Text Only
Search

 
World's Largest Automaker Closes Some Factories

21 November 2005

U.S.-based General Motors is laying off 30,000 people and closing 12 factories and other facilities over the next three years.

Most of those layoffs were disclosed previously, but Monday's announcement raises the total by 5,000 and gives plant-closing details.

GM lost billions of dollars this year.

The world's largest automaker has been battered by soaring fuel prices that hurt sales of its highly-profitable SUV's and other large vehicles. It is also hobbled by its workforce's high wage, health, and pension costs.

GM once had 51 percent of the U.S. auto market, but that share has fallen to just 26 percent this year.

Asian automakers, including Toyota, have gained market share with fuel-efficient cars and new, high-tech hybrid engines.

Some information for this report provided by Bloomberg, AP and AFP.

emailme.gif E-mail This Article
printerfriendly.gif Print Version

  Related Stories
The Challenge Facing U.S. Labor Unions
China to Buy 70 Boeing 737 Airliners
 
  Top Story
Soldiers, Family Come Together To Grieve at Fort Hood  Video clip available

  More Stories
Obama Pays Tribute to Fort Hood Shooting Victims   Audio Clip Available  Video clip available
Details Emerge About Alleged Fort Hood Shooter  Audio Clip Available  Video clip available
Washington Area Sniper Executed
Bomb Rocks Northwestern Pakistan
China Ready to Welcome President Obama  Video clip available
US Urges North Korea Not to Escalate Tensions in Yellow Sea
British PM Defends Military Mission in Afghanistan  Audio Clip Available
Lebanon's Unity Government Convenes for First Time
Tropical Storm Ida Downgraded; Moves Inland
Report: Africa's Disappearing Wetlands Produce 'Alarming' Levels of Greenhouse Gas
IEA Urges Action on Climate Change
Somali Pirates Deny Arms Seizure  Audio Clip Available
Cross-Examination Begins in War Crimes Trial of Former Liberian President  Audio Clip Available
US Development of H1N1 Vaccine Hits Snag  Video clip available
Asia to Welcome President Obama  Video clip available
Obama Makes First China Tour as Economic Interdependence Grows  Audio Clip Available  Video clip available
APEC Marks 20 Years, Looks to Future of Regional Trade  Audio Clip Available
Clinton Urges 'Compassion' for Americans Detained in Iran  Audio Clip Available
World War II Museum Expansion Aims at Younger Generations  Audio Clip Available  Video clip available
North Carolina World War II Veterans Honored in Washington  Video clip available