A letter from CEO Mary Barra sent to GM workers on Thursday offered buyouts to many of its 58,000 employees, saying the company plans to trim $2 billion in fixed costs over the next two years. GM announced its plan to cut costs in January, on the same earnings call where it announced a record income of $14.5 billion for 2022. GM plans to spend billions over the next few years transitioning to building electric cars and making other changes.
It’s not alone in making that shift either — Ford announced a split between its gas and electric automotive segments and followed that by laying off thousands of employees in the fall. Ford has said it will spend up to $20 billion reorganizing for EVs on top of the $30 billion it already planned to...
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