This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/brexit-vauxhall-general-motors-job-losses-pound-value-crash-cuts-a7379931.html
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Brexit: Vauxhall owner General Motors hints at job cuts after pound value crash | |
| (about 1 hour later) | |
| Vauxhall maker, General Motors, has warned it could be forced to cut production in Europe as a result of the Brexit vote, after the crash in the value of the pound caused $100m losses. | Vauxhall maker, General Motors, has warned it could be forced to cut production in Europe as a result of the Brexit vote, after the crash in the value of the pound caused $100m losses. |
| GM expects a further Brexit-related hit of $300m in the fourth quarter and said it had been on track to break even this year before the referendum. | GM expects a further Brexit-related hit of $300m in the fourth quarter and said it had been on track to break even this year before the referendum. |
| The Detroit-based car maker will decide in the coming months whether to continue making Vauxhall Astras at Ellesmere Port in Cheshire. | The Detroit-based car maker will decide in the coming months whether to continue making Vauxhall Astras at Ellesmere Port in Cheshire. |
| “We are prepared to take whatever action is necessary to put Europe on the path,” GM’s finance chief, Chuck Stevens said. | “We are prepared to take whatever action is necessary to put Europe on the path,” GM’s finance chief, Chuck Stevens said. |
| “The pound sterling has deteriorated further, which creates another headwind for us,” Stevens said. “Breaking even this year is going to be very challenging.” | “The pound sterling has deteriorated further, which creates another headwind for us,” Stevens said. “Breaking even this year is going to be very challenging.” |
| GM already raised UK prices by 2.5 per cent on 1 October and is looking to cut costs, Stevens said. | GM already raised UK prices by 2.5 per cent on 1 October and is looking to cut costs, Stevens said. |
| The company said in July that the UK’s plan to exit the European Union could cost it $400 million in this year’s second half, as an expected drop in demand hits its Vauxhall brand. | The company said in July that the UK’s plan to exit the European Union could cost it $400 million in this year’s second half, as an expected drop in demand hits its Vauxhall brand. |
| So far British sales have held up “pretty well” since the referendum, Stevens said, adding that he expects future headwinds. “There is a lot of uncertainty on how (the impact of the Brexit vote) will play out over time”, he said. | So far British sales have held up “pretty well” since the referendum, Stevens said, adding that he expects future headwinds. “There is a lot of uncertainty on how (the impact of the Brexit vote) will play out over time”, he said. |
| GM has already cut working hours at German factories making Vauxhall Corsa hatchbacks and Insignia saloons, for which the UK is the biggest market. | GM has already cut working hours at German factories making Vauxhall Corsa hatchbacks and Insignia saloons, for which the UK is the biggest market. |
| GM announced record profits and sales worldwide after its US business performed well. | GM announced record profits and sales worldwide after its US business performed well. |
| Nissan will announce next month whether it will produce one of its best-selling cars in the UK, after it had threatened to leave the country unless it received “compensation” for tariffs incurred to import cars into the EU. | Nissan will announce next month whether it will produce one of its best-selling cars in the UK, after it had threatened to leave the country unless it received “compensation” for tariffs incurred to import cars into the EU. |