GM lays off 1,000 employees for second time in three months [Yahoo! Finance]
General Motors Company (GM)
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Source: Yahoo! Finance
The Detroit-based automaker said the move is part of a restructuring effort and no one area was targeted. "In order to win in this competitive market, we need to optimize for speed and excellence," GM spokesperson Kevin Kelly said in a statement. "This includes operating with efficiency, ensuring we have the right team structure, and focusing on our top priorities as a business. As part of this continuous effort, we've made a small number of team reductions. We are grateful to those who helped establish a strong foundation that positions GM to lead in the industry moving forward." The company's stock declined Friday. Shares of General Motors were down $0.47 or 0.82%, trading at $57.15 at 10:36 a.m. EST. The company is targeting $2 billion in cost reduction this year. In June, General Motors said a lack of consumer buy-in for its electric vehicles forced it to cut production of the EVs. The company reduced its 2024 EV product target by roughly 100,000 vehicles, Friday's
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News
- General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market [Los Angeles Times (CA)]Los Angeles Times
- General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market [Yahoo! Finance Canada]Yahoo! Finance Canada
- Could the flux capacitor solve hydrogen storage on Class 8 trucks? [Yahoo! Finance]Yahoo! Finance
- GM cuts 1,000 jobs globally, mostly salaried but some hourly, in move to gain efficiency [Yahoo! Finance]Yahoo! Finance
- GM lays off 1,000 employees amid reorganization, cost-cutting [MSNBC.com]MSNBC.com
GM
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- 10/22/24 - Beat
GM
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- 11/12/24 - Form 4
- 11/12/24 - Form 144
- 11/8/24 - Form 4
- GM's page on the SEC website