General Motors Co has laid off several hundred full-time contract workers at its engineering hub in suburban Detroit over the weekend, the Wall Street Journal reported on Monday, citing a company spokesperson. The Detroit automaker did not immediately respond to a Reuters request for comment. GM shares were up about 2.5% to $33.86.
GM said in April that about 5,000 salaried workers had opted for buyouts to leave the company, bringing it closer to its cost-cut target of $2 billion by the end of 2024. Reuters in March reported that GM was cutting hundreds of executive-level and salaried jobs. Price hikes and demand for vehicles have helped automakers counter inflationary headwinds. GM posted better-than-expected first-quarter earnings last week and raised its full-year profit and cash-flow forecasts.
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