General Motors to cut thousands of jobs

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General Motors announced a major restructuring this morning that includes thousands of job cuts.

The automaker says it will lay off 14,700 factory and white collar workers in North America and could close as many as five plants. That number includes over 8,000 white collar workers, some of whom will take buyouts.

Assembly plants in Detroit, Lordstown, Ohio and Oshawa, Ontario are impacted; they each build cars gm won’t be selling
in the U.S. after next year and could wind up closing or building different vehicles.    

Transmission factories in Warren, Michigan and Baltimore are also affected.

GM is the country’s largest automaker, and it says the moves will save $6 billion in cash by the end of next year.

The company says it will be raising its investment in autonomous and electric vehicles.

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