General Motors (NYSE:GM) layoffs are a hot topic on Friday as one of the big three automobile manufacturers in the U.S. announced new job cuts.
Two new filings from General Motors with the Michigan Department of Labor and Economic Opportunity reveal that layoffs are coming to two of its facilities. This includes its Orion Assembly plant and Lansing Grand River Assembly/Stamping facility.
According to these filings, General Motors is cutting 945 jobs at the Orion Assembly location. It will also cut 369 jobs at the Lansing Grand River Assembly/Stamping plant. These job cuts will start in January and will be finished in March.
What to Know About the General Motors Layoffs
While these jobs are being cut, General Motors is seeking to offer the affected employees other positions at the company. This is part of its agreement with the United Auto Workers labor union.
Investors will also note that these job cuts come after the company announced management changes on Wednesday. It’s taking these to actions to prepare for the next stage of its growth plans.
General Motors joins a large selection of companies that have announced layoffs recently. Several major players have done so due to a tough economy and expected headwinds.
GM stock is down 1% as of Friday morning.
There’s plenty more stock market news that traders are going to want to read about below!
We have all of the hottest stock market stories that investors are looking for on Friday! A few examples include what’s going on with shares of First Solar (NASDAQ:FSLR), Nio (NYSE:NIO) and Mangoceuticals (NASDAQ:MGRX) stock today. All of that news is available at the following links!
More Friday Stock Market News
- FSLR Stock Alert: First Solar Scores New ‘Buy’ Rating
- NIO Stock: Nio Preps to Launch Affordable ‘Firefly’ Brand in Europe
- Why Is Mangoceuticals (MGRX) Stock Down 33% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
