The transition from internal combustion engines and battery-electric vehicles will force automakers to reprioritize their resources, including people. At General Motors, that means trimming the number of employees as it looks to save money during this uncertain period. The company has announced that it won’t need layoffs to meet its financial goals, as it is reporting that about 5,000 salaried employees took a voluntary buyout.
GM CFO Paul Jacobson shared the news during a Bank of America automotive conference, reports Automotive News. The buyouts will save $1 billion in cost. In a memo signed by CEO Mary Barra, the automaker told employees that layoffs are “not a consideration at this point.” The letter continued that the buyouts will help GM “maintain momentum, remain agile, and create a more competitive GM.”
