NEW YORK (CNNMoney.com) - General Motors Corp. said Monday it would cut 30,000 hourly jobs and close or scale back operations at about a dozen U.S. and Canadian locations in a bid to save $7 billion a year and halt huge losses in its core North American auto operations.
The cuts are 5,000 more than the 25,000 jobs GM had said it would cut in June, and represent more than 22 percent of its union work force in North America. Many of the cuts would start next year, GM said Monday, despite job protection provisions in its union contract that runs through September 2007.
GM Chairman and CEO Rick Wagoner said he expects another 7 percent of salaried workers in North America would also be cut by the end of 2006, though he gave no specific number of job cuts planned there. Seven percent would equal about 2,500 jobs in the United States and additional cuts in Canada as well.
The automaker said the plan is aimed at saving $7 billion a year by the end of 2006.
Wagoner said the cuts were what the troubled automaker needed to turn around its operations but he wasn't ready to predict when GM will return to profitability. He also wouldn't promise this would be the end of job cuts and plant closings.
GM (down $0.58 to $23.47, Research) stock opened higher on the news but turned lower in afternoon trading as a growing number of investors and analysts said that while the plan addressed costs, it did not deal with the automaker's lackluster product offerings.
"The plan is essentially as expected, meaning not terribly aggressive," UBS analyst Rob Hinchliffe wrote in a note to clients, adding that the company's market share, which has been sliding, may fall further. He kept a sell rating on the stock and a price target of $20, below the current price.
Wagoner said that some kind of buyout would likely be offered to speed up the job cuts, but that until the buyout packages are worked out with the union, the company can't say how many of the job cuts would come through retirement and how much through buyouts.
"Oklahoma City, (which makes the mid-sized SUV) is a very good plant but a classic example of ... just having too much capacity in that segment," said Wagoner. "That's why that plant in on the list today. We don't have any plants left that aren't very high quality and quite productive. I'm sure I'm not going to satisfy any plant as why they've been chosen to be on the list."
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provision : 조항, 규정
specific : 구체적인, 명확한
aimed : 목표삼다.
profitability : 수익성
lackluster : 활기없는
essentially : 본질적으로
aggressive : 공격적인, 침략적인
retirement : 은퇴
capacity : 생산력, 수용력
segment : 구획
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