“Despite progress and buoyant markets outside the U.S., falling volumes and competitive pressures in the U.S. will continue to pressure G.M. North America and hence overall G.M. operational results,” Brian A. Johnson, an analyst with Lehman Brothers, wrote in a note to clients Tuesday.The Wall Street Journal has details of the UAW-approved buyout offer:
This new buyout offer is different in that it is designed to open the door for a flood of new workers that GM has said it will hire following its recently inked contract with the UAW. Currently, workers at GM plants typically make $73 an hour, including wages and benefits, no matter what role they fill. The UAW is allowing GM to reclassify about 16,000 of these jobs, such as janitorial jobs, as "non-core" assignments with wages and benefits equaling $25.65 an hour.