GM closing several plants and cutting 15% of its salaried workers

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And its pretax profit in North America - its most lucrative market - rose 33 percent to $2.8 billion with a profit margin of 10.2 percent.

GM did not announce the closure of the plants - Oshawa Assembly in Canada, Lordstown Assembly in OH and Detroit-Hamtramck Assembly in MI - but said it would not allocate any products. The company plans to kill the Chevy Volt, Cruze and Impala models, as well as the Cadillac CT6 and Buick LaCrosse.

When GM ended production of the Chevy Cobalt at Lordstown, it had already announced that the plant would be retooled for the Cruze.

The company also said it would close three plants outside North America by the end of next year.

GM sold almost 2.7 million vehicles in China through September, almost all of them built in China for the market.

"We are right-sizing capacity for the realities of the marketplace", Chief Executive Mary Barra said, adding that the cuts were prompted by auto industry changes. The company said it is looking to concentrate on mid-size vehicles and pick-ups. The union that represents its Canadian workers said in a statement that GM's expected decision does not "live up to the spirit" of certain commitments the company made to union members during 2016 contract negotiations. Follow the last link and read the Free Press's analysis and you come away thinking that GM chose this moment simply because the economy's so good.

"We're going to continue to explore all opportunities that allow us to be more efficient with our investments, more efficient with our capital", she said. The company estimates that the cuts will save it $6 billion by the end of 2020.

GM jumped as much as 7.9 percent to US$38.75, the highest since July, as of 12:20 NY trading.

The future of the General Motors plant in Lordstown is dependent on finding a new product.

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At the factories, around 3,300 blue-collar workers could lose jobs in Canada and another 2,600 in the US, but some USA workers could transfer to truck or SUV factories that are increasing production. "We all know there is strong demand for manufacturing space in Detroit and we are willing to work with GM to fill all the available manufacturing space at Poletown with either GM-related entities or other companies".

Are other automakers planning similar cuts?

The announcement was made to employees at a Monday morning meeting.

Today GM let Northeast Ohio down.

Just last week, politicians and union leaders kicked off a campaign to keep the Lordstown plant operating.

"We need to make sure that we are well positioned to compete, not just over the next few years, but well beyond", she said. "Lordstown has been part of the GM family for more than 50 years so it's painful to see this happen to the plant's workers, their families and the community".

"I grew up in a town where General Motors was the largest employer". Ford said in April it planned to stop building almost all cars in North America. It's making money on trucks and SUVs.

Many of those who will lose jobs are now working on conventional cars with internal combustion engines.

While industry-wide passenger vehicle sales were down 13.2 percent through the first nine months of the year, pick-up truck and SUV sales rose 8.3 percent.