GM Buyouts Slash 5,000 Positions: Report

General Motors Company GM Chief Financial Officer Paul Jacobson reportedly said about 5,000 salaried workers took buyouts to leave the company.
Jacobson added that the buyouts are helping the company to hit the $2 billion cost reduction target, reported Reuters.
Though General Motors was able to raise prices in the U.S. over the past two years, which the CFO said would be difficult going forward.
"We have to be more urgent around cost-cutting," he said.
Also Read: Ryder Ramps Up Electrification Effort; Plans To Add 4,000 GM Electric Vans
General Motors will spend 75% of its annual capital on electric vehicle projects, said Jacobson, adding that the company is likely to have large benefits from U.S. electric vehicle subsidies under the Inflation Reduction Act.
GM, which has three battery factories in North America, will announce the location of a fourth domestic battery plant soon, the report added.
Price Action: GM shares are trading lower by 0.39% at $35.60 in premarket on the last check Wednesday.
Photo Via Company

Overview Rating:

Promising

100

0100