General Motors (GM) announced Friday that it is laying off approximately 1,000 employees as part of a restructuring effort. The majority of the layoffs are focused on the company’s global technical center in Warren, Michigan. Both salaried and hourly employees are affected by the job cuts, although GM emphasized that no single area or department was specifically targeted.
In a statement, GM spokesperson Kevin Kelly explained that the layoffs are part of the company’s ongoing efforts to enhance speed, efficiency, and excellence. “To win in this competitive market, we need to optimize for speed and excellence,” Kelly said. “This includes operating with efficiency, ensuring we have the right team structure, and focusing on our top priorities as a business.” He expressed gratitude to the employees who have contributed to GM’s strong foundation and its continued leadership in the industry.
GM’s stock price fell by 0.82%, or $0.47, on Friday morning, trading at $57.15 per share. The company has set a target to reduce costs by $2 billion this year.
This round of layoffs follows GM’s decision in June to scale back production of electric vehicles (EVs) due to lower-than-expected consumer demand. As a result, GM reduced its 2024 EV production target by around 100,000 vehicles. The layoffs announced Friday mark GM’s second major round of job cuts in the past three months. In August, GM laid off over 1,000 salaried workers in its software and global divisions.
- Last $2,710 check in November for eligible 62-year-olds on Social Security retirement benefit payments - November 24, 2024
- In which states will SNAP benefits be paid before Black Friday? Payment days and amount - November 24, 2024
- Discover Valuable Silver Coins That Could Be Worth a Fortune – Find Out Now! - November 24, 2024
