General Motors Launches Employee Buyout Program 🚗

General Motors , Is Offering Buyouts.<br />NPR reports that the automotive manufacturer <br />is offering U.S. salaried employees <br />and select global executives buyouts.<br />Salaried employees must have worked for GM for at least <br />five years, while global executives are required to <br />have been with the company for a minimum of two years.<br />Salaried employees must have worked for GM for at least <br />five years, while global executives are required to <br />have been with the company for a minimum of two years.<br />The move is an attempt to cut $2 billion in costs throughout the next two years as GM transitions to electric vehicles.<br />The move is an attempt to cut $2 billion in costs throughout the next two years as GM transitions to electric vehicles.<br />In 2021, GM said it has a goal of only producing electric vehicles by 2035.<br />On March 9, CEO Mary Barry said that the "voluntary separation program" will be available until March 24.<br />The option will help to avoid <br />"involuntary actions" down the road, she said.<br />By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasing competitive market, Mary Barry, GM CEO, via statement.<br />CFO Paul Jacobson said that the cost-cutting tactics are also being implemented to prepare for future recessions and economic downturn. .<br />He said that while the company's sales are strong, GM is starting to see vehicle prices easing.<br />We want to be cautious because we don't want to ignore the macro signs that are out there, because I don't want to be up here a year from now saying, uh, we missed it, Paul Jacobson, GM CFO, via statement