General Motors is offering buyouts in an effort to cut $2 billion in costs

The General Motors logo is displayed outside the General Motors Detroit-Hamtramck Assembly plant, Jan. 27, 2020, in Hamtramck, Mich. (Paul Sancya/AP)

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 Barry 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.