General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market
General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market
General Motors is laying off about 1,000 workers worldwide, shedding costs as it tries to compete in a crowded global automobile market.
Summary
General Motors is laying off around 1,000 white-collar employees globally to reduce costs and enhance efficiency amid challenges in transitioning to electric vehicles (EVs).
The layoffs, announced Friday, align with GM’s goal to cut $2 billion in fixed costs by year-end. GM has been balancing investment in EV development with updating gas-powered models.
U.S. EV sales grew 7.2% through September but remain slower than last year’s 47% surge.
This follows earlier voluntary buyouts of 5,000 employees in April, which GM previously said might prevent future layoffs.
They could stop making trucks. That would really cut their costs.
Stellantis and Nissan also announced layoffs recently too.