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General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market (apnews.com)

submitted 4 days ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

General Motors is laying off around 1,000 white-collar employees globally to reduce costs and enhance efficiency amid challenges in transitioning to electric vehicles (EVs).

The layoffs, announced Friday, align with GM’s goal to cut $2 billion in fixed costs by year-end. GM has been balancing investment in EV development with updating gas-powered models.

U.S. EV sales grew 7.2% through September but remain slower than last year’s 47% surge.

This follows earlier voluntary buyouts of 5,000 employees in April, which GM previously said might prevent future layoffs.

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[–] RizzRustbolt@lemmy.world 4 points 3 days ago (1 children)

They could stop making trucks. That would really cut their costs.

[–] sunzu2@thebrainbin.org 1 points 3 days ago

Also they could build small cars which is where demand is currently sitting...

Every clown who wanted 100k truck got one, now the lots are full.

Stromg business acumen here haha

How many people in US can can afford 50-100k vehicles anyway?

Back when in my day that segment was for the upper class types... Now you got generic redneck riding in jacked up 150 with MSRP 75k