Nov 26, 2018
GM shares jump on realignment shifting resources to electric vehicles
GM delivers blow to Oshawa, Ont. workers in restructuring plan
General Motors Co. (GM.N) touched its highest intraday price since July on Monday after announcing a plan to cut more than 10,000 salaried staff and factory workers and close five factories by the end of next year.
Shares climbed 5.01 per cent - or US$1.80 - to close Monday at US$37.73, with the reductions marking a sweeping realignment under Chief Executive Officer Mary Barra to prepare for a future with a greater number of purely electric vehicles.