Nov. 15 (UPI) — Salaried and hourly employees are among the roughly 1,000 layoffs announced by General Motors Friday, the majority of which affect the company’s global technical center facility in Warren, Mich.
The Detroit-based automaker said the move is part of a restructuring effort and no one area was targeted.
“In order to win in this competitive market, we need to optimize for speed and excellence,” GM spokesperson Kevin Kelly said in a statement.
“This includes operating with efficiency, ensuring we have the right team structure, and focusing on our top priorities as a business. As part of this continuous effort, we’ve made a small number of team reductions. We are grateful to those who helped establish a strong foundation that positions GM to lead in the industry moving forward.”
The company’s stock declined Friday.
Shares of General Motors were down $0.47 or 0.82%, trading at $57.15 at 10:36 a.m. EST.
The company is targeting $2 billion in cost reduction this year.
In June, General Motors said a lack of consumer buy-in for its electric vehicles forced it to cut production of the EVs. The company reduced its 2024 EV product target by roughly 100,000 vehicles,
Friday’s layoffs were GM’s second major round of job cuts in three months.
In August, the company announced it would lay off more than 1,000 salaried workers around the world in its software and global division.
