Trump 'very disappointed' with General Motors after plant closures

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On Monday, President Trump said his administration and lawmakers are exerting "a lot of pressure" on GM.

General Motors on Monday announced plans to halt productions at three factories in North America and to close two propulsion-component plants in the US.

Toyota also has discussed cutting costs, even though it is building a new assembly plant in Alabama.

Trump said he expected General Motors to start manufacturing another type of vehicle in OH and that it "had better" do so.

General Motors has confirmed five factory closures, signalling the end for six of its increasingly unpopular models - and as many as 14,000 jobs.

Trump scolded General Motors for investing in China and Mexico rather than the United States.

The president tweeted that he is "here to protect America's Workers!"

Earlier on Tuesday, National Economic Council chairman Larry Kudlow, while previewing the president's G20 agenda, told reporters there may be news about action from the White House regarding the GM announcement.

The moves are meant to shift resources to investing in electric and autonomous vehicles and to prepare for a downturn in the auto market, the automaker said.

GM (GM) stock declined more than 3% and fell to session lows on the comments.

Truck and SUV plants, on the other hand, operate almost around the clock on three shifts and are at 105 percent of capacity. "We're going to get those jobs coming back, and we're going to fill up those factories or rip them down and build brand-new ones".

"I implore President Trump to keep his word when he came to the Mahoning Valley past year and promised jobs were 'all coming back, '" he said in the press release.

"We are right-sizing capacity for the realities of the marketplace", Chief Executive Mary Barra said, adding that the cuts were prompted by auto industry changes.

GM past year promised to launch a fleet of 20 new battery electric vehicles in North America by 2023, along with at least 10 new electric vehicles in China by 2020.

Ohio's incoming governor and lieutenent governor, Mike DeWine and Jon Husted, said they would visit GM in person to make the case for saving the Lordstown plant.

GM announced a global restructuring on Monday, which includes shutting eight factories and cutting 15% of its salaried workforce.

CNN reports that the "company said the plan would make it more efficient, saving $6 billion a year by the end of 2020". GM complains that Trump's tariffs on steel and aluminum have cut into the company's profits this year.

The plant in Lordstown, Ohio, which makes the Chevrolet Cruze compact auto also is on the list, and Barra said the Cruze would no longer be sold in the U.S. Production would stop March 1. Automotive News reports that two additional plants - a pair of propulsion plants in MI and Maryland - will also grind to a halt by the end of 2019.

Work on six-speed transmissions made at the Warren, Michigan, transmission plant would stop August 1, while the Baltimore transmission plant would stop production April 1, GM said.