- Workers at GM's Sao Jose dos Campos plant in Brazil have ended a two-week strike after the company agreed to suspend nearly 800 job cuts.
- GM and the local metalworkers' union agree that the workers facing termination would spend the next five months on paid leave and would get an extra rescission payment if their jobs are cut early next year.
- GM said last month that the plant would not be included in 6.5B reais ($1.9B) of new investments in Brazil through 2019 because the factory is not cost competitive; auto sales in Brazil are down ~20% this year amid rising inflation, unemployment and interest rates.
- Separately, Daimler (OTCPK:DDAIF) said today it would cut an additional 1,500 jobs at a Mercedes-Benz truck plant near Sao Paulo, leading workers to declare an open-ended strike at the factory.