Who could have seen this coming? Just weeks after Ford idled four factories due to slumping sales and excess inventory, GM just followed by slashing 2000 jobs permanently and suspending a third shift at production facilities in early 2017.
We have warned numerous times that there is only one way this ends...
And so it just did...
GM Statement:
General Motors today announced initiatives to strengthen and align its production output at key U.S. manufacturing operations. The plans include investing more than $900 million in three facilities — Toledo Transmission Operations in Ohio, Lansing Grand River in Michigan and Bedford Casting Operations in Indiana — to prepare the facilities for future product programs.
GM also announced plans to align production output with demand for cars built at the Lordstown, Ohio, and Lansing Grand River, Michigan, assembly plants. As the customer shift from cars to crossovers and trucks is projected to continue, GM will suspend the third shift of production at both facilities in the first quarter of 2017.
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13 comments:
David Stockman wrote about the prospects for terrible auto sales about 6 months ago. Many of the cars purchased in the past several years are financed at high rates, and the cars are therefore under water. They cannot be traded because too much is owed on them.
Now we are seeing what he predicted. Slowing auto sales.
The economy is in bad shape.
They wouldn't be so bloated if they lowered their prices.
I can't afford any car or truck at today's inflated prices!
But just remember, according to the liberals and democrats, our economy is good, so what are you complaining about?
Trump to the rescue!
I do not understand how people afford a new car today. A Traverse starts at 32K! That is roughly $575 a month with no money down or an upside down trade. People are nuts to pay that a month!
Yes Trump to the rescue - he is going to bring back auto jobs and it ain't gonna cost the American People a dime! He promised that and he is a man of his word! Amen, praise to God.
Didn't we go through this few years ago. Bank bail out and federal reserve put us back in the same boat. Btw person in charge of federal reserve was appointed by obama.
Why don't we ever hear about the car manufacturers laying off workers in Mexico?
I had one car salesman call me from Pohanka to tell me they now call potential customers instead of sending advertisements in the mail. They check the mva registration records. Wanted to know if I wanted to trade in my 2009 Nissan Altima for a new car. I told him hell no!!! Not at your prices. If it comes down to putting food on my table and making high car payments, I choose to put food on my table and not be strapped with payments on a 30,000 dollar car! I'll drive what I have until I can drive it no more!
3:44 because they work harder for less
2:30
More likely that the Federal Reserve Bankers (the secret owners) appointed Obama. Not the other way around.
A Goyim will never appoint a Fed Banker.
GM cars and truck are grossly overpriced. Ridiculous MSRP for crap!
Since my healthcare is more than my mortgage and car payment, there is no way I can afford a new car.
Well if the liberals keep burning GM police vehicles in their hissy fit riots then there will be a demand! Democrat logic.
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