General Motors noted that it is reducing jobs in the software and services sections, as the Michigan-based auto company looks to ramp up new technology investments while keeping profitability in mind, AFP noted.
It is slashing more than 1000 salaried jobs on the whole, which includes 600 jobs at its tech campus near Detroit, as per Detroit News and CNBC reports, citing a person in the know who spoke on condition of anonymity.
General Motors confirmed that it was reducing jobs but refrained from offering figures, AFP noted.
A GM spokesperson noted that the company must “simplify for speed an excellence, and give priority to the investments which will have maximum impact, and on back of this, “We’re reducing certain teams within the services and software organisation,” the AFP noted.
The news publication further noted that the company had 76,000 salaried people and 87,000 hourly workers as per a securities filing in 2023 end.
Whereas General Motors has curtailed the pace of certain investments in autonomous driving and EVs they remain pockets of heavy capital spending, AFP noted. General Motors has promised USD 2 billion in cost cuts to offset the outlays, AFP noted.
In June it had also okayed a USD 6 billion share repurchase program, AFP said.