General Motors (NYSE:GM) laid off more than 200 salaried employees on Friday in a move the automaker attributed to “business conditions” as the company steps up efforts to increase efficiencies at its corporate level, Bloomberg reported citing sources present at the corporate meeting.
The majority of the cuts were at GM’s (NYSE:GM) Tech Center in Warren, Michigan, the company’s hub for autonomous development, software development, and new vehicle design.
This is the third time this year that GM (NYSE:GM) has reduced its corporate staff with 1,000 salaried employees let go in January and another 1,000 in August. Through the company’s revamped performance review system, the bottom 5% of performers across the organization have been singled out for immediate termination this year.
GM’s (GM) third-quarter results showed ongoing challenges in its EV business and from import tariffs. Still, thanks to tariff-mitigation measures and increased U.S. production, the company lifted its full-year EPS guidance by about 11%.