| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
General Motors Company (NYSE:GM) shares are trading higher today. The company is reportedly laying off over 1,000 salaried employees globally in its software and services division as part of a review aimed at streamlining operations.
The layoffs account for about 1.3% of GM’s global salaried workforce of 76,000 as of the end of last year, which includes approximately 53,000 U.S. employees, reported CNBC.
The layoffs, which include about 600 positions at GM’s tech campus near Detroit, follow recent leadership changes in the division. As per the report, the company notified the affected employees on Monday morning.
The job cut reflects automakers’ aim to reduce costs and headcount amid concerns about an industry downturn while investing billions in emerging markets like electric vehicles and software-defined vehicles.
The report cited a GM spokesman’s emailed statement, “As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact.”
“As a result, we’re reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.”
Last week, GM reportedly stated that it is downsizing and planning job cuts in China, focusing on a strategic overhaul and potential capacity reductions with SAIC.
The automaker is scaling back as many foreign brands face intense competition from local players in the world’s largest car market, now grappling with substantial overcapacity.
In June, the company promoted former Apple executives Baris Cetinok and Dave Richardson to replace the former executive vice president of software and services, Mike Abbott, who left GM in March 2024.
Investors can gain exposure to the stock via the First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and the Invesco S&P 500 Pure Value ETF (NYSE:RPV).
Price Action: GM shares are up 0.65% at $45.62 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Jonathan Weiss on Shutterstock
Read Next:
