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5 reasons why GM is cutting jobs, closing plants in a healthy economy

DETROIT — Even though unemployment is low, the economy is growing and U.S. auto sales are near historic highs, General Motors is cutting thousands of jobs in a major restructuring aimed at generating cash to spend on innovation. It's the new reality for automakers that are faced with the present cost of designing gas-powered cars and trucks that appeal to buyers now while at the same time preparing for a future world of electric and autonomous vehicles. GM announced Monday that it will cut as many as 14,000 workers in North America and put five plants up for possible closure as it abandons many of its car models and restructures to focus more on autonomous and electric vehicles. The reductions could amount to as much as 8 percent of GM's global workforce of 180,000 employees. The cuts mark GM's first major downsizing since shedding thousands of jobs in the Great Recession. The company also said it will stop operating two additional factories outside North America by the end of next year. The move to make GM get leaner before the next downturn likely will be followed by Ford Motor Co., which also has struggled to keep one foot in the present and another in an ambiguous future of new mobility. Ford has been slower to react, but says it will lay off an unspecified number of white-collar workers as it exits much of the car market in favor of trucks and SUVs, some of them powered by batteries. Here's a rundown of the reasons behind the cuts: Coding, not combustion CEO Mary Barra said as cars and trucks become more complex, GM will need more computer coders but fewer engineers who work on internal combustion engines. "The vehicle has become much more software-oriented" with millions of lines of code, she said. "We still need many technical resources in the company." Shedding sedans The restructuring also reflects changing North American auto markets as manufacturers continue to shift away from cars toward SUVs and trucks. In October, almost 65 percent of new vehicles sold in the U.S. were trucks or SUVs. That figure was about 50 percent cars just five years ago. GM is shedding cars largely because it doesn't make money on them, Citi analyst Itay Michaeli wrote in a note to investors. "We estimate sedans operate at a significant loss, hence the need for classic restructuring," he wrote. The reduction includes about 8,000 white-collar employees, or 15 percent of GM's North American white-collar workforce. Some will take buyouts while others will be laid off.

3 Quick Takes on the new Hummer EV

The 2022 GMC Hummer EV truck debuted Tuesday with 1,000 horsepower and up to 350 miles of range. It marks the return of the Hummer name after a decade-long absence and is the most ambitious electric vehicle General Motors has attempted. Here are three quick takes. This is how major vehicles will be revealed going forward The unveiling during Game 1 of the World Series on Fox and during The Voice on NBC could only have been bigger if done during the Super Bowl. A two-network debut complete with LeBron James providing voiceover for the commercial. On Fox, World Series play-play man Joe Buck neatly set up the spot and told millions of viewers that the order bank was now open. Then the Hummer debuted in what looked like a cut from the next Transformers movie. OK, this is not how every major car will be revealed, but the direct-to-consumer, as-many-eyeballs-as-possible, made-for-TV (or social media) event will be a key strategy going forward. In the last few months, the Detroit, Los Angeles and New York auto shows have all played leapfrog with dates, confusing many observers. The pandemic has obviously exacerbated the decline of auto shows, but if you’re an automaker, why share the spotlight in a convention hall? Most car reveals wonÂ’t be network TV spectacles, like the Hummer, but streaming services and other platforms will make a lot more sense than traditional means as companies compete for new buyers. This is how the Tesla Cybertruck should have looked Most would say the Hummer is pretty cool looking. The headlights, the grille, the blocky fenders and huge wheels — yeah, this looks straight out of central casting. ItÂ’s what you expected the reborn Hummer to look like, nominally now in the service of the GMC brand. Tesla made the Cybertruck a bit too crazy. Sure, itÂ’s attention-getting. But look at the Tesla. No one can objectively say the Cybertruck is aesthetically pleasing, from the shape to the features. ItÂ’s out-of-step with the graceful Model S and Model 3 sedans. The Hummer is futuristic, has interesting elements — like underbody cameras for off-roading and a T-top — and a massive presence. It doesnÂ’t need to do more. The addition of Super Cruise technology, however, is a nice touch. GM is serious about EVs The Hummer leads a blitz of EVs from GM, which is quietly yet ambitiously laying out an electric future.

GM forced to cut truck production amid semiconductor shortage

WASHINGTON — General Motors said Wednesday it will cut some truck production in North America because of the ongoing global semiconductor shortage. The largest U.S. automaker said its Flint Assembly plant that builds the Chevrolet Silverado HD and GMC Sierra HD trucks will operate on one production shift the week of July 26. GM said its Ft. Wayne Assembly plant in Indiana that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 model trucks will be idled next week. GM's Silao Assembly plant in Mexico that also builds the Chevrolet Silverado 1500, Cheyenne (for the Mexico market) and GMC Sierra 1500 will also suspend production next week. All three plants are expected to resume regular production the week of August 2. Related video: