Wednesday, 21 November, 2018

GM offers buyouts to 18,000 employees

GM Offers Buyouts to 18,000 Workers, Months After Warning About Layoffs Over Trump's Tariffs General Motors offers employee buyouts
Russell Knight | 03 November, 2018, 07:17

Starting today, salaried employees across all divisions in the United States, Canada, and Mexico who have worked at GM for at least 12 years will receive the offers.

The voluntary severance program was announced shortly after the company's third-quarter earnings report where it reported an operating profit of $2.5 billion and 10.2% profit margins in North America, The Detroit News reports. The company says in a prepared statement that although it is performing well, it wants to continue to reduce costs while the company and the economy are strong. The largest USA automaker reported better-than-expected earnings Wednesday , fueled by strong sales of trucks and crossovers in North America.

GM wouldn't disclose terms of the buyout offers.

Employees who are eligible for the buyout have until November 19 to decide. "Even with the positive progress we've made, we are taking proactive steps to get ahead of the curve by accelerating our efforts to address overall business performance".

About 18,000 of the company's 50,000 salaried employees in North America are eligible for the buyouts, the company spokesman said.

GM has long talked about reducing costs in preparation for an economic downturn. Wednesday, it said it would make $6.5 billion in reductions for 2018.

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According to the spokesman, if there are not enough employees forthcoming to take the buyouts, then layoffs are a possibility.

Morrissey wouldn't say if GM will begin to lay employees off if too few workers take voluntary buyouts.

The pricing gains are "absolutely sustainable", GM Chief Financial Officer Dhivya Suryadevara said.

The impact of the sales drop hit harder in China's interior, and demand remains strong in larger cities and for luxury vehicles, including GM's Cadillac models, Barra said on a conference call with analysts. That's down from 90,000 a year earlier, before GM sold its European operations to PSA Group.

Most of GM's salaried workers are in the USA, mainly in MI, at its Detroit headquarters, a huge technical center in suburban Warren, a testing center in nearby Milford, and an engine and transmission development center in Pontiac.

In the third quarter, GM said it was able to raise prices by $900 million in North America, in part because it is launching a new generation of its large pickup trucks, the Chevrolet Silverado and GMC Sierra.

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