GM offers buyouts to 18K salaried workers in North America | AP business

GM offers buyouts to 18K salaried workers in North America | AP business

GM offers buyouts to 18K salaried workers in North America | AP business

In an effort to save money, General Motors is reportedly offering buyouts to salaried employees in North America who have 12 or more years of experience.

General Motors (GM) is following a strong quarterly earnings report with a plan to keep cutting costs by starting a voluntary retirement programme for some employees. If not enough people accept the offer, GM may consider involuntary cuts, said Pat Morrissey, a company spokesperson.

Suryadevara said GM expects tariff-driven commodity price increases to cost the company $1.32 billion this year, $526.39 million in the third quarter alone. Terms of the buyouts weren't released.

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GM reported third-quarter net income of $2.53 billion, or $1.75 a share, compared with a loss a year ago of $2.98 billion, or $2.03 a share.

"The voluntary severance program for eligible salaried employees is one example of our efforts to improve cost efficiency".

"We've been on a journey to transform the company, both in how we operate the business and in how we lead in the future of mobility".

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The automaker said the buyout offers are being made "while our company and economy are strong". She also noted that the company's stock price is still stuck near the $33 a share price at which it debuted in 2010 after a bankruptcy restructuring. The automaker claimed average transaction prices in North America reached an all-time record at $36,069, even as total sales in China and Europe continued to lag year over year.

The company has 50,000 salaried workers in North America.

Earlier this month, Ford said it would cut its 70,000-strong global salaried workforce by an unspecified number and hoped to complete the cuts by the end of June 2019. Ford has not provided specifics on how many jobs will be cut or when. This week, the No. 2 US automaker is holding three days of meetings to discuss ways to flatten the structure of its salaried workforce and get managers to oversee larger numbers of employees. The company was resilient in a declining Chinese market, where it posted record third-quarter income of $865.88 million from July through September.

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China's industry-wide auto sales fell the most in almost seven years in September, stoking concerns that market could contract for the first time in decades. Simplification "will allow us to take significant structure out of the business, whether it's corporate staff, whether it's engineering staff", he said on an earnings conference call.

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