General Motors (GM) is looking to save $2,000,000,000 in revenues, following its lackluster revenue performance in the latest results.
In an email to employees, GM CEO Mary Barra said the company is taking the attrition approach rather than a layoff to sever its salaried employees across all its networks globally.
The cut affects 500 positions, in an exercise that began Tuesday.
The cuts would impact a “small number of global executives and classified employees following our most recent performance calibration,” which follows performance evaluations.
According to CNBC, the cut affects less than 1 percent of the automaker’s workforce, currently at 81,000 salaried staff and about 86,000 hourly workers.
GM joins some of the major automakers globally that have struggled to balance their sheets on high demand for electric cars.
Early this month, Ford Motor confirmed it would cut 3,800 jobs in Europe over the next three years to adopt a “leaner” structure as it focuses on electric vehicle production.
Others such as Rivian Automotive also made salaried cuts, while Stellantis said it would idle a plant in Illinois.
