Manufacturing plant in northern Wisconsin to close before end of the year, laying off 57 employees
GM lays off 1,000 workers, even as it nears record profits
Boeing to lay off more than 3,500 across 7 states
Major automakers have announced multiple rounds of layoffs and factory closures in coming weeks and months as they struggle to turn a profit on EVs and face a potential onslaught of cheaper competition.
Ford, General Motors, and Stellantis plan to slash thousands from their workforce in the coming months. Volkswagen has announced plans to shutter three of its factories in Germany, which could come with massive layoffs.
Unfortunately for the major carmakers, they aren't facing one issue but an agglomeration of several significant interconnected challenges at once. Add to that an ultracompetitive business with high overhead costs and low profit margins, and things quickly get very difficult.
When market dynamics, regulatory requirements, and financial costs shift dramatically in a relatively short period of time, the results can be dire. That's what we're seeing play out.
But Donald Dumb will fix all these problems by the sheer power of his own personal will. Just wait and see.
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