{"id":1484590,"date":"2024-08-19T17:45:00","date_gmt":"2024-08-19T21:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1484590"},"modified":"2024-08-19T17:45:00","modified_gmt":"2024-08-19T21:45:00","slug":"gm-continues-reversing-pandemic-hiring-spree-with-1000-layoffs-of-tech-workers","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/gm-continues-reversing-pandemic-hiring-spree-with-1000-layoffs-of-tech-workers\/1484590\/","title":{"rendered":"GM Continues Reversing Pandemic Hiring Spree With 1,000 Layoffs Of Tech Workers\u00a0"},"content":{"rendered":"

GM Continues Reversing Pandemic Hiring Spree With 1,000 Layoffs Of Tech Workers\u00a0<\/span><\/p>\n

\n

General Motors continues reversing its pandemic-era hiring spree, during which it hired\u00a0thousands of engineering and software development employees to bolster its ambitions in the electric vehicle space and connected-car services.\u00a0As the downturn in the EV market persists, consumer demand weakens, and\u00a0recession risks rise,\u00a0the legacy automaker is preparing to cut at least a thousand\u00a0tech employees to streamline operations.\u00a0<\/p>\n

CNBC<\/a> reported Monday that layoffs at GM will affect\u00a0at least\u00a01,000 salaried employees globally in its software and services division. The layoffs will include 600 jobs at the company’s\u00a0tech campus near Detroit.\u00a0This comes five months\u00a0after the automaker’s\u00a0software chief, Mike Abbott, stepped down, citing ‘health reasons.’\u00a0<\/p>\n

<\/a><\/p>\n

In June, GM promoted two former Apple executives, Baris Cetinok and Dave Richardson, to advance its\u00a0electric, autonomous, and connected vehicles. Both executives were hired under Abbott last year.\u00a0<\/p>\n

“As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,” a GM spokesman said in an emailed statement, adding,\u00a0“As a result, we’re reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.”<\/p>\n

The layoffs will account for approximately 1.3% of the company’s global salaried workforce of 76,000 as of the end of last year, including about 53,000 US salaried employees.<\/p>\n

In April 2023,\u00a0about 5,000\u00a0salaried workers opted to take GM’s buyout offer.\u00a0The legacy automaker has been aiming for $2 billion in cost cuts over the next few years after\u00a0cutting\u00a0hundreds of executive-level and salaried jobs earlier in that year.\u00a0<\/p>\n

GM’s cost-cutting measures come as concerns of an industry-wide downturn grow, particularly with the slowdown in the EV space. With interest rates at multi-decade highs and elevated new and used auto prices,\u00a0affordability concerns persist among consumers.<\/p>\n

<\/a><\/p>\n

Shares of GM are well off the pandemic highs.\u00a0\u00a0<\/p>\n

<\/a><\/p>\n

Only interest rate cuts will save the struggling EV market.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 08\/19\/2024 – 13:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/gm-reverses-pandemic-hiring-spree-1000-layoffs-tech-workers<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

GM Continues Reversing Pandemic Hiring Spree With 1,000 Layoffs Of Tech Workers\u00a0 General Motors continues reversing its pandemic-era hiring spree, during which it hired\u00a0thousands of…<\/p>\n","protected":false},"author":0,"featured_media":1484591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1484590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6ed0","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/08\/2024-08-19_12-38-21-QMDiDR.png","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1484590"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1484591"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1484590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1484590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1484590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}