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    GM to slash 1,500 jobs as demand slows

    HotNewsTurkey with wires
    17.10.2008 - 10:02 | Son Güncelleme:

    General Motors (GM) will lay off 1,500 hourly workers at plants in Michigan and Delaware where it builds pickup trucks, large cars and a two-seat roadster due to slowing demand, a spokesman said on Thursday.

    "Unfortunately we've had a lot of these announcements lately," said GM spokesman Christopher Lee, noting that the automaker said in June it planned to bring production into line with demand.

    General Motors has shuttered scores of plants and laid off nearly half its workforce since 2000 as it restructures its business in the face of a steady loss of market share to Asian competitors.

    These latest job cuts will not actually come off GM's books immediately because of a labor agreement that requires the company to retrain temporarily laid-off workers.

    GM's unionized U.S. workforce stood at 72,000 people in June, down from 133,000 in 2000. Most of the reductions were made through buyouts and attrition.

    About 4,500 other job cuts have been announced in recent weeks.

    GM, which posted a $15.5 billion net loss in the second quarter, has been battling an industry sales slump in the United States and signs that sales are slowing globally. Its 2008, U.S. sales were down nearly 18 percent through September.

    Photo: Reuters

     

     

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