Posted on 03/11/2023 2:44:08 PM PST by Twotone
DETROIT – General Motors
will offer voluntary buyouts to a “majority” of its 58,000 U.S. white-collar employees, as it aims to cut $2 billion in structural costs over the next two years, according to a letter sent to workers Thursday from CEO Mary Barra.
The “Voluntary Separation Program,” or VSP, will be offered to all U.S. salaried employees who have spent five or more years at the company as of June 30. Outside of the U.S., the automaker will offer buyouts to executives with at least two years of time at the company.
GM expects to take a pretax charge of up to $1.5 billion related to the buyouts, according to a public filing Thursday. The majority of the charges are expected to be all-cash and occur during the first half of the year, the company said.
Barra, in the letter Thursday, said the program is “designed to accelerate attrition in the U.S.,” assisting the company in potentially avoiding “involuntary actions” in the future. The buyout offer comes after the Detroit automaker said last week it would terminate about 500 salaried positions globally.
The last time GM offered such a large buyout program was for roughly 18,000 North American salaried employees in 2018-2019.
(Excerpt) Read more at cnbc.com ...
Mary’s doing great destroying GM.
I am feeling rather 2008-ish today.
Large tariffs on their products coming into the
U.S.
She will be seeking bailout.
This is gonna be GREAT! Another 58,000 American workers added to the ranks of ‘The Great Resignation!’
Before Brandon is through with us, NO ONE will have a job.
That’s probably by design, though. ;)
We’re so screwed.
The ones who are highly skilled and can get another job immediately will accept this offer and leave. Everybody else will stay.
Detroit, you witchy Witless voters, Put down your GM job, pick up your digesting, power electronics and battery manipulating job. Oh wait, you might want something more rewarding than pressing leer for a part from mexico at 3 cents lower and sitting around the QA lab playing cards.
The only thing that could save brandon at this point is quotative easing.... Silicon Valley has a top 25 bank.... What?
After my many GM hanger queens caused me to go Japanese, my present attitude regarding that sorry assed company is ISGAS. (I Scarcely Give A S....)
It's not her doing. GM was destroyed in 2008/9. Obama bailed the UAW out with borrowed Chicom money, but no one fixed the problems that caused GM to go bankrupt in the first place.
Exactly.
I keep saying 2008 is coming again.
It will be worse this time around.
BidenDepression 2023
And they’ll have World War III going.
Just wait till they go all electric and they will hit the skids very fast.
“She will be seeking bailout”.
Won’t happen. The Globalists/WEF/NWO want to take down the US, including our economy.
Yep. The EV inventory will be huge after no one buys them.
Maybe that’s why they don’t act concerned about a lack of charging stations across the US. If ppl don’t have jobs and EVs still cost a small fortune, then only the wealthy will buy EVs. All in line with Schwab’s prophesy that we’ll own nothing. The ultimate goal is most of us are stuck in our small apartments in the city with no mode of transportation other than public transit, which equals no freedom and/or rights. Downright diabolical.
she made big capital investment in electric only to see Musk cutting prices before much of it was even employed. Her timing could hardly have been worse.
MI is not a right to work state anymore, the local suppliers are going to be adversely effected.
Unless Powell reverses course on the bank failure-
GM seems the walking dead to me.
“GM offers buyouts to ‘majority’ of U.S. salaried workers”
apparently, spending billions on developing cars no one wants t\o buy and ceasing production of cars that people DO want to buy wasn’t such a hot idea after all ...
“Mary’s doing great destroying GM.”
well destroying a Fortune 100 corporation WOULD give her the credentials to run in the primary against Donald Trump ..
“I am feeling rather 2008-ish today.”
I think it was yesterday that I made the same comment somewhere when commenting on the SVB failure. LOL!
The SVB employees all received bonuses just before the regulatory take-over. From 12,000 to approx 100,000 bucks!
I guess we can all sing together now, “Happy Days are Here Again!
Toyota has cut way back on their EV production. The President of Toyota made a public statement that Toyota is not foolish and will produce more EVs only when demand picks up and the infrastructure to support them is in place.
Toyota: Smart
GM: Stupid
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