- General Motors Company (NYSE:GM) Chief Financial Officer Paul Jacobson reportedly said about 5,000 salaried workers took buyouts to leave the company.
- Jacobson added that the buyouts are helping the company to hit the $2 billion cost reduction target, reported Reuters.
- Though General Motors was able to raise prices in the U.S. over the past two years, which the CFO said would be difficult going forward.
- “We have to be more urgent around cost-cutting,” he said.
- Also Read: Ryder Ramps Up Electrification Effort; Plans To Add 4,000 GM Electric Vans
- General Motors will spend 75% of its annual capital on electric vehicle projects, said Jacobson, adding that the company is likely to have large benefits from U.S. electric vehicle subsidies under the Inflation Reduction Act.
- GM, which has three battery factories in North America, will announce the location of a fourth domestic battery plant soon, the report added.
- Price Action: GM shares are trading lower by 0.39% at $35.60 in premarket on the last check Wednesday.
- Photo Via Company
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