Just weeks after Ford ( F) announced that it would cut costs, in part, by contracting its fleet of passenger cars, rival General Motors ( GM) is making a similar move.
GM will temporarily close its Detroit-Hamtramck assembly plant for roughly six weeks beginning in mid-November, and subsequently produce 20% fewer cars upon its re-opening, the Wall Street Journal reported.
The move will result in about 1,500 layoffs, and illustrates GM taking further steps to shrink the production of weaker-selling models.
Shares of GM were falling over 1.5% in premarket trading on Thursday following the report.
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