Economy, Auto
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GM to Cut 1,000 Jobs

GM to Cut 1,000 JobsGM to Cut 1,000 Jobs

General Motors, previously owned by the US and Canadian governments, has confirmed it will cut 1,000 jobs at its Oshawa, Canadian assembly plant, even as it announces $5.4 billion in investment in its American operations, CBC news reported on Saturday.

On Thursday, GM confirmed the end of production for the Chevrolet Camaro at the Oshawa Assembly plant will be Nov. 20 of this year. The plant is still waiting for the company to announce a model to be made after 2016, but GM claims it does not yet have a model ready to go into the plant.

By December of this year, Oshawa will have 2,600 employees, building five vehicles: the Chevrolet Impala, Buick Regal, Cadillac XTS, the Impala Limited, and the Chevrolet Equinox.

The company said it is working with autoworkers union Unifor to offer retirement incentives to workers to minimize the number of layoffs. More than 2,000 GM workers in Oshawa are eligible for retirement packages.

 

Financialtribune.com