Tag: General Motors

The Lordstown plant started production of the Chevrolet Cruze in 2010. At the time it was seen as a hopeful sign of GM's comeback after a chapter 11 reorganization.

Wall Street may need some convincing beyond GM’s reporting fourth-quarter profit and sales at least in line with expectations. For one, GM may soon find itself in even hotter water with Washington: Workforce cuts are expected to start to roll on Monday, said David Kudla, chief investment strategist with Mainstay Capital Management in Michigan. As the company unfurls more of its cost-cutting plans, expect “more political and public backlash,” Kudla said in a recent note. The macro picture is also not that favorable, with U.S. new-car sales slowing and concerns that GM profits may have peaked. Here’s what to expect: Earnings: Analysts polled by FactSet expect GM to report adjusted fourth-quarter earnings of $1.24 a share, compared with adjusted earnings of $1.65 a share in the fourth quarter of 2017. Estimize, a crowdsourcing platform that gathers estimates from Wall Street analysts as well as buy-side analysts, fund managers, company executives, academics and others, expects GM to report an adjusted profit of $1.34 a share. Stock reaction: GM shares have roared 16% this year. What else to look for: GM in January raised its profit guidance for 2018 and said its 2019 profit would grow thanks to resilience in two of its largest markets, the U.S. and China. Any changes, if needed, would likely come later in the year, Nelson said. The car maker shook markets in November by announcing a sweeping restructuring plan that included layoffs, closing plants, and streamlining its vehicle lineup.

Workers at a General Motors plant in Toledo, Ohio, say they endured racist comments, slights, and threats in their workplace. CNN's Sara Sidner reports on those allegations that are now detailed in a new lawsuit filed against the automaker. #CNN…

President Trump would like the American public to believe that the recent layoffs by General Motors were driven principally by foreign import competition, particularly from China. The reality is quite different, says Steve Rattner. » Subscribe to MSNBC: http://on.msnbc.com/SubscribeTomsnbc About:…

LORDSTOWN, Ohio - The General Motors plant in Lordstown will stop production in March of 2019, sources confirmed. RELATED: Community devastated after announcement that General Motors Lordstown plant to stop production In 2016, the autoworkers of Lordstown were among those who played a role in electing President Donald Trump. You better get back in there soon. That’s Ohio, and you better get back in there soon,'" Trump said during a press conference on Monday. "I spoke to the president about Lordstown back in June. "This country has been good to GM with the rescue of the auto industry, less then a decade ago they've been immensely profitable, President Trump just gave them a huge tax cut. Even worse, the company reaped a massive tax break from last year’s GOP tax bill and failed to invest that money in American jobs, choosing to build its Blazer in Mexico,” said Brown. “GM owes the community answers on how the rest of the supply chain will be impacted and what consequences its disastrous decision will have on the Mahoning Valley and our state. He issued a statement Monday morning that reads, in part: "I am deeply frustrated with General Motors’ decision to shut down its Lordstown plant and disappointed with how the hardworking employees there have been treated throughout this process. Accountability will be a key question for those workers and voters impacted by Monday's decision come 2020.

President Donald Trump threatened to cut all General Motors subsidies after the automaker announced thousands of jobs cuts. #CNN #News

CNN's Erin Burnett looks back at promises President Donald Trump made to car country in the wake of GM announcing it is closing plants amid mass layoffs. #CNN #News

Nearly 15,000 factory and white-collar workers are expected to lose their jobs by the end of 2019. General Motors announced sweeping layoffs and factory closures across North America. Ali Velshi and Stephanie Ruhle are joined by Bloomberg auto reporter Keith…

President Trump speaks to reports outside the White House as he departs for a campaign rally for Republican Sen. Cindy Hyde-Smith. Watch Trump's first rally of the evening here: https://youtu.be/OfaSqUsVop8 FOX News Channel (FNC) is a 24-hour all-encompassing news service…

General Motors will shut down three North American assembly plants and two other facilities, while eliminating 15 percent of its salaried and salaried contract workforce. The job cuts are part of a plan to adapt to changing market demands. CNBC’s…