General Motors Addressing High Costs

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Researched by Industrial Info Resources (Sugar Land, Texas)--Uncertainty in today's economy has prompted many companies to enact cost-cutting measures. With union negotiations set to occur this fall, General Motors Company (NYSE:GM) (GM) (Detroit, Michigan) initiated a voluntary separation program for its 58,000 salaried U.S. employees in March. As of April 4, about 5,000 employees have taken buyouts in the program, according to CNN.com.

GM Chief Financial Officer Paul Jacobson stated that the program has performed as the company expected and may allow GM to avoid involuntary layoffs. The cost-cutting effort is coming as the company is trying to transition from fossil-fueled vehicles to an all-electric fleet with a goal of 1 million electric vehicles produced annually by 2025. Industrial Info is tracking 30 active projects for GM totaling $15 billion in investment value. It remains to be seen if these will be affected if more cost-cutting measures are warranted.

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