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 ReadGeneral 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.
  • RelatedRivian 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.
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