$2b in savings at GM = buyouts

GM is offering voluntary buyouts to a majority of its 58,000 white-collar workers. 

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GM’s big news.
Welcome to the Know the Difference Minute for Thursday, March 9th.
With a goal to cut $2 billion in costs in the next 2 years, GM is offering voluntary buyouts to a majority of its 58,000 white-collar workers. A week ago, it terminated 500 salaried global employees.
Buyouts are perceived to be less harsh than outright terminations. GM’s CEO said the strategy is to accelerate attrition at US operations.
The company has its eye on the EV prize but it’s not there yet. The electric GMC Hummer has a waiting list of 80,000 but only about a dozen are made a day.
The Cadillac Lyriq SUV has only sold 1000 since production began. In the same period, Tesla sold 252,000 Tesla Model Y’s.
In fact, GM has lost EV market share in the last year, even with the Chevy Bolt posting record sales.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.