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General Motors () laid off approximately 1,000 employees on Friday as part of a broader effort to reduce costs and realign its priorities in response to shifting market conditions, according to a .The layoffs, communicated to affected employees Friday morning, were spread across various departments.Some were tied to underperformance, while others were part of a restructuring initiative to streamline operations, the source said, speaking anonymously.Most of the impacted employees were based at GM’s Global Technical Center in Warren, Michigan, located in the Detroit suburbs. A small number of hourly workers were also included in the layoffs.The company is aiming to cut $2 billion in fixed costs this year as it faces slowing sales in the US, declining business in China, and a reassessment of its electric vehicle strategy, which has been impacted by slower-than-expected consumer adoption.A GM spokesperson confirmed the layoffs but did not disclose the exact number of employees affected.“In order to remain competitive, we must optimize for speed and excellence,” said GM spokesperson Kevin Kelly in a statement.“This requires operating efficiently, ensuring the right team structure, and focusing on our top business priorities. As part of this ongoing effort, we’ve made a small reduction in our team. We’re thankful for the contributions of those who helped build a strong foundation, positioning GM for leadership in the industry going forward.”The layoffs follow a similar reduction in August when over 1,000 salaried employees in GM’s software and services division were let go.At the end of 2023, GM employed 76,000 salaried workers globally, including 53,000 in the US.The United Auto Workers union, which represents GM’s hourly workers, did not immediately comment on the layoffs.More By This Author:Dollar Dominates As Powell’s Hawkish Stance Fuels Market Jitters Fed Chair Powell Says Current Economy Shows No Urgency For Rate Cuts AUD/USD Forecast: Death Cross Nears As RBA Rate Cut Odds Rise
