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According to General Motors’ Worker Adjustment and Retraining Notification notice, the auto maker is set to lay off 1,695 workers at its Fairfax Assembly facility in Kansas.
A spokesperson for GM said the first round of lay-offs would begin on November 18th and would affect 686 full-time workers temporarily, while terminating 250 temporary employees.
Under the second round, which will be initiated on January 12th 2025, the auto maker will temporarily lay off 759 full-time workers.
“As previously announced in May, GM is investing approximately $390 million in our Fairfax Assembly Plant to add production of the new Chevrolet Bolt EV,” the company spokesperson was quoted as saying by Reuters.
“To facilitate the installation of new tooling, employees will be placed on a temporary layoff until production resumes in mid-2025.”
Stock Performance
The shares of General Motors Company (GM) closed 0.53% ($0.26) higher at $48.88 in New York on Friday, as they reversed a small loss from the previous market session.
The company’s total market cap now stands at $54.937 billion.
The shares of General Motors Company (GM) went up 6.78% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 36.08% so far this year.
Author: Miroslav MarinoffMiroslav Marinoff, a news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market and the US Stock Market.
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