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General Motors made a major announcement on Monday November 26th that will affect its global operations and threatens to shutdown a big vehicle assembly plant in Ontario, Canada.
a Canadian TV news channel said GM was planning to close all operations at the plant in Oshawa, near Toronto.
GM has been cutting jobs to deal with plunging car sales in North America.
GM said on Oct. 31 that about 18,000 of its 50,000 salaried employees in North America are eligible for the buyouts.
The stepped up cost-cutting and restructuring at GM comes as many industry executives and analysts predict that overall vehicle sales in the United States will decline further in 2019 and 2020.
At the same time, China, the world’s largest auto market and GM’s biggest market by vehicle sales, has decelerated sharply in the past few months.
the automaker had negative cash flow for the first nine months of the year
Total vehicle production at the Oshawa complex fell 60 percent through the first ten months of 2018 from the same period a year ago, according to Automotive News production data.
“The jobs of many families are on the line,” said Colin Carrie, a Member of Parliament for Oshawa. “Communities all over Ontario would be devastated if this plant were to close.
No big deal, nothing to worry about? I think the people in Ontario might disagree and one is reminded of this...
More to come in Rinse and Repeat? Stay tuned, no flippin.
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GM's total deliveries in the U.S. fell 11.1% year over year to 694,638 vehicles last quarter, with weakness spread fairly evenly across its four brands.
Lower incentive spending and the timing of vehicle launches -- not weakening demand -- were the main reasons for GM's big sales decline.
GM is on track to return to profit growth in the key North America region next year. The recent slump is nothing to worry about.
General Motors' Double-Digit Q3 Sales Plunge Is No Big Deal - The FoolDouble digit declines are no big deal? In Q4 GM delivered 785,229 vehicles in the U.S. down 2.7% YoY. Thus, GM closed out 2018 with a 2nd consecutive decline in its quarterly domestic sales. Better yet, an annual decline of 1.6% vs 2017 with all four GM brands (Chevrolet, Cadillac, Buick and GMC) declining. Nothing to worry about here? Moving West... from Reuters:
General Motors made a major announcement on Monday November 26th that will affect its global operations and threatens to shutdown a big vehicle assembly plant in Ontario, Canada.
a Canadian TV news channel said GM was planning to close all operations at the plant in Oshawa, near Toronto.
GM has been cutting jobs to deal with plunging car sales in North America.
GM said on Oct. 31 that about 18,000 of its 50,000 salaried employees in North America are eligible for the buyouts.
The stepped up cost-cutting and restructuring at GM comes as many industry executives and analysts predict that overall vehicle sales in the United States will decline further in 2019 and 2020.
At the same time, China, the world’s largest auto market and GM’s biggest market by vehicle sales, has decelerated sharply in the past few months.
the automaker had negative cash flow for the first nine months of the year
Total vehicle production at the Oshawa complex fell 60 percent through the first ten months of 2018 from the same period a year ago, according to Automotive News production data.
“The jobs of many families are on the line,” said Colin Carrie, a Member of Parliament for Oshawa. “Communities all over Ontario would be devastated if this plant were to close.
No big deal, nothing to worry about? I think the people in Ontario might disagree and one is reminded of this...
More to come in Rinse and Repeat? Stay tuned, no flippin.
Recommended reading:
Timing Is Everything?
Know Your Limitations?
Parting The Red Sea?
A Little Shop Of Horrors?
Where's Your Messiah?
Rapture?
Ro-BUST?
Beware The Ides Of Winter?
Meddling With Powers?
The Perfect Storm?
Begin The Benign?
A Case of Tape-r Worm?
Beware The Ides of Winter Early?
A Disturbing Lack of Faith?
Canary In A Coal Mine?
FreeTrade Warning?
Global Economy Down?
Wear Sunscreen?
Trust Me On The Sunscreen?
Let Me Warn You?
Lunar New Year For Old Blind Men?
Shutdown Impacts Inflection?
LIBOR: Putting Out A Fire With Gasoline?
A Yen For Liquidity? Or No Yen For Carry?
Interest Rate Swaps: Putting Out A Fire With Gasoline?
Expectations: Putting Out A Fire With Gasoline?
Conundrums: Putting Out A Fire With Gasoline?
And The Band Played On?
If A Tree Falls?
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