General Motors plans to cut production, slash workforce

General Motors assembly plant in Oshawa, Canada. [Photo: Reuters]

DETROIT- General Motors Co said on Monday it will cut production of slow-selling models and slash its North American workforce because of a declining market for traditional gas-powered sedans, shifting more investment to electric and autonomous vehicles.

GM’s actions add up to the biggest restructuring for the US No. 1 carmaker since its bankruptcy a decade ago, and mark a turning point for the North American auto industry. US automakers have enjoyed nearly a decade of prosperity since the 2008-2009 financial crisis and the government bailouts of GM and the former Chrysler Corp.