GM Plans To Expand Employment Numbers Next Year Despite Shift To Electric Vehicles: Report

General Motors Company GM reportedly intends to boost employment next year despite apprehensions of lower labor requirements hovering around autoworkers owing to the shift to electric vehicles. 

GM manufacturing chief Gerald Johnson expects its employment numbers to grow in 2024, Reuters reported citing a video message from Johnson.

GM, Ford Motor Company F, and Stellantis N.V. STLA last month opened contract talks with the United Auto Workers (UAW) union regarding labor deals, Reuters added.

The UAW is reportedly seeking a pay hike of more than 40%, including an initial 20% hike and 5% annual wage hikes starting in September 2024.

Stellantis is also planning to fairly reward employees for their contributions to the success of the company, the report noted. 

Also Read: Tesla Set To Topple 2 Legacy Auto Giants In Revenue By 2027, Says Analyst: Why Wall Street Estimates For Volume Growth Are 'Way Too Low'

Price Action: GM shares are trading higher by 0.51% to $36.76 on the last check Monday.