GM Announcement is 7th Largest Auto Cut Since 2001
General Motors announced it would cut 15 percent of its salaried and salaried contract staff, or an estimated 14,700 people, as the company looks to cut costs and pivot to electric vehicles. Meanwhile, CEO Mary Barra says the company is still hiring workers with experience in software and tech to in order to transition to vehicles with new technologies.
This announcement will more than double the number of job cuts announced by US companies in the Automotive industry in 2018, according to tracking by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc. Through October, the Automotive industry has announced 14,489 job cuts. That's compared to 16,291 cuts in the Automotive sector through October 2017.