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It's on like Donkey Kong! [MEDIA] [MEDIA]

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Thesi

8,740 Posts.

2622

28/11/18

06:09

Post #: 36662503
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Originally posted by Thesi ↑

Some big news that's been been focussed on today (tonight) is the recent plans of GM around Detroit.

"The company’s North American workforce will shrink by 15 percent, representing more than 14,000 jobs, including a 25 percent cut to the executive team. Leadership said these changes will produce cash savings of approximately $6 billion by the end of 2020, due to cost reductions of $4.5 billion and an annual capital spending reduction of nearly $1.5 billion.

At the same time, GM said it will double spending on electric and autonomous vehicle programs over the next two years.

Chairman and CEO Mary Barra said the restructuring reflects the need “to stay in front of changing market conditions and customer preferences to position our company for long-term success.”

It has commenced discussion of electric vehicles and appears to have drawn the Trump administration out into discussing electric vehicles (what people want)"

Detroit for those that are not aware is just on the border of USA and Canada and we have James Bay up to the north with our partner/investment planning to build a converter in Sudbury which is just across the border.

One point that Larry Kudlow the Director of the National Economic Council is making is the concern of electric vehicles being manufactured in China which is also tied to the discussion of the China tariffs.

I am optimistic that this might draw the administration into the discussion we want them to have which sadly is tied to 14,000 workers losing their jobs.

This story will be worthwhile keeping our eye on.

"GM isn’t the only automaker taking this approach. Ford Motor Co. announced earlier this year that it will stop selling sedans in North America, while reaffirming its commitment to launching five high-performance SUVs with hybrid powertrains, and one fully battery-electric model, by 2020."

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It's on like Donkey Kong!

GXY Price at posting: $2.66 Sentiment: Buy Disclosure: Held
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