 "General Motors layoffs: Auto giant to cut 1,000 jobs amid EV transition, cost pressures")
General Motors is laying off about 1,000 workers globally as part of a cost-cutting effort aimed at enhancing efficiency and staying competitive in the global automobile market.
The affected employees, primarily white-collar workers, were notified on Friday (November 15), the company said in a statement. GM provided limited details but emphasised the need to streamline operations.
“We need to optimise for speed and excellence,” the statement read. “This includes operating with efficiency, ensuring we have the right team structure, and focusing on our top priorities.”
The layoffs come as GM and other automakers navigate the uncertain transition to electric vehicles (EVs), balancing investments in EV technology with updates to gas-powered models. The company is building EV battery and assembly plants while sourcing minerals and components for next-generation vehicles.
Through September, US EV sales rose 7.2 per cent to nearly 936,000 vehicles, according to Motorintelligence.com.
Although slower than the 47 per cent growth recorded in 2023, EV sales are expected to surpass last year’s record of 1.19 million, with EVs accounting for 7.9 per cent of new vehicle sales this year, up from 7.6 per cent in 2023.
GM employs about 150,000 workers worldwide, including 76,000 white-collar employees. Most of its workforce is concentrated at its technical center in Warren, Michigan.
In April, approximately 5,000 white-collar employees accepted buyout offers as GM sought to reduce expenses, avoiding layoffs at the time. The automaker had offered buyouts to white-collar employees with at least five years of service and executives with two years of tenure.
Impact Shorts
More ShortsWhile the company had expressed hope to avoid involuntary separations, Chief Financial Officer Paul Jacobson said last month that GM is on track to cut $2 billion in fixed costs by the end of 2024, signaling that additional measures may be necessary.
With inputs from Reuters
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