btm
18th February 2009, 01:15 PM
http://business.smh.com.au/business/general-motors-to-slash-47000-jobs-20090218-8axq.html
General Motors to slash 47,000 jobs
The parent company of Australian carmaker General Motors Holden will slash 47,000 jobs worldwide in the coming year, but it remains unclear how many local positions are under threat.
General Motors will lay off 26,000 workers outside the US as part of a plan to remake the company in exchange for massive financial aid, according to a document lodged this morning with the US Treasury.
But the carmaker says it expects Holden to remain viable, in part because of assistance extended by the Australian Government.
Holden's plans for a new, more fuel-efficient car, financed with government help, should ensure that Holden remains a profitable arm of GM worldwide, the company said.
But it remains unclear if Holden will need to lay off a number of local workers as part of the global cost-cutting drive. A spokesman has not yet returned smh.com.au's calls.
The survival of the global carmaker is far from certain.
GM has lodged restructuring plans with the US Treasury as a condition of a temporary multi-billion dollar survival loan.
With sales plummetting, GM could need a $US30 billion crutch from the US Government by 2011, the Treasury filing asserted.
The company is also asking for help from the governments of Canada, Germany, the UK, Sweden and Thailand.
General Motors to slash 47,000 jobs
The parent company of Australian carmaker General Motors Holden will slash 47,000 jobs worldwide in the coming year, but it remains unclear how many local positions are under threat.
General Motors will lay off 26,000 workers outside the US as part of a plan to remake the company in exchange for massive financial aid, according to a document lodged this morning with the US Treasury.
But the carmaker says it expects Holden to remain viable, in part because of assistance extended by the Australian Government.
Holden's plans for a new, more fuel-efficient car, financed with government help, should ensure that Holden remains a profitable arm of GM worldwide, the company said.
But it remains unclear if Holden will need to lay off a number of local workers as part of the global cost-cutting drive. A spokesman has not yet returned smh.com.au's calls.
The survival of the global carmaker is far from certain.
GM has lodged restructuring plans with the US Treasury as a condition of a temporary multi-billion dollar survival loan.
With sales plummetting, GM could need a $US30 billion crutch from the US Government by 2011, the Treasury filing asserted.
The company is also asking for help from the governments of Canada, Germany, the UK, Sweden and Thailand.