General Motors said Monday it is cutting 15 percent of its salaried North American workforce, ending production of some slow-selling vehicles and halting production at several plants.
The largest U.S. carmaker also said it will halt production at facilities in Lordstown, Ohio, Hamtramck, Michigan, and Oshawa, Ontario.
Further plants in White Marsh, Maryland, and Warren, Michigan will be “unallocated.” In addition to the previously announced closure of the assembly plant in Gunsan, Korea, GM will cease the operations of two additional plants outside North America by the end of 2019.
The moves are calculated to dramatically slash costs and capital expenditures.
“Contributing to the cash savings of approximately $6 billion are cost reductions of $4.5 billion and a lower capital expenditure annual run rate of almost $1.5 billion,” GM said in a statement.