Posts Tagged ‘gm production cuts’

GM Shutting Down Poletown Plant for 2017 in November

GM's been aggressively matching personnel levels to vehicle demand.

by on Oct.12, 2017

GM is idling its Detroit-Hamtramck facility where it builds the Chevy Volt and three other vehicles.

General Motors plans to temporarily shut down its Detroit-Hamtramck Assembly plant due to falling demand for the four vehicles built at the plant. The move idles more than 1,800 hourly and salaried employees.

Detroit-Hamtramck Assembly, also known as the Poletown plant, builds the Chevy Impala, Chevy Volt, Cadillac CT6 and Buick LaCrosse.

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The plant will begin reducing production levels Oct. 20, culminating in the shutdown on Nov. 13, which will last through the end of 2017. It’s the second time this year GM’s been forced to cut personnel from the plant, letting more than 600 temporary employees go in late spring. (more…)

GM Earnings Tumble on Weakening U.S. Demand, Sale of European Ops

But numbers manage to beat Wall Street expectations.

by on Jul.25, 2017

GM CEO Mary Barra: "discipline" pays off.

General Motors reported second-quarter net income of $2.4 billion, down about 15% year-over-year, reflecting a variety of headwinds, including weakening U.S. sales, as well as the sale of the maker’s European Opel Vauxhall unit to France’s PSA Group.

On a per-share basis, GM came in at $1.60, though that rose to $1.89 by excluding  one-time charges, well ahead of the $1.68 consensus forecast by automotive analysts polled by FactSet. As a result, the maker’s shares began trading up slightly in early morning trading.

Breaking News!

GM’s declining net earnings came as no surprise, especially considering the ongoing slump in U.S. new vehicle demand. It reported an overall 5% decline in June, continuing this year’s overall downward trend. In recent months, the automaker has voluntarily cut back on low-profit fleet sales, but June’s retail numbers were also down 3% for June.

(more…)

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