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Posted by: thepinetree on 11/26/2018 09:44 AM Updated by: thepinetree on 11/26/2018 09:44 AM
Expires: 01/01/2023 12:00 AM
:

GM Plans to Cut 15% of Executive Staff & Shutter Some Manufacturing Plants

Detroit, MI...General Motors (NYSE: GM) will accelerate its transformation for the future, building on the comprehensive strategy it laid out in 2015 to strengthen its core business, capitalize on the future of personal mobility and drive significant cost efficiencies. Today, GM is continuing to take proactive steps to improve overall business performance including the reorganization of its global product development staffs, the realignment of its manufacturing capacity and a reduction of salaried workforce. These actions are expected to increase annual adjusted automotive free cash flow by $6 billion by year-end 2020 on a run-rate basis.




“The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future,” said GM Chairman and CEO Mary Barra. “We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success.”

Contributing to the cash savings of approximately $6 billion are cost reductions of $4.5 billion and a lower capital expenditure annual run rate of almost $1.5 billion. The actions include:

Transforming product development – GM is evolving its global product development workforce and processes to drive world-class levels of engineering in advanced technologies, and to improve quality and speed to market. Resources allocated to electric and autonomous vehicle programs will double in the next two years. Additional actions include:
Increasing high-quality component sharing across the portfolio, especially those not visible and perceptible to customers.
Expanding the use of virtual tools to lower development time and costs.
Integrating its vehicle and propulsion engineering teams.
Compressing its global product development campuses.

Optimizing product portfolio – GM has recently invested in newer, highly efficient vehicle architectures, especially in trucks, crossovers and SUVs. GM now intends to prioritize future vehicle investments in its next-generation battery-electric architectures. As the current vehicle portfolio is optimized, it is expected that more than 75 percent of GM’s global sales volume will come from five vehicle architectures by early next decade.

Increasing capacity utilization – In the past four years, GM has refocused capital and resources to support the growth of its crossovers, SUVs and trucks, adding shifts and investing $6.6 billion in U.S. plants that have created or maintained 17,600 jobs. With changing customer preferences in the U.S. and in response to market-related volume declines in cars, future products will be allocated to fewer plants next year.

Assembly plants that will be unallocated in 2019 include:
Oshawa Assembly in Oshawa, Ontario, Canada.
Detroit-Hamtramck Assembly in Detroit.
Lordstown Assembly in Warren, Ohio.

Propulsion plants that will be unallocated in 2019 include:
Baltimore Operations in White Marsh, Maryland.
Warren Transmission Operations in Warren, Michigan.
In addition to the previously announced closure of the assembly plant in Gunsan, Korea, GM will cease the operations of two additional plants outside North America by the end of 2019.

These manufacturing actions are expected to significantly increase capacity utilization. To further enhance business performance, GM will continue working to improve other manufacturing costs, productivity and the competitiveness of wages and benefits.

Staffing transformation – The company is transforming its global workforce to ensure it has the right skill sets for today and the future, while driving efficiencies through the utilization of best-in-class tools. Actions are being taken to reduce salaried and salaried contract staff by 15 percent, which includes 25 percent fewer executives to streamline decision making.
Barra added, “These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle.”

GM expects to fund the restructuring costs through a new credit facility that will further improve the company’s strong liquidity position and enhance its financial flexibility.

GM expects to record pre-tax charges of $3.0 billion to $3.8 billion related to these actions, including up to $1.8 billion of non-cash accelerated asset write-downs and pension charges, and up to $2.0 billion of employee-related and other cash-based expenses. The majority of these charges will be considered special for EBIT-adjusted, EPS diluted-adjusted and adjusted automotive free cash flow purposes. The majority of these charges will be incurred in the fourth quarter of 2018 and first quarter of 2019, with some additional costs incurred through the remainder of 2019.

###

General Motors (NYSE:GM) is committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Cadillac, Chevrolet, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand, and Cruise, its autonomous vehicle ride-sharing company, can be found at http://www.gm.com.

Cautionary Note on Forward Looking Statements. This press release and related comments by management may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on forward-looking statements. Statements including words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions to identify forward-looking statements represent our current judgment about possible future events. In making these statements we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we consider appropriate under the circumstances. These statements are not guarantees of future performance; they involve risks and uncertainties and actual events or results may differ materially from these statements. Potential risks and uncertainties that could cause actual results to differ from expected results include, among others, whether the Company will be able to implement the Plan as planned, whether the expected amount of the charges associated with the Plan will exceed the Company’s projections, and whether the Company will be able to realize the full amount of estimated savings from the Plan. Readers should also consult the other “risk factors” found in our Annual Report on Form 10-K for the year-ended December 31, 2017 and our subsequent filings with the U.S. Securities and Exchange Commission. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Non-GAAP Financial Measures. See our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and our subsequent filings with the U.S. Securities and Exchange Commission for a description of certain non-GAAP measures referenced in this press release, including EBIT-adjusted, Core EBIT-adjusted, EPS-diluted-adjusted, ETR-adjusted, ROIC-adjusted and adjusted automotive free cash flow, along with a description of various uses for such measures. Our calculations of these non-GAAP measures are set forth within these reports and these measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures


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No Subject
Posted on: 2018-11-26 12:15:07   By: Anonymous
 
Meaning more robots and less human-related costs not to mention closing some U.S. plants. So much winning!

[Reply ]

    Re:
    Posted on: 2018-11-26 12:16:39   By: Anonymous
     
    Less jobs for Americans, what about jobs for all the criminal aliens that are already here?

    [Reply ]

      Re:
      Posted on: 2018-11-27 04:54:33   By: Anonymous
       

      The Obama Administration had to use Non Lethal Measures on the Southern Border in the exact same manner as the Trump Administration has had to now only when Obama had to do this the Liberal Progressive Socialist Democrats remained silent on the issue.
      So why was it ok for one President to do this yet not another. Same issue facing America just one President was a radical Liberal and the one now a Conservative. More proof Liberal Democrats in Elected Offices and not in Elected offices are true hypocrites. #VoteThemOut2020 #RED2020 #RemoveAllDemocrats2020

      Sources:
      https://www.washingtontimes.com/news/2018/nov/26/obama-administration-used-tear-gas-border-once-mon/
      https://dailycaller.com/2018/11/26/flashback-obama-pepper-balls-migrants/
      https://www.foxnews.com/politics/obama-agents-pepper-sprayed-migrants-history-challenges-caravan-response-outrage
      https://www.dailysignal.com/2018/11/26/under-obama-administration-border-patrol-used-pepper-spray-on-around-100-migrants/
      https://townhall.com/tipsheet/guybenson/2018/11/26/flashback-that-time-the-border-patrol-deployed-pepper-spray-to-repel-crowds-during-the-obama-administration-n2536473
      https://www.washingtonexaminer.com/news/obama-admin-used-pepper-spray-on-migrants-at-border-in-2013

      To view articles just copy and paste links into a new browser tab


      [Reply ]

        Re: MAGA
        Posted on: 2018-11-27 21:26:48   By: Anonymous
         
        Remember back in 2009 when Barry O said he would buy a Chevy Volt?
        GM doesn't make those electric carts anymore. Nobody wants them.

        GM can't sell all those Obama era crap boxes since President Trump made America Petroleum King! People buy what they want with Trump's great economy. People want Trucks, SUV's and Big cars.
        GM is killing the Obama crap box production now that it's safe to do so without Obama's punishing them.

        [Reply ]

    Re:
    Posted on: 2018-11-26 18:50:08   By: Anonymous
     

    Liberal Democrats are Socialists.
    Nazis are Socialists.
    One of the most well known political parties of the 20th century which was socialistic was the National Socialist German Workers' Party (Nazi Party).
    Socialism is a liberal economic system with state ownership or control of the all the major means of production and distribution of goods and services, like Healthcare.
    Socialism is the economic system imposed by Communism, but another one of the most well-known political parties of the 20th century which was socialistic was the National Socialist German Workers' Party (Nazi Party) which was headed by the evolutionary racist Adolf Hitler.
    The points raised in the Nazi platform demand an increase in taxes to support them. Liberalism today demands heavy progressive and graduated income taxes.
    Liberalism today demands a "death tax" on anyone inheriting an estate and Central control of the financial system.
    Central control of the press. Liberals today demand control or suppression of talk radio and Fox News.
    Central control of education, with an emphasis on doing things their way. Liberals today are doing things their way in our schools.
    ANTIFA Democrats want to deny your First Amendment Rights to Free Speech.
    Liberal Democrats are The Nazis repackaged. #VoteThemOut2020


    [Reply ]

No Subject
Posted on: 2018-11-26 12:22:41   By: Anonymous
 
GM was bailed out by Barry, they make *bleep*ty cars and trucks, no matter what you think of their annoying adds on tv! That bail out was your's and mine monies, ,and GM does what they like and build cars no one wants, go figure! Why does Toyota build better cars? GM has become a joke!

[Reply ]

    Ignorance
    Posted on: 2018-11-26 13:34:21   By: Anonymous
     
    GM paid back the loans with interest. The government made $, saved jobs, and helped the economy.
    The Fox ignorance on display.

    Some reasons GM is closing plants are an expected economic downturn, and the tariffs , their words.

    More winning from the delusional moron and his band of cons.

    [Reply ]

      Re: Ignorance
      Posted on: 2018-11-26 13:59:48   By: Anonymous
       
      I heard the word tariffs mentioned on KPIX news, but nothing even the slightest hint of tariff on this article (which I think this article source on PT is much more precise). So you can't really blame Trump. You need to realize that stocks go up and down every day-stuff happens! We still survive as a nation though. We need to keep the invaders out though and to help out our own people especially homeless vets. Did you notice how the article mentioned "salaried positions?" In other words management. That's what you call "cutting out the fat." Of course the government is taking the same course of action-to get rid of the dead beats and hire those who really know how to work-to get busy and roll up their shirtsleeves! Seems like there are too many people in both public and private sector who just come to work for the pay and who aren't very productive. That's why a lot of stuff never gets done! So maybe tomorrow will be a better day or maybe even next year will be a better year. Can any of us predict whether it's going to rain tomorrow or not? No we can't ! As I have said before stuff happens. There are some things that we-as humans-are powerless over and other things we can change. We all need to be mindful about this. It's all about surviving and learning how to survive with all the "ups and downs" of life. We all have to accept the good with the bad and know that we all don't live in a perfect world! If our POTUS gets re elected next time so be it. If he doesn't, he doesn't! Let the man do his job. Can you?


      [Reply ]

        Re: Ignorance
        Posted on: 2018-11-26 14:45:30   By: Anonymous
         
        Obama was president when GM made their strategic plan in 2015, that they are now following, can't blame the Don here....

        [Reply ]

    Re:
    Posted on: 2018-11-27 10:22:46   By: Anonymous
     

    Obama Used Tear Gas At Least 80 Times at Border
    Under the Obama Administration, U.S. Customs and Border Protection (CBP) law enforcement officials, including Border Patrol agents, utilized tear gas against migrants at or near the border at least 80 times between FY2012 and early FY2017.
    CBP officials reported the use of tear gas and pepper spray to push back “assaultive” caravan migrants attempting to enter the U.S. illegally on Sunday. The agency began using these particular sprays during the Obama administration in 2010.
    Breitbart News confirmed the CBP began using tear gas (2-chlorobenzylidene malononitrile – CS) in 2010, though the available usage data initiates in FY2012.
    “CBP takes Sunday’s employment of use-of-force very seriously. CBP reviews and evaluates all uses of force incidents to ensure compliance with policy,” a CBP spokesman told Breitbart News in response to an inquiry. “Over 1,000 individuals who were part of the so-called caravan attempted to cross illegally into the U.S. by breaching sections of the fence and using vehicle lanes in and near the San Ysidro Port of Entry. This group ignored law enforcement agencies in Mexico and assaulted U.S. Federal Officers and Agents assigned to respond to the situation in San Diego.”
    “As a response to the assaults and to defuse this dangerous situation, trained CBP personnel employed less-lethal devices to stop the actions of assaultive individuals attempting to break into the U.S.,” the spokesman continued. “CBP has been preparing for weeks for events like the one on Sunday. We have seen the use of violence by members of this so-called caravan who have attacked law enforcement personnel in Guatemala, Mexico and now the U.S. CBP will consider using all approved and available resources to protect travelers, caravan members, and our agents and officers.”
    The CBP use of force reports show CS tear gas used 126 times since 2012. Officials utilized pepper spray a total of 540 times during that same period.
    The current CBP Use of Force Policy handbook (dated May 2014) requires all officers and agents to be trained in the use of all weapons utilized in operations, including less than lethal devices, such as these types of sprays. It also requires the officers and agents to be exposed to the sprays as part of the course of instruction.
    During a telephone conference call with news media on Monday, CBP Commissioner Kevin K. McAleenan said, “Yesterday, U.S. Customs and Border Protection agents and officers in San Diego effectively managed an extremely dangerous situation involving over 1,000 individuals who sought to enter the U.S. unlawfully in large groups. They did so safely and without any reported serious injuries on either side of the border.”
    “As we’ve articulated for several weeks, we have been concerned about the size of the caravan, its primarily single-adult composition, and the aggressive and assaultive behavior at both the Honduras-Guatemala border and the Guatemala-Mexico border,” the commissioner continued. “U.S. government officials have noted the presence of criminals in the group, and the Government of Mexico has arrested over 1,000 caravan members for criminal violations in Mexico.”
    Source Link:
    https://www.breitbart.com/border/2018/11/27/obama-used-tear-gas-at-least-80-times-at-border/


    [Reply ]

No Subject
Posted on: 2018-11-26 14:31:04   By: Anonymous
 
No, it's a *bleep* Ty product, dumb ass, Ford was the only American car builder not to take the bail out, I don't see them closing down, maybe they have a better product!

[Reply ]

    Re:
    Posted on: 2018-11-26 19:58:45   By: Anonymous
     
    I still don't see how arbitrarily killing all those dealerships helped anything. In hindsight it was moronic. How does shutting a dealer help the parent company?

    [Reply ]

No Subject
Posted on: 2018-11-27 17:28:09   By: Anonymous
 
F--k GM buy a FORD

[Reply ]


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