About 5K GM salaried workers take buyouts, avoiding layoffs - KPRC2 GM
FILE - The General Motors logo is displayed outside the General Motors Detroit-Hamtramck Assembly plant, Jan. 27, 2020, in Hamtramck, Mich. General Motors is offering buyouts to most of its U.S. salaried workforce and some global executives in an effort to trim costs as it makes the transition to electric vehicles. , which the automaker says is enough to avoid layoffs at this time.
The Detroit automaker and its competitors are making huge capital outlays to develop and build new electric vehicles, all while continuing to make cars, trucks and SUVs with gasoline engines. They're also spending big to get scarce minerals and parts needed for EV batteries. At a Bank of America conference Tuesday, GM Chief Financial Officer Paul Jacobson said the company will take a $1 billion first-quarter charge because of the buyouts, but said it will save $1 billion per year as the workers leave later in in 2023. “You’ve got a pretty quick payback,” Jacobson said.
“It’s important that we were willing to pay for the voluntary program to incent people to go who maybe were closer to retirement or had just decided they wanted a change in career or lifestyle, at the same time to do everything we can to try to avoid involuntaries or layoffs," he said. “And I think we’re in a position where we’re going to be able to do that.”
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