General Motors To Lay Off 500 Salaried Employees To Cut Costs: Report

General Motors Company GM reportedly plans to slash about 500 salaried positions to cut costs.
The job cuts shall be across various functions, making up less than 1% of GM's salaried workforce, CNBC reported.
With the move, GM follows other companies in slashing head counts to preserve cash.
The report cited a Tuesday letter in which GM Chief People Officer Arden Hoffman confirmed the company's goal of $2 billion in cost savings over the next two years, which "we'll find by reducing corporate expenses, overhead, and complexity in all our products."
Also Read: General Motors To Reportedly Pause Production At Indiana Plant To Balance Rising Inventory
At the end of 2022, General Motors employed about 86,000 hourly workers and 81,000 salaried employees worldwide.
The other automotive companies that have announced headcount cuts include Ford Motor Co F and Rivian Automotive Inc RIVN.
Related: Rivian Q4 Earnings Recap: EV Delivery, Production Totals, 2023 Guidance, R2 Update And More
Price Action: GM shares are trading higher by 0.93% at $39.10 in premarket on the last check Wednesday.