GM jumped as much as 7.9 percent to US$38.75, the highest since July, as of 12:20 p.m.in NY trading.
GM will shutter at least three production plants, Oshawa Assembly in Canada, Lordstown Assembly in OH, and Detroit-Hamtramck Assembly in MI.
GM also said that the company will jettison the Buick LaCrosse, Chevrolet Impala and Cadillac CT6 sedans next year.
GM isn't the first to abandon much of its vehicle market. The company said it will also close two unidentified factories outside North America. Ford said in April it planned to stop building almost all cars in North America. GM Chief Executive Officer Mary Barra is trying to make the company leaner as USA auto demand slides from a record in 2016 and sales in China - GM's other profit center - are also in a slump.
CEO Mary Barra is seeking to reposition GM for a future defined by self-driving cars, ride-sharing networks and electric vehicles.
While GM is buying out and laying off workers in its core auto operations, the automaker has added close to 1,000 people in the past year at Cruise.
Sales for all GM cars and trucks declined 11 percent year over year, with the company blaming the impact of hurricanes.
Rep. Tim Ryan, Ohio Democrat, called for hearings to review how GM used millions of dollars in tax cuts from the corporate tax relief enacted by Mr. Trump and congressional Republicans past year.
Cost pressures on GM and other automakers and suppliers have increased as demand waned for traditional sedans. That includes $4 billion in cost cuts and $1.5 billion in reduced capital expenditures.
GM shares were trading around $37.78 as of 3:35 ET on Monday. As many as 10,000 jobs are tied to companies that supply parts for the plant, said Flavio Volpe, head of the Automotive Parts Manufacturers Association.
Let's start in the U.S. If GM wants to close those OH and MI plants, it can't just lock the doors tomorrow and throw the keys away. Consultancy LMC estimates that Lordstown operates at just 31 percent of production capacity in 2018. "We will achieve this through a combination of voluntary and involuntary programs", she said.
With U.S. vehicle sales lagging, that means several GM auto plants have fallen to just one shift, including its Hamtramck and Lordstown assembly plants. Ford said in April it planned to stop building almost all cars in North America.
The shift in US consumer preference away from passenger cars in favor of larger, more comfortable SUVs and pickup trucks has been swift and severe, leaving automakers scrambling to readjust.
The coldest air in North America is coming to NY and Boston for Thanksgiving , and driving up power prices in the Northeast. If you're going to be outside at all on Thanksgiving , dress in layers, the National Weather Service advises.
ENERGY: Oil prices rebounded Wednesday as benchmark US crude gained 2.3 per cent to $54.66 a barrel in NY . USA -traded shares of Nissan lost 5.8 percent, while Renault shares dropped 8.4 percent in Paris.
In a statement, Khan called it "part of conspiracy against Pakistan and China's economic and strategic cooperation". Karachi, the capital of neighbouring Sindh province, has a militant presence, including Baloch separatists.
The two teams drew 2-2 in the first match of the final series. "Because of the wind and the broken windows, it entered the bus". Argentinian football has a long history of violent incident which has resulted in away fans being banned from games.
It's not a direct discount like Target's deal, but if you shop at Kohl's frequently, it can really pay off. Walmart says it will have "thousands more deals" this year than it's had on Cyber Mondays in the past.
The first half was a grim affair, Watford perhaps marginally the more threatening team, but neither side found any fluency. With the demands on set-pieces, you need your own set-pieces, you need to work on the specific quality of the opponent'.
Mickelson walked up the fairway knowing that if he made birdie and Woods made par the cash grab would be his. Woods humbly sat by, taking the good-natured trash talk he knew would be coming if he did not prevail.
In a loss Monday at Sacramento, Diallo became the first Thunder rookie ever to go at least 7 for 7 from the floor. He has struggled on the court during the Warriors' 1-4 stretch, shooting 3-for-21 from 3-point range.
Government Seeks Quick Ruling on Transgender Troops Case
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InSight Mars lander sends back selfie after fiery landing
Squeee, first photo from InSight! The thee-legged, one-armed InSight will operate from the same spot for the next two years. In its descent towards the martian surface, the probe first entered Mars' atmosphere, 80 miles above the surface.
Prince Harry and Meghan are moving to the burbs
The large home is reportedly set to undergo a big refurbishment to turn it from staff accommodation into a family residence. The Duke and US-born Duchess of Sussex will keep their country home in the Cotswolds while they reside in Windsor.
Here’s How UCF Makes The College Football Playoff
The University of MI is holding steady at number four in this week's College Football Playoff rankings . LSU remained seventh, Washington State held at 8 and Ohio State stayed at 10th, getting jumped by UCF.