--- title: General Motors Bets on Future with Layoffs | TIME description: How the Detroit automaker has fared over the years and a look at it’s recent restructuring plan. canonical: https://time.com/video/5oQ5reqI/ og:title: General Motors Bets on Future with Layoffs og:description: How the Detroit automaker has fared over the years and a look at it’s recent restructuring plan. og:url: https://time.com/video/5oQ5reqI/ og:image: https://cdn.jwplayer.com/v2/media/5oQ5reqI/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: General Motors Bets on Future with Layoffs twitter:description: How the Detroit automaker has fared over the years and a look at it’s recent restructuring plan. twitter:image: https://cdn.jwplayer.com/v2/media/5oQ5reqI/poster.jpg?width=720 --- # General Motors Bets on Future with Layoffs > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: General Motors Bets on Future with Layoffs [Watch (HLS stream): General Motors Bets on Future with Layoffs](https://cdn.jwplayer.com/manifests/5oQ5reqI.m3u8) (3:43)  _Published 2018-11-28. How the Detroit automaker has fared over the years and a look at it’s recent restructuring plan._ --- Jul 28, 2023 12:54 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [TIME 100 Most Influential Companies: General Motors](/video/0pIj0TV0/) ### TIME 100 Most Influential Companies: General Motors ['It's the Work of Generations.' How Years of Black Organizing and Demonstrations Laid the Groundwork for Recent Protests](/video/TFLlowZm/) ### 'It's the Work of Generations.' How Years of Black Organizing and Demonstrations Laid the Groundwork for Recent Protests [Future Generation](/video/sFbIsVLu/) ### Future Generation --- ## Transcript [ MUSIC ] General Motors headquartered in Detroit is one of the largest automakers in the world. The iconic manufacturer has had a storied history with many setbacks and rebirths over its 110 years. Well, the company dominated half the auto industry in 1954. By the 1980s, Japanese carmakers like Toyota and Honda had made huge inroads in the US car market with their reliable compact cars. GM's rough ride continued into the 2000s. It lost a record $ 38. 7 billion in 2007, resulting in a federal government bailout of $ 13. 4 billion in 2008. And an additional $ 6 billion in 2009. More recently after years of stagnating in aversion, the car giants have cloned it's way back to relevancy with new compact models like the Cadillac 66 and the Chevy Impala which they are now abandoning. With only in 2010 that the company has made it's first profits since 2004 of 4, 7 billion dollars. And even though unemployment is at historic lows, the economy is growing, and US auto sales are near record highs, General Motors announced it's cutting thousands of jobs in a major restructuring move aimed to generate cash to spend on the company's future. On November 26th, the GM announced it will lay of 15 % of salaried workers and close five plants in the US and Canada. The restructuring will reportedly save the company $ 6 billion by 2020. News of the layoffs come against the back drop of trade wars between the U. S ., China and Europe. In June 2018, GM sent a letter to the commerce department warning that government proposed tariffs could hurt the company. General Motors said it's plan to restructure will enable it to reinvest money from cars that were once popular And put it into tech that will power its future. Sales of sedans have dramatically decreased for automakers in recent years in favor of SUVs and hatchbacks. And GM plans to phase out its less popular models including the Chevy Cruze and the Chevy Volt. The move to close plants is a step toward its focus to produce electric and autonomous vehicles, following the company's new motto, Zero Crashes, Zero Emissions, Zero Congestion Last year, the company invested in this future and bought Cruise Automation, a San Francisco based driverless car company. While the news brought praise from Wall Street, GM stock closed up 5 % after the announcement. Main street and their president were in uproar. President Trump, who's made bringing auto jobs back to the US a big part of his voter appeal, took aim at CEO, Mary Barra, saying this Well we don't like it and I heard they were closing and I said, this country's done a lot for General Motors. You better get back in there soon, that's Ohio, and you better get back in there soon. So we have a lot of pressure on them Ohio senator, Sherrod Brown, also expressed his disappointment in GM's decision. Tweeting that Ohio tax payers rescued GM, and it's shameful that the company is now abandoning the Mahoning Valley and laying off workers right before the holidays. [ UNKNOWN ] said in a conference call to reporters that she wanted to transition the company when times were good. Meanwhile, auto makers and tech companies alike, are in a race to perfect self driving tech Vying for a spot to introduced the first fully autonomous vehicle. GM has said it'll be on a hiring spree over the next five years to add over 1, 000 employees to work on its autonomous vehicles. So how will GM's bet on the future unfold? For now the car giant faces a steep competition with Ford, Audi, Tesla, and tech giants like Google, Uber, and Lyft. Each promising to deliver self- driving cars in the next five years. 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