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General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market (apnews.com)

submitted 1 month ago by MicroWave to c/economics

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Summary

General Motors is laying off around 1,000 white-collar employees globally to reduce costs and enhance efficiency amid challenges in transitioning to electric vehicles (EVs).

The layoffs, announced Friday, align with GM’s goal to cut $2 billion in fixed costs by year-end. GM has been balancing investment in EV development with updating gas-powered models.

U.S. EV sales grew 7.2% through September but remain slower than last year’s 47% surge.

This follows earlier voluntary buyouts of 5,000 employees in April, which GM previously said might prevent future layoffs.

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[–] dance_ninja 2 points 1 month ago

Stellantis and Nissan also announced layoffs recently too.