GM
GM said that despite an industrywide decline in U.S. passenger car sales, the overall market would remain resilient in 2019 with sales of a little over 17 million units in 2019.
U.S. President Donald Trump told GM last week that the company had “better” find a new vehicle to build at the plant in Ohio, which could be crucial to his re-election chances in 2020.
Volkswagen's chief executive said on Tuesday after a meeting at the White House that the German automaker was building an alliance with Ford Motor Co.
“The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including ... for electric cars,” Trump said on Twitter.
Trump the White House was looking at cutting subsidies for GM Co after the largest U.S. automaker said it would halt production at five plants in North America.
GM shares jumped more than 8 percent to $36.34, their highest in almost six weeks.
The recall includes cars produced between 2013 and 2018, the State Administration for Market Regulation said in a statement.
The redesign of the Ford F-series trucks, launched in 2014, set a new standard for fuel economy and lightweight vehicle construction.
Earlier this month GM agreed on the bailout package with the South Korean government in return for a pledge to stay in the country for at least 10 years.
GM Korea averted bankruptcy on Monday after striking a last-minute wage deal with its labor union.
GM has sought wage concessions from the union as well as government funding and incentives to save its remaining three South Korean factories.
GM has sought wage concessions from the union as well as government funding and incentives to save its remaining three South Korean factories.
GM proposed in February an investment of $2.8 billion into its loss-making South Korean operations over 10 years, days after announcing a sweeping overhaul.
GM will also no longer report monthly sales in China, its largest market, and Brazil.
The U.S. automaker announced in February it would shut down one of its four factories in South Korea, and asked for government support and union concessions to stay in South Korea.
South Korea began doing due diligence on GM Korea to decide whether to extend financial support to the loss-making operations of GM,.
A GM Korea spokesman confirmed the plan, noting that the unit had around 150 executives and hundreds of team leaders.
The plan comes as the Detroit carmaker and the South Korean government discuss restructuring options at loss-making GM Korea, one of GM’s largest offshore operations.
Workers at a General Motors plant in South Korea that the U.S. automaker plans to close staged a protest on Wednesday, calling the decision a “death sentence” and threatening a strike.
Plaintiffs suing General Motors over faulty ignition switches and other alleged vehicle defects have reached a $1 billion settlement requiring the automaker to turn over.
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