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In a bid to streamline operations and adapt to rapidly changing market conditions, General Motors has announced the termination of approximately 1,000 employees, primarily in the United States. These layoffs, which follow a series of cost-cutting measures throughout 2024, are part of GM’s broader strategy to address stagnant sales, costly EV investments, and shifting business priorities. Here’s a closer look at the latest cuts and what they signal about GM’s future.
Cost-Cutting Measures Follow Big Expenditures
On November 15, 2024, GM notified affected employees via email, marking the automaker’s second round of layoffs this year. While the cuts represent less than 1% of GM’s global workforce, they highlight the company’s ongoing efforts to reduce fixed costs by $2 billion. A majority of the impacted positions were based at GM’s Global Technical Center in Warren, Michigan, and included both salaried and hourly employees.
This move follows the elimination of over 1,000 positions in GM’s software and services organization back in August. In both cases, GM cited the need to simplify operations and focus on top priorities to remain competitive. “In order to win in this competitive market, we need to optimize for speed and excellence,” a GM spokesperson said in a statement to CNBC.
Despite these efforts, GM faces mounting challenges. Slowing U.S. sales and business struggles in China have forced the automaker to reassess its “all-in” electrification strategy. While GM has made significant investments in EVs, including a recent $625 million partnership with Lithium Americas Corp and a $900 million retooling plan for its Lansing, Michigan plant, consumer adoption has not met expectations.
GM EV Sales: A Mixed Bag
GM’s ambitious push into electrification has yielded mixed results. Popular models like the Chevrolet Equinox EV and Blazer EV have performed well, but they’ve been unable to offset slower-than-expected sales for high-profile launches like the Chevrolet Silverado EV and electric GMC Hummer.
The automaker has been learning that beyond early adopters, drivers want affordable EVs. For example, after canceling the original Chevrolet Bolt EV in 2023, GM announced a revival for the Bolt in 2025. These shifts in strategy underscore the challenges GM faces in balancing its EV portfolio with market realities. It’s a challenge that GM isn’t facing alone. Ford, Toyota, Honda, and plenty of other legacy OEMs are also navigating changing tides.
What’s Next for GM?
Although GM’s recent layoffs are a small fraction of its global workforce, they signal a willingness to make changes as the company navigates a tough time for legacy automakers. With stagnant EV sales, rising production costs, and a challenging EV transition, GM’s ability to adapt will be crucial in the months ahead.
Stay tuned to CarEdge News for updates on GM’s evolving strategy and the latest car market insights.
It’s official: year-end deals have arrived early. Black Friday 2024 is shaping up to be one of the best times in years to find unbeatable deals on new cars and trucks. Manufacturers and dealerships are eager to move out remaining 2024 models before the new year, so they’re bringing the best incentives to the table. Whether you’re searching for a 3-row SUV, a full-size truck, or a top-rated EV, these top 10 Black Friday car deals are worth the test drive.
There’s an abundance of great offers right now, but don’t feel pressured to decide today. December is right around the corner, and that’s universally known as the best time to buy a car. The deals WILL continue.
In fact, as you may have noticed, several of these Black Friday deals don’t expire until the first week of 2025. In other words, automakers are rolling out the best they’ve got a whole month early. That means car shoppers have some flexibility with their purchasing timeline.
If you’ve been waiting for electric vehicle prices to drop, Black Friday 2024 is here to make it happen. Black Friday EV deals include zero percent financing, cash incentives, and cheap lease offers. Ford, Kia, GM, and even Tesla are advertising special offers. Here’s a look at the 5 best Black Friday EV deals available this month.
Black Friday’s abundance of deals on electric vehicles is a prime example of supply and demand. Automakers who produced too many EVs for the 2024 model year now have an oversupply of stock on their hands. This is actually great news for EV shoppers this Black Friday.
Year-end EV sales are just getting started. If you’re not seeing the deal you’re after this Black Friday, know that December 2024 will bring even more discounts. Stay tuned to CarEdge Deals for the latest updates and expert tips on getting the best EV deals this year-end sale season.
Black Friday 2024 is shaping up to be a great time to drive home a deal on a new SUV or crossover. Automakers are rolling out impressive incentives, including 0% APR financing, cash discounts, and lease offers. From compact crossovers to 3-row SUVs for families, there are plenty of deals out there for November. Here’s a look at the 5 best Black Friday SUV deals worth the test drive before November 29th arrives.
With high inventory levels across many popular models, Black Friday 2024 is shaping up to be a prime time to find an SUV deal. Whether you’re interested in an electric SUV with zero-percent financing, a gas-powered crossover, or the spacious Ford Expedition, the deals are out there.
And remember, if you don’t find the perfect offer on Black Friday, year-end sales in December will bring even more opportunities. Stay tuned to CarEdge Deals for the latest updates and expert tips on getting the best SUV deals this season.
Not convinced that Black Friday 2024 will be a good time to score a deal on a truck? Consider this – out of all 480,000 new full-size trucks on sale in November, 63% are remaining 2024 models. In fact, there are even 8,800 new 2023s still on sale. It’s no surprise then that trucks are available with low APR financing in November, and cash incentives of up to $6,000 are common. Here’s a closer look at the top Black Friday truck deals, highlighting the best financing specials, cash-back offers, and most negotiable models.
With such high inventory levels, Black Friday 2024 is shaping up to be an excellent time to buy a truck. Whether you’re eyeing a Ram 1500 with low-APR financing, a GMC Sierra with big cash incentives, or a Nissan Titan with high negotiability, there’s a deal for every truck shopper.
Don’t forget, year-end sales are right around the corner, so if you miss Black Friday, even more opportunities will be waiting in December. Stay tuned to CarEdge Deals for the latest updates and tips on how to negotiate the best truck deals this season.
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