According to a Friday report by Reuters, citing a labor representative, General Motors Company has slashed some 350 job positions at its Thai subsidiary.
General Motors shares closed higher for a third consecutive trading session in New York on Friday. The stock went up 0.49% ($0.18) to $37.09, after touching an intraday high at $37.35, or a price level not seen since August 22nd ($37.51).
Shares of General Motors Company have risen 10.88% so far in 2019 compared with a 16.74% gain for the benchmark index, S&P 500 (SPX).
In 2018, General Motors’ stock went down 18.39%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.
According to Boonyeun Sookmai, coordinator for Labor Relations Group for Eastern Thailand, the cuts affected over 350 employees and contractors at General Motors (Thailand).
”We are taking every measure to support employees whose roles are impacted,” GM said in a statement, cited by Reuters.
”There is no change to our ongoing business in Thailand – we continue to build and sell world-class trucks, SUVs and engines for Thailand and the world,” the US auto maker said.
According to the Bangkok Post, nearly 1 900 people are currently employed with General Motors in Thailand.
The auto maker operates two facilities in the Rayong Province – one specialized in vehicle assembly, which was opened in 2000, and another one specialized in powertrain and engines, opened in 2011.
Analyst stock price forecast and recommendation
According to CNN Money, the 17 analysts, offering 12-month forecasts regarding General Motors Company’s stock price, have a median target of $50.00, with a high estimate of $68.00 and a low estimate of $35.00. The median estimate represents a 34.81% upside compared to the closing price of $37.09 on August 30th.
The same media also reported that at least 12 out of 19 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 5 – as “Hold”.
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