The Detroit automaker is offering buyouts to U.S. salaried employees and some global executives in order to cut $2 billion in costs over the next two years as it makes the transition to electric vehicles.
The General Motors logo is displayed outside the General Motors Detroit-Hamtramck Assembly plant, Jan. 27, 2020, in Hamtramck, Mich.The General Motors logo is displayed outside the General Motors Detroit-Hamtramck Assembly plant, Jan. 27, 2020, in Hamtramck, Mich.General Motors is offering buyouts to salaried employees in the U.S. and some global executives in order to cut $2 billion in costs over the next two years as the Detroit automaker makes the transition to electric vehicles.
CEO Mary Barra said in a statement Thursday that the"voluntary separation program" will be offered until March 24 and is a step that will help avoid"involuntary actions" later. "By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasing competitive market," she said.
The buyouts will be offered to salaried employees with at least five years of time at GM, as well as to global executives with at least two years. The company has some 58,000 employees on salary in the U.S. It is unknown how many employees GM is targeting for the buyouts.
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