Finance Forex

GM to Begin Laying Off 4,000 Salaried Workers Starting Monday

GM To Begin Laying Off 4,000 Salaried Workers Starting Monday post is one from the Finance, Forex categories, published upon our publisher Erick Emerson much as February 2, 2019, those paper can search with the tags 4000, GM, Laying, Monday, Salaried, Starting, workers. We all pleasant to blissful you as well providing that other paper from finance together with I'm always posting this paper routine.

General Motors (GM) will begin laying off at least 4,000 salaried workers in North America starting Monday, according to the Detroit News and other media.

More involuntary separations will continue through February, according to a source familiar with the plans cited by the Detroit News. It’s not clear from which parts of the company the layoffs will come.

“We are not confirming timing,” GM said in a statement to The Detroit News. “Our employees are our priority, and we will communicate with them first.”

The reductions to GM’s contract workforce were largely completed last year with some 1,500 workers let go. 

Before beginning the layoffs, GM offered buyouts to 18,000 workers on Halloween last year.

Many of the cuts are planned at factories in the United States and Canada that make sedans and compact cars — vehicles that have not been selling well in North America as customers turn toward trucks, sport utility vehicles and crossovers. These latter vehicles tend to be more profitable for automakers.

As it has been trimming back its sedan lineup and exiting its least lucrative businesses, GM has been investing in other technologies, especially autonomous driving.

GM’s reorganization is expected to save the company about $6 billion by 2020, with half of those savings realized by the end of 2019, the company has said.

GM shares fell 0.6% to close at $38.78 in trading on the New York Stock Exchange.

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