Tags: gm | production | detroit | plant | workers

WSJ: GM to Cut Production at Detroit Plant, Lay off Workers

Image: WSJ: GM to Cut Production at Detroit Plant, Lay off Workers
(Brad Calkins/Dreamstime)

Thursday, 12 Oct 2017 10:26 AM

General Motors Co. plans to scale back production at an assembly plant in Detroit and lay off about 1,500 workers, the Wall Street Journal reported on Thursday, citing sources familiar with the plan.

The No. 1 U.S. carmaker plans to shut the Detroit-Hamtramck factory for about six weeks from mid-November, and cut production by roughly 20 percent once operations resume, the WSJ reported.

The move will cost about 200 workers their jobs, the WSJ reported.

General Motors declined to comment.

Both GM and rival Ford Motor Co. have struggled for most of this year to rein in high inventories of passenger cars as consumers have shifted to buying pickup trucks and sport utility vehicles.

Production cuts slice into revenue, but could also helps automakers avoid deeper price cuts on vehicles they can sell.

General Motors shares were down 1.7 percent at $44.70 in premarket trading. 

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
Companies
General Motors Co. plans to scale back production at an assembly plant in Detroit and lay off about 1,500 workers, the Wall Street Journal reported on Thursday, citing sources familiar with the plan.
gm, production, detroit, plant, workers
145
2017-26-12
Thursday, 12 Oct 2017 10:26 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved