General Motors is laying off over 1,000 salaried employees globally, including 600 at its Detroit tech campus, to streamline operations. This comes alongside a reported $104 million loss in China for Q2, with CEO Mary Barra describing the market as a "race to the bottom" due to price wars. Despite these setbacks, Barra remains optimistic about future growth, emphasizing aggressive cost reductions and strategic restructuring.
Meanwhile, UAW President Shawn Fain intensified his criticism of Stellantis CEO Carlos Tavares, accusing him of price gouging and failing to honor union labor contracts.
Fain specifically called out the decision to halt the reopening of an Illinois assembly plant, linking it to declining sales and job cuts despite the company's increased profits. Tavares defended the actions as necessary for maintaining profitability amidst ongoing cost-cutting measures.