The 2014 Chevrolet Impala is unveiled during the 2012 New York International Auto Show at the Javits Center in New York April 4, 2012. Unifor doesn't know the details of the announcement, but noted that no product production has been planned at the plant beyond December 2019.
GM jumped as much as 7.9 percent to US$38.75, the highest since July, as of 12:20 p.m.in NY trading.
LORDSTOWN, Ohio- The General Motors plant in Lordstown plans to close early next year, sources told the FOX 8 I-Team on Monday.
GM isn't the first to abandon much of its auto market.
General Motors will reportedly announce Monday that it is shuttering a major Canadian assembly plant, putting thousands of jobs at risk. Barra said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust. After we are sworn in, Jon Husted and I will be visiting the Detroit Auto Show in January to make our case in-person to GM about the future of the plant.
GM has offered buyouts to 18,000 retirement-eligible workers with a dozen or more years of service.
On Monday, GM announced the plant would be "unallocated".
"Yesterday, I spoke with @GM's Mary Barra to express my deep disappointment in the closure", he added.
"Contributing to the cash savings of approximately $6 billion are cost reductions of $4.5 billion and a lower capital expenditure annual run rate of nearly $1.5 billion", GM said in a statement.
"In contrast to times past..."
The salaried reductions amount to 15 percent of GM's North American white-collar workforce of 54,000. The company said the moves are part of an effort to cut 15 percent of its workforce. "Even worse, the company reaped a massive tax break from last year's GOP tax bill and failed to invest that money in American jobs, choosing to build its Blazer in Mexico", Brown wrote. As many as 10,000 jobs are tied to companies that supply parts for the plant, said Flavio Volpe, head of the Automotive Parts Manufacturers Association. It was about 50% cars just five years ago.
Overall, the company expects these measures to save it approximately $6 billion per year in expenses.
Senator Rob Portman said in a press release that he asked GM to commit to bringing a new product to the plant.
The closures and layoffs follow similar moves by other big USA automakers as the industry adjusts to lower consumer demand for passenger cars.
It was expected that GM needed to address underutilization of its plants. She is a board member on the Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders, a council co-developed by Trudeau and U.S. President Donald Trump.
"So far, President Trump has been asleep at the switch and owes this community an explanation", Representative Tim Ryan, a Democrat whose district includes Lordstown, wrote on Twitter.
Barra is reducing staff from operations that make conventional cars and hiring people who can design electric cars or add software prowess to GM Cruise LLC, the automaker's autonomous vehicle unit in San Francisco.
"You've got to take a stand at one point, so that's what we're doing", one woman said as she made her exit.
The plant, a 45 minute drive east of Toronto, produces cars such as the Chevrolet Impala and the Cadillac XTS. The company also plans to idle two as-yet-unannounced foreign facilities. Ford said in April it planned to stop building almost all cars in North America.
The industry-wide slowdown in passenger vehicle sales worsened in 2017.
The company said the changes were the results of shifts in consumer demand, with SUV and pickup truck sales increasing while sedan sales stall. Through the first nine months of 2018, that had fallen to a little over 31 percent. As well as being roomier, the fuel economy on SUVs and crossovers has improved significantly.