GM offering buyouts to cut North American salaried staff
By Joseph White
DETROIT (Reuters) - General Motors Co (NYSE: GM) said on Wednesday it plans to cut its North American salaried workforce, starting with voluntary buyout offers but resorting to layoffs if necessary.
The Detroit automaker began notifying employees of the cost-cutting move as it reported third quarter profits that beat Wall Street estimates. GM, however, has had to cut its forecast for automotive cash flow, and for the first nine months of 2018 has burned $300 million in cash in its core auto operations, as costs for steel and other commodities have risen.
In a statement, the automaker said it will consider involuntary layoffs "after we see the results of the voluntary program and other cost reduction efforts." Rival Ford Motor Co (NYSE: F) has also said it plans to cut its salaried staff.
(Reporting By Joe White; Editing by Nick Zieminski)