: GM says about 5,000 salaried employees taking its buyout

About 5,000 General Motors Co.’s GM U.S. salaried employees and global executives are taking the buyouts the auto maker offered in March, Chief Financial Officer Paul Jacobson said at a conference Tuesday. Jacobson said the auto maker would be able to achieve about $1 billion in annualized savings. “Collectively, these initiatives give us confidence in being able to realize at least 50% of the targeted savings in 2023 and achieve at least $2B of savings in 2024,” the CFO said. Jacobson also said that given the results of the buyout, company-wide layoffs “are not a consideration at this point.” Shares of GM dropped 2% after the news, adding to earlier losses. The auto maker is slated to report first-quarter earnings before the bell on April 25. GM on Monday said its first-quarter sales were up 18% year-on-year, including a jump of 27% for fleet sales.

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