GM shares jump on realignment shifting resources to electric vehicles
Signage is displayed on a pedestrian bridge near the General Motors Co. Oshawa assembly plant in Oshawa, Ontario, Canada, on Monday, Nov. 26, 2018. General Motors Co. said it will cut more than 10,000 salaried staff and factory workers and close five factories in North America by the end of next year, part of a sweeping realignment to prepare for a future with a greater number of purely electric vehicles.
, Cole Burston/Bloomberg
David Welch and Nancy Moran, Bloomberg News
Nov 26, 2018
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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.