https://www.wsj.com/articles/gm-moves-forward-after-strike-focusing-on-cost-cuts-and-evs-b50168b9
5 replies (most recent on top)
The over bloated white collar cost is a red herring. Let’s get back to building cars !
@1hiy+1q3Dn8Sy
"That article is from JULY"
This is more false information.
From the article:
By Jennifer Williams-Alvarez
Dec. 13, 2023 5:30 am ET
Appeared in the December 14, 2023, print edition as 'GM Moves Ahead After Strike, Focusing on Cost Cuts, EVs'.
Article was posted on December 13, 2023. Why lie?
That article is from JULY. What's the point of re-hashing that now? Lot of stuff has happened since that. This is not new.
In July, GM raised cost cutting to 3 Billion.
“The Detroit automaker also said it is increasing cost-cutting measures through next year and now plans to cut $3 billion in expenditures compared with previous guidance of $2 billion.”
https://www.cnbc.com/amp/2023/07/25/general-motors-gm-earnings-q2-2023.html
The labor cost is a red herring.
“The company in January outlined a plan to cut over $2 billion in annualized expenses by the end of next year by reducing head count and simplifying its product line.”
They don’t get to cry poor after blowing $10 billion in stock buybacks like it was nothing.
If this $2 billion was so important, why not do $8 billion in buybacks rather than demoralize your staff?
Don’t assume goodness from leaders that are 100% smug, evil and belligerent. The misery and chaos in January, mere weeks away was completely manufactured by upper management. Don’t forget that.