It also plans to cut production at two plants in the US that make transmissions.
"In contrast to times past, General Motors, under CEO Mary Barra, is trying to get ahead of a potential crisis by making cuts now", said Michelle Krebs, executive analyst at Autotrader. The company will instead concentrate on trucks and SUVs, and will double its investment in electric and autonomous vehicles.
The Lordstown, Ohio, plant could also go, with GM's boss saying the factory's production of the Chevrolet Cruze would stop on 1 March.
About 335 work at the Warren Transmission plant, which produces six-speed transmission for the GMC Acadia, Chevrolet Impala and Cadillac XTS and Electric Drive Unit for Chevrolet Volt, Chevrolet Malibu Hybrid, and Buick Velite. "We're going to get those jobs coming back, and we're going to fill up those factories or rip them down and build brand-new ones".
He said the decision to halt sales of the Chevrolet Cruze had "nothing to do with tariffs" but was because of poor sales.
GM plans to reduce annual capital spending to $7 billion by 2020 from an average of $8.5 billion a year during the 2017-2019 period.
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In late-afternoon trading, Apple's value was $822.9 billion, about $7 billion above Microsoft's. Apple shares have fallen more than 20 percent since the company reported earnings on November 1.
"These tend to be the lower-margin vehicles", GM's Chief Financial Officer Dhivya Suryadevara told reporters. That represented more than one third of the company's 50,000 salaried workers across North America. The Detroit carmaker then opened its own plant in 1953, with production boosted by the 1965 auto pact that allowed cars to be shipped more easily to the US market.
We are also asking the federal government to work with their USA counterparts to remove all tariffs so that impacted auto parts suppliers can remain competitive after the Oshawa Assembly Plant closes its doors.
The President, speaking to reporters on his way to a pair of campaign stops in MS, said he spoke with GM CEO Mary Barra about the closures, which will also hit a fifth North American plant in Canada.
In October, Export Development Canada, the national export credit agency, showed there was an outstanding loan to GM Corp. for more than $1 billion.
A former Canadian auto executive said it would be hard for Canadian government officials to entice GM further to keep the plant open.
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Hamilton never lost respect for his old sparring partner and frequently referred to him as the greatest of his rivals. Maybe that's the time to come back, or maybe I will enjoy next year so much that I will not come back".
"I have no doubt that in the not too distant future, they'll put something else". "The ship has already left the dock", he said.
Also uncertain: the future for the thousands of workers who will be laid off, as well as the communities built around those plants.
GM's news release focused on the financial savings to the company that it predicts will come through these layoffs.
"The Lordstown plant is very important to Ohio". Trump says GM needs to "get a auto that is selling well and put it back" into the OH plant.
"Today our generation is facing a new Black Monday in the Mahoning Valley", Congressman Ryan said, "GM's announcement is devastating for the men and women working at Lordstown and everyone here in the Mahoning Valley". Sherrod Brown said in a statement.
Not allocating product doesn't mean the plants will close, but it puts their future and the jobs of roughly 6,300 hourly and salaried factory employees-3,300 in the US and 3,000 in Canada-at risk heading into contract negotiations with the UAW in 2019 and Canadian union Unifor in 2020.
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The German foreign minister, Heiko Mass, also said "we will mediate so that this conflict does not turn into a serious crisis". Russian military seized tiny gun boats after firing upon them, disabling them and wounding at least three Ukrainian seamen.
Barra explained that GM is restructuring now, "while the company and the economy are strong, to stay in front of a fast-changing market".