'GM To Layoff 1,300 Workers Across Two Michigan Plants As Vehicle Production Ends' - DetroitFreePress
Portfolio Pulse from Benzinga Newsdesk
General Motors (GM) is set to lay off 1,314 employees at two Michigan plants due to production changes. The Orion Assembly plant will lose 945 jobs as GM delays production of the Chevrolet Silverado EV and GMC Sierra EV, with the plant's reopening pushed to late 2025. Additionally, 369 jobs will be cut at Lansing Grand River Assembly/Stamping with the end of Camaro production. GM plans to offer affected employees positions at other company locations.
December 14, 2023 | 10:42 pm
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GM is laying off workers due to a delay in EV truck production and the discontinuation of the Camaro, which may affect investor sentiment and the company's short-term operational costs.
The layoffs at GM indicate a scaling back of operations which could lead to short-term cost savings. However, the delay in EV production could be seen as a setback in GM's strategy to transition to electric vehicles, potentially worrying investors about the company's future growth prospects. The negative news of layoffs may also impact the company's public image and employee morale, which could have a short-term negative effect on the stock price.
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