As the stock market continues to fall, General Motors has announced a massive reduction in its North American operations, including the closures of several manufacturing plants, several news outlets reported Monday.
Trading of GM shares was halted Monday morning after Reuters reported that the automaker planned to halt production at plants in Ohio, Michigan and Oshawa, Ontario, Canada, citing company sources.
The Associated Press reported that GM will cut almost 15,000 hourly and salaried jobs in the US and close up to five factories.
News channel WFMJ, the NBC affiliate station in Lordstown, Ohio, also reported Monday that employees were told that the Ohio plant will close in March.
GM’s announcement would be the latest blow to the battered North American auto industry.
Major American automakers including GM, Ford and Fiat Chrysler have made significant cuts to their U.S. and Canadian workforces, citing rising costs due to President Trump’s tariffs and long-term declines in sales.
This developing story and will be updated.