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General Motors set to end factory operations in Oshawa

General Motors set to end factory operations in Oshawa

In addition, GM plans to cut its non-union staffing levels by 15 per cent, including a 25 per cent reduction in the executive ranks, and double its spending on electric and autonomous vehicles within the next two years.

"I have a family to feed, three kids that I have to support", said George Balsdon, who has worked at the plant for about seven years and said he was "shocked, stressed, didn't really sleep much last night". The company has been making cars there for 65 years, and is still pumping out models such as the Chevrolet Impala.

GM expects to record pretax charges of $3 billion to $3.8 billion related to these actions, including up to $1.8 billion of noncash accelerated asset write-downs and pension charges, and up to $2 billion of employee-related and other cash-based expenses.

GM said the closures, which will also affect four USA factories, are part of a broader shift toward electric and autonomous vehicles.

The moves are the first big steps in the century-old GM's transformation.

It now employs approximately 2,800 people and assembles Chevrolet and GMC pickups as well as Chevrolet Impala and Cadillac XTS sedans. "We have a lot of pressure on them". "We will vigorously fight again to maintain these good-paying auto jobs".

GM isn't the first to abandon much of its auto market.

As recently as 2012, passenger cars made up more than 50 percent of all U.S. new vehicle sales.

GM is shedding cars largely because it doesn't make money on them, Citi analyst Itay Michaeli wrote in a note to investors.

Later this week, Dias will meet with leadership from the United Automobile Workers union in the U.S.

Production at the plant began on November 7, 1953, and in the 1980s the plant employed roughly 23,000 people.

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In 2009, GM shut down truck assembly at the plant, citing high gas prices and a deep recession caused by the financial crisis.

GM's Oshawa plant assembles the Chevrolet Impala and Cadillac XTS and finishes Chevrolet Silverado and GMC Sierra trucks.

Bank of Canada Governor Stephen Poloz grew up in Oshawa and was well aware of the significance of the industry.

Despite workers' optimism that a solution could be found to keep the plant in operation, as has happened several times in the past, Ford said he'd been told by GM that the company would not rethink its decision. Some 500,000 jobs are tied to the auto sector in Canada.

General Motors announced Monday that it plans to lay off roughly 14,700 workers, a number which represents 15 percent of all its salaried employees. Is this part of something that's happening across Canada?

Barra did not link Monday's cuts to tariff pressures, but said trade costs are among the "headwinds" GM has to face as it deals with broader technology change and market shifts.

Ontario is set to send in its re-employment training body, a type of employment SWAT team used in cases of mass job loss, to provide services that might include funds to relocate to other communities where there are positions or retraining.

In October, almost 65% of new vehicles sold in America were trucks or SUVs.

Reports about GM's plan to close the Oshawa plant in Ontario have proven to be true.

Some 3,600 production jobs will go in the U.S. and 3,000 in Canada, as well as 8,100 white-collar roles. "I've been through this before, so whatever happens happens".

"I promise you they will be back on their feet", Ford told the Ontario legislature.


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