Joining the layoff trend, General Motors sacks hundreds of employees to reduce cost 02 Mar 2023 Livemint Joining other tech firms who are cutting their work force, General Motors made performance related job-cuts. The layoff is reported to affect around 500 employees of the company In an effort to boost profits and reduce its headcounts, General Motors has joined the bandwagon of job cuts. The automaker is making some performance-related job cuts among its salaried employees and executives. The job cut is expected to affect a small faction of the company's workforce, stated GM. Even though there has been no specific clarification about the number of laid off employees by the company, the job cut is expected to affect over 500 employees, reported CNBC. Currently, the Detroit automaker employs around 81,000 people across the world. The company has informed the employees on an internal memo, said Chief People Officer Arden Hoffman. He also informed that the impacted workers have also started leaving the company. Notably, the job cut has come at a time, when the company CEO announced a month ago that they won't be doing any job cuts in the near time. General Motors Chair and CEO Mary Barra said during an earning call that the company is planning to cut on its costing and save around $2 billion over the next two years. To do so, the company will strive to reduce complexity in all four products and reduce corporate overhead expenses across board. He also ensured that the company is not planning any layoff. “The areas we're focusing on include continuing to reduce complexity in all of our products, and reducing corporate overhead expenses across the board. I do want to be clear, though. We're not planning layoffs. We are limiting our hiring to only the most strategically important roles and will use attrition to help manage overall head count," she said at the time. In a an emailed statement, the company said the recent cuts were the result of the company performance and will help in company's cost reduction effort. MINT PREMIUMSee All NSE takes the first step towards functional municipal finance Air India tries to make up for the lost time How Uber’s deal with Tata Motors could boost India’s EV adoption Earlier, GM competitor, Ford Motors had announced to end 3,800 jobs over the next three years in Europe as part of its restructuring program to improve its cost structure.
Yes, yes... There are a number of new battery tech being developed, all very promising. But, as Elon Musk likes to say, prototyping is easy, mass production is hard. The next level mass produced EV batteries aren't expected for another 10 years and I'd bet Tesla is keeping abreast of the technology.
GM is "partnering" LG for its battery tech, Ford is "licensing" CATL battery tech. I really doubt GM or Ford has its battery research team, that requires chemists and physicists, not tattoo guys/gals building car engine.
friend of mine at ford told me to go ahead and apply there when I was finishing grad school studying li ion batteries. he said they were hiring people like crazy and going all in on EV's. tesla was buying their cells through panasonic before establishing their own supply chain. but yes, I think the legacy automakers are probably screwed.
I don't think legacy automakers are probably screwed. Because most of them are more like assembler. They don't build every (if any) pieces. They just buy them.
However flawed I find GM and Ford, I do hope they can transform into viable EV manufacturers. I've said it several times before, at this stage the war is between ICE and EV tech. EV must win regardless of the brand. If we consider how difficult it has been and continues to be to end the use of highly polluting coal, just imagine how difficult it will be to end the ICE industry, which includes extraction, processing, manufacturing, retailing and repairing all that goes into ICE. GM and Ford must be able to transition to EV despite their general incompetence.
Where does the electricity to power the EVs come from? Does it come from coal and NG? Don't be a Boris Johnson on this. Admit what you do not want to hear.