GM Plans More Than 14,000 Job Cuts, 7 Factory Closings

By Bloomberg – Re-Blogged From Newsmax

General Motors Co. will cut more than 14,000 salaried staff and factory workers and close seven factories worldwide by the end of next year, part of a sweeping realignment to prepare for a future of electric and self-driving vehicles.

Four factories in the U.S. and one in Canada could be shuttered by the end of 2019 if the automaker and its unions don’t come up with an agreement to allocate more work to those facilities, GM said in a statement Monday. Another two will close outside North America. The Detroit-based company’s shares surged on the plan, which includes abandoning some of its slower-selling sedan models.

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Death Of The Great Recovery (Part 2): The Second Coming Of Carmageddon

By David Haggith – Re-Blogged From http://www.Silver-Phoenix500.com

Like the disintegration of the formerly charmed stock market, the return of Carmageddon is right on schedule. I had stated early last year that one of the first cracks in our economy to become evident would be the crash of the car industry.

That crack materialized as promised, but then Hurricanes Harvey and Irma showed up to flood a million automobiles. Before any statistics materialized to show the economic impacts of those storms, I wrote the following revision for the dates of Carmageddon:

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GM Plant Shutdown Shocks South Korea

By Thomson Reuters – Re-Blogged From Newsmax

Only weeks into a new job heading General Motors Co’s international operations, Barry Engle flew into a frigid South Korea in January and held a series of meetings with government officials to discuss the future of GM’s loss-making local unit.

In what they thought were meet-and-greet introductions, senior officials agreed to work with the global automaker on problems at GM Korea, according to South Korean officials with direct knowledge of the meetings.

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