GM announces more job cuts, restructuring
CEO Wagoner says auto manufacturer has 'a plan to win'
General Motors announced Tuesday a massive restructuring plan designed to focus on fuel efficient cars. To get there, GM will cut an unspecified number of jobs, eliminate health
"Our plan is not a plan to survive. It is a plan to win," GM Chairman and CEO Rick Wagoner said Tuesday.
The first phase of job cuts are expected to occur through attrition, company officials said, but involuntary layoffs may follow. Earlier this year, GM offered buyout packages to all 74,000 GM workers in an attempt to reduce the company's overhead.
For the first six months of 2008, GM sales are down 16% and truck sales are down 21%, which had driven the automaker to reduce its truck manufacturing capacity and ramp up sales of fuel-efficient cars. Wagoner said the company would now focus on more fuel efficient cars, and said Tuesday the capacity reduction at the four Nort American truck plants would accelerate.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey