General Motors to cut production at Detroit plant, lay off workers
By Reuters | Published: 12th October 2017 08:19 PM |
Last Updated: 12th October 2017 08:19 PM | A+A A- |
The GM logo is seen at the General Motors Assembly Plant in Valencia. (Photo | Reuters)
General Motors Co plans to scale back production at an assembly plant in Detroit and lay off about 1,500 workers, the Wall Street Journal reported on Thursday, citing sources familiar with the plan.
The No. 1 U.S. carmaker plans to shut the Detroit-Hamtramck factory for about six weeks from mid-November, and cut production by roughly 20 percent once operations resume, the WSJ reported.
The move will cost about 200 workers their jobs, the WSJ reported.
General Motors declined to comment.
Both GM and rival Ford Motor Co have struggled for most of this year to rein in high inventories of passenger cars as consumers have shifted to buying pickup trucks and sport utility vehicles.
Production cuts slice into revenue, but could also helps automakers avoid deeper price cuts on vehicles they can sell.
General Motors shares were down 1.7 percent at $44.70 in premarket trading.
