Ups & downs

Ups & downs

GM timeline

A look at what’s happened with General Motors and the economy recently:

kJune 2: GM stock closes at $17.44, down 50 percent from its December trading levels.

kJune 3: GM announces that it will build its next generation compact car in Lordstown, which will receive a third shift of 1,400 workers. The car came to be known as the Chevrolet Cruze.

kJuly: About 550 Lordstown workers retire with buyout incentives.

kJuly 27: Crude oil hits an all-time high of $147.27 a barrel.

kAug. 3: The third shift begins production, adding 500 Chevrolet Cobalts and Pontiac G5s to the plant’s daily production.

kSept. 29: Dow Jones industrial average suffers its biggest single-day point drop — 777 — as a credit crisis engulfs the nation.

kOct. 6: To increase Cobalt production, GM announces overtime in Lordstown on most Saturdays for the rest of the year.

kOct. 9: GM shares drop 31 percent to $4.65, their lowest level in 58 years, as the Dow drops 682 points.

kOct. 20: GM says it will spend $49 million to move two stamping presses to Lordstown from a Georgia plant.

kOct. 23: GM cancels production on two Saturdays at Lordstown in November and eliminates unscheduled overtime.

kMonday: GM announces Cobalt sales dropped 60 percent in October, while its overall sales fell 45 percent.

kFriday: GM announces 1,100 layoffs in Lordstown and 2,500 layoffs at other plants.

kFriday: GM stock closes at $4.36.

Source: Vindicator files