restructuring, US auto giant General Motors announced on Monday (Nov 26) it will cut 15 per cent of its workforce to save $6 billion and adapt to “changing market conditions.” The moves include shuttering seven plants worldwide as the company responds to changing customer preferences and focuses on popular trucks and SUVs and increasingly on electric models. Wall Street cheered the actions, while US and Canadian leaders expressed outrage. The closures also drew sharp criticism from the US and Canadian labour union representing GM workers, which accused the company of shifting production overseas at the expense of North American workers. The job cuts from GM’s current 180,000-strong work force will be particularly stinging in politically crucial areas of Ohio and Michigan, a region US President Donald Trump has promised to revive. “The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future,” GM CEO Mary Barra said in a statement. “We recognise the need to stay in front of changing market conditions and customer preferences to position our company for long-term success.” Trump expressed… Read full this story
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