General Motors head Wagner announced the latest "Survival Plan" on Monday (U.S. time): By 2008, it will shut down 9 automotive assembly plants and 3 service and parts factories, and lay off 30,000 people. The company hopes to save 7 billion U.S. dollars in expenditure. The "First Financial Daily" learned from relevant persons in China that this move by General Motors will not have a big impact on its layout in China. In the long run, it will be a good thing to expand the export of Chinese parts and components companies.
North American business still quagmire
The new adjustment plan will reduce the total number of GM’s global employees by about 9%, and will reduce the annual North American vehicle production by about 1 million to 4.2 million vehicles. The layoffs plan was strongly reacted by the National Automobile Workers’ Federation and said that the plan was disappointing and lacked fairness. The plan will make the negotiations between the union and General Motors more difficult. In addition, Delphi is also a potential bomb. The auto parts company in bankruptcy protection is still the main supplier of General Motors. Currently, Delphi is requesting a judge to allow it to extend the contract with its major suppliers. If the supplier fails to supply the parts on time, Delphi may be forced to close the assembly line.
While announcing the layoff plan, Wagner said that the company’s financial status is good and he did not care. In addition, the company is still considering selling its controlling stake in its financial services subsidiary GMAC, but this transaction is more difficult than previously thought. GM spokeswoman Toni Simonetti said that the timetable for the sale is currently not yet established and the company is still negotiating with potential buyers.
Chinese companies benefit long-term
After the launch of the "Survival Plan", it is a good thing for Chinese auto parts companies. Xu Xiaopeng, executive director of CAP (China) Automotive Parts Americas, Ltd., said that Shanghai GM executives had previously revealed that GM’s worker welfare for each car produced in the United States was as high as more than 2,000 US dollars, which became the foundation of GM’s financial crisis. the reason. "The high costs will definitely force GM and its supporting factories to increase their purchasing power in China. This situation has already emerged."
It is reported that after the layoffs, General Motors will accelerate the transfer of production to low-cost areas outside North America. However, Xu Xiaopeng said that China is unlikely to be a direct beneficiary of this wave of transfers. Since this shutdown is mainly for assembly plants supplying North American local markets, Canada and Mexico are the most likely to benefit first, according to geopolitical strength analysis.
An insider of GM (China) stated that the current sales situation of the company in China is not bad. In the first three quarters of this year, sales volume increased by 27.8% year-on-year to 472,495 units. Some Chinese parts and components companies supporting the general North American market may be affected by this plan. Wang Yuxing, Marketing Director of China Auto Parts Network, said that prior to this, General Motors North America has said that it purchases about 2.5 billion U.S. dollars worth of raw materials from Chinese suppliers each year, and this figure is growing steadily. However, the majority of Chinese auto parts companies supporting General North America are concentrated in the maintenance market. Most of the companies supporting the entire vehicle do not directly support GM. Instead, they do OEM services for general-purpose matching manufacturers, and generally reduce production scale. Will affect this part of the company.
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