General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market [Los Angeles Times (CA)]
General Motors Company (GM)
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Source: Los Angeles Times
The workers, mostly white collar, were notified about the decisions early Friday. The company confirmed the layoffs in a statement but gave few details. “We need to optimize for speed and excellence,” the statement said. “This includes operating with efficiency, ensuring we have the right team structure and focusing on our top priorities.” GM and other automakers have been navigating an uncertain transition to electric vehicles both in the U.S. and worldwide, trying to figure out where to invest capital and how fast the switch will happen. The company has had to develop and update gas-powered models while investing in EV battery and assembly plants as well as minerals and other parts for the next generation of electric vehicles. Through September, U.S. new EV sales are up 7.2% to about 936,000, according to Motorintelligence.com . That's slower growth than the 47% increase in 2023. But EV sales this year are likely to surpass last year's record of 1.19 million, and the EV sha
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