This week, the nation's two largest automakers are expected to confirm that at least 15,000 jobs will be eliminated. GM plans to offer buyouts to approximately 15,000 white-collar workers and Ford will cut upwards of 10,000 jobs as a part of its restructuring effort. Both companies cite factors such as the current recession, the weakness of the Japanese yen and the high price of sales incentives as motivations for the cuts. The pending announcement of the job losses comes during the North American International Auto Show in Detroit.
See "Thousands of Jobs Expected to Be Cut At G.M. and Ford", Danny Hakim, The New York Times, January 8, 2002