GM is laying off hundreds of employees from product development | Forexlive

> GM is laying off hundreds of employees from product development

Wall Street Journal reports



General Motors (GM) cuts several hundred full-time contract positions, primarily from its Detroit product development.

GM’s product-development group, employs thousands of engineers, designers and other salaried workers who develop future vehicle models.

The cuts aim to reduce costs amid uncertainty in the car market.

Last month, about 5,000 GM salaried U.S. workers took voluntary buyouts, costing the company roughly $1 billion.

Despite economic concerns, GM's business remains strong, with customers willing to pay for high-level models and features.

GM is taking steps to protect against worsening economic conditions and plans to cut $2 billion in annualized expenses by the end of 2023.

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