General Motors

Ticker GM

Today's data summary

Market closed
% change
Price US dollars
As of 19:43 16 Dec 2018
Market cap. US dollars
49,522.18 million
As of 19:43 16 Dec 2018

Latest updates

Barra heads to Washington

GM logo
Getty Images

Mary Barra, the chief executive of General Motors, is reportedly heading to Capitol Hill next week in the wake of the row sparked by the car makers decision to shut plants and cut 15,000 jobs.

Donald Trump has said that if tariffs were imposed on imported cars then GM might not need to undergo such a radical restructuring.

Two of the plants being closed are in Michigan and Ohio and Ms Barra is expected to meet with politicians from both states.

GM 'very counter' to other auto firms, claims Trump

A new day has dawned in Washington DC and US President Donald Trump is tweeting...

View more on twitter

More from General Motors

The car company's statement concludes: "We appreciate the actions this administration has taken on behalf of industry to improve the overall competitiveness of US manufacturing".

BreakingGM responds to Trump

General Motors has responded to Donald Trump's remarks about ending subsidies following its job cut and plan closure announcement on Monday.

The company said it is "committed to maintaining a strong manufacturing presence" in the US.

"Many of the US workers impacted by these actions will have the opportunity to shift to other GM plants where we will need more employees to support growth in trucks, crossovers and SUVs. GM’s transformation also includes adding technical and engineering jobs to support the future of mobility, such as new jobs in electrification and autonomous vehicles".

US slowdown led to GM closures

Today Programme

BBC Radio 4

Getty Images

Another take on why GM is cutting thousands of jobs and closing plants is because of the US economy.

Arndt Ellinghorst, head of the global automotive research at Evercore ISI, tells the BBC's Today programme that "it’s largely in anticipation of a slowdown in the US market".

He says: "We’ve seen car sales rising in the US for more than 10 years now, so at some stage the market is going to slow down.

"Secondly, demand for passenger cars is really slowing down. People are buying more SUVs and that’s causing imbalances in the production network of car makers."