GM to Cut 500 Full-Time Employees

American automaker General Motors (GM) is planning to cut 500 full-time positions as part of cost-saving measures.

According to the Wall Street Journal (WSJ) and others on the 1st (local time), GM Chief Human Resources Officer Arden Hoffman confirmed in a memo sent to employees the day before that this layoff decision was made after a recent performance review.

[Image source=Reuters Yonhap News]

He stated, "In an environment where competitors' margins are improving, it is essential to focus on our own efficiency," adding, "We will pursue reducing spending, cutting excess workforce, and streamlining products." Earlier, GM announced a goal to achieve $2 billion in cost savings over the next two years.

Economic media outlet CNBC reported, citing sources, that the layoffs will occur across various departments within the company and will total about 500 employees. As of the end of last year, GM had 81,000 full-time employees and 86,000 part-time workers.