11/28/2018 Update: GM stocks are down after Trump threatened to cut Gov. subsidies.
GM is letting go more than 14,000 workers and closing up to 7 plants worldwide – their stock price went up, though. Bravo capitalism.
It’s not what Trump promised, though.
Trump said back in 2017 that GM will start a “big jobs push back”. However, GM said they lost $1 billion because of Trump’s tariffs policy. GM received $157 million in tax benefits thanks to GOP’s new tax bill but obviously that wasn’t enough. Trump and GOP promised the tax cuts will lead to job creation – which not surprisingly turned out to be a lie. Today’s news further proves trickle-down economics is a sham and the GOP tax cuts don’t work.
Sedans are dead – Rideshare, Electric, and Self-Driving are in
To be fair, it’s not 100% Trump’s fault. Reality is, sedans don’t sell. GM also plans kill several under-performing sedans such as Cadillac CT6, Chevy Cruze, and Chevy Impala. Yes, no more Chevy Impalas. Eazy-E’s rolling in his grave. Ford also said they will no longer make sedans earlier this year as well.GM’s CEO (who took $22M for salary, btw) says they wanna stay lean and direct more resources to electric and autonomous vehicles.Meanwhile Uber was recently valued at $120 Bill, which is more than GM, Ford, and Fiat/Chrysler combined. We pour a little liquor for Chevy Impalas and all the families who lost their jobs today.