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General Motors Co will cut about 1,000 salaried workers worldwide in an effort to streamline its operations, according to people familiar with the matter.
Most of the layoffs will affect workers in North America, said the people, who asked not to be identified because they were not authorized to speak publicly. The cuts mark the third time this year that GM has cut wages. The automaker laid off about 1,000 software engineers in August and reduced its China workforce amid continued losses in that market.
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Under CEO Mary Barra, GM has cut jobs regularly to control costs as the automaker’s earnings have remained strong. The cuts also helped GM make room for new employees with the skills needed to develop electric vehicles and more advanced software.
“To win in this competitive market, we need to improve speed and efficiency,” GM spokesman Kevin Kelly said in an email. “This includes being efficient, ensuring we have the right team structure, and focusing on our priorities as a business.”
GM employs about 76,000 salaried workers worldwide by the end of 2023, according to the official filing.
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The company’s shares jumped last month when it raised its 2024 forecast for adjusted earnings before interest and taxes to at least US$14 billion, from a lower estimate of US$13 billion.
GM shares were little changed in retail trading on Friday.
Bloomberg.com
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