Trump 'very disappointed' with General Motors after plant closures

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"And I said, because their Cruze auto isn't selling, OK?" Also affected are transmission factories in Warren, Michigan, as well as Baltimore. You'll notice something they all have in common: yep, they're all traditional saloons (sedans) and hatchbacks. "It's nothing exclusive to GM", said Jeremy Acevedo, manager of industry analysis at Edmunds.

Barra said that the goal was to make the company more efficient.

GM's stock price surged on the heels of the announcement, closing at 37.65, up almost 5 percent on the day.

GM expects to hit the 200,000-vehicle threshold by the end of this year.

"The news was gut-wrenching, it reminds of the late 70's Black Monday", State Representative Glenn Holmes said, "The plant has done everything it has been asked".

About 6,000 factory workers could lose jobs in the US and Canada, although some could transfer to truck plants.

"I think there's a tremendous amount of disappointment even spilling into anger", Kudlow said.

GM earlier on Monday announced the closure of seven of its factories around the world as part of a restructuring plan.

US Senator Bernie Sanders slammed both GM and President Trump in his Facebook post on Tuesday.

In a statement, GM said that the company was "committed to maintaining a strong manufacturing presence in the US, as evidenced by our more than $22 billion investments in USA operations since 2009".

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GM, which employs around 180,000 staff, yesterday said it would slash 8,000 salaried jobs and another 6,000 part-time ones.

"The Lordstown plant is very important to Ohio".

A rule of thumb for the automotive industry is that if a plant is running below 80 percent of production capacity, it is losing money.

Just last week, politicians and union leaders kicked off a campaign to keep the Lordstown plant operating. "That's what we're working towards", Foreign Affairs Minister Chrystia Freeland said Tuesday. We want to make sure we're well-positioned.

His tweets cited his disappointment with GM CEO Mary Barra and also referred to the 2008 government bailout of the U.S. auto industry. Ford said in April it planned to stop building almost all cars in North America.

SLUMPING U.S. SEDAN SALES An industrywide slowdown in passenger vehicle sales started to pick up steam in 2017.

The restructuring reflects the changing US and North American auto markets as a dramatic shift away from cars toward SUVs and trucks continues.

The moves are meant to shift resources to investing in electric and autonomous vehicles and to prepare for a downturn in the auto market, the automaker said. Through the first nine months of 2018, that had fallen to a little over 31 percent. In the meantime, external forces-particularly, China, GM's largest market-have dented GM's bottom line, wiping out much of the company's savings from the GOP tax reform. As well as being roomier, the fuel economy on SUVs and crossovers has improved significantly.

Workers of Oshawa's General Motors auto assembly plant, listen to Jerry Dias, president of UNIFOR, the union representing the workers, at the union headquarters in Oshawa, Ont. on Monday, Nov. 26, 2018. Impala, which is built at Oshawa and Hamtramck, was down 13 percent.