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Washington backlash tests GM's resolve on factory closings, layoffs


Added 12-04-18 12:23:02am EST - “Chief Executive Officer Mary Barra says a plan that will save General Motors about $6 billion by laying off 14,000 workers and idling five North American factories illustrates the carmaker's resolve in the face of industry challenges…” - Washingtonexaminer.com

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Posted By TheNewsCommenter: From Washingtonexaminer.com: “Washington backlash tests GM's resolve on factory closings, layoffs”. Below is an excerpt from the article.

Chief Executive Officer Mary Barra says a plan that will save General Motors about $6 billion by laying off 14,000 workers and idling five North American factories illustrates the carmaker's resolve in the face of industry challenges like higher supply costs and shifting customer preferences.

It's a quality the Detroit-based company, and Barra herself, will need in order to weather the backlash from Washington, where employees are better known as voters, all too likely to channel any economic frustrations into ballot-box decisions.

The uproar illustrates the often-rocky intersection between the interests of Wall Street, which largely applauded GM's effort to free money for investment in electric and self-driving vehicles while focusing on lucrative sport-utility vehicles, and those of the nation's capital.

Inside the Beltway, GM's actions were perceived as undermining President Trump's promises to restore factory jobs in states like Michigan and Ohio, which he captured in 2016 and are crucial to his re-election bid two years from now.

They prompted furious criticism not only from the White House but members of Congress on both sides of the aisle.

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