>> Layoffs and plant shutdowns in the biggest restructuring of General Motors since the company went bankrupt during the financial crisis a decade ago.>> This country's done a lot for General Motors, I'm not happy about it.>> We are disappointed by GM's decision regarding their plant in Oshawa.
>> GM announcing Monday that it plans to cut roughly 14,000 jobs across the US and Canada.>> I've been here 28 years, I've been through a closure in Scarborough, I've been through a closure in London. I moved my family twice for this company and they do this to me, it's terrible.
>> Shut five plants across the two countries and is targeting more plant closures for some time after 2019. Reuter's correspondent, Dave Shepardson.>> What this is principally driven by is that Americans have fled cars, have shifted to crossovers and SUVs in part because those vehicles have largely similar fuel economy.
People generally like to be in those bigger, taller vehicles and they can haul more goods around.>> At the same time, industry-wide car sales are dropping, down 13% through September compared to a 8% surge at SUV and truck sales. Costs are going up due to the aluminum and steel tariffs imposed by the Trump administration.
And so gone are future production of the Chevy Volt, Impala and Cruze, along with two Cadillacs and the Buick LaCrosse. GM will instead plow the $6 billion its saving into electric and autonomous vehicles, a market that has yet to prove itself, but is currently favored by investors. GM wants to be viewed as a technology-focused company in the same league of the valuations of Tesla.
And Uber and these companies that are investing a lot of money in autonomous vehicles and electric vehicles. And GM believes that they have the technology and are competitive in those fields. But to do that, they have to show the Street that they are gonna be aggressive about cost cutting.
>> Wall Street is clearly on board, shares of GM surging as much as 7% after the announcement.