Delaware Governor Jack Markell gave business leaders a decidedly negative take on two possible futures for Fisker Automotive: bankruptcy or a negotiated settlement to pay off the $170 million it owes in federal loans at a reduced rate. Neither sounds very good for the governor of the state that brought Fisker into the former General Motors assembly plant in Wilmington in 2009. Markell gave the luxury extended range EV automaker a package of $21.5 million in state grants and loans to set up shop
According to the Toronto Sun, General Motors will be shutting down one of the lines at its Oshawa, Ontario plant, putting 2,000 workers out of a job. As of yet, no official notice has been given to the employees or the Canadian Auto Workers union that represents them, though an official announcement is reportedly coming within the next couple of days.
This is what bringing a behemoth back down to the proper size looks like. General Motors is looking for every way to conserve its ever thinning supply of money, and while April sales were better, the overall picture is decidedly grim.
Citing "rapidly deteriorating market conditions," GM announced major reductions today for its production plans starting in the first quarter of 2009. Plants throughout the US, Canada and Mexico will have shifts and lines "temporary idled" while GM deals with declining sales. All told, about 250,000 units will be removed from production, GM said in a statement. Most, but certainly not all, of the idled plants currently build large vehicles, something GM recently apologized for. You can find a ful
The old equation holds true: fewer cars sold means fewer workers required to assemble them. This basic truth has been proven once again with GM's announced lay-offs of some 1,500 hourly workers, The cut's breakdown includes about 700 workers from General Motor's Pontiac assembly plant, about 400 each at both its Wilmington, Delaware, assembly plant and its Detroit-Hamtramck facility.
At the General Motors annual meeting in Delaware today, CEO Rick Wagoner will be publicly announcing the latest restructuring round for the beleaguered automaker. In response to plummeting sales of large trucks, GM will close down four more North American Assembly plants by 2010. The plants in Janesville, Wisconsin, Oshawa Ontario, Moraine, Ohio, and Toluca, Mexico are already running reduced production schedules and will cease operations entirely as products are discontinued or shifted to other