WASHINGTON (dpa-AFX) - General Motors (GM) has laid off more than 200 salaried employees on Friday, primarily at its Tech Center in Warren, Michigan, just days after raising its full-year earnings guidance, as per Bloomberg reports.
The report states that impacted workers were notified through Slack that the terminations were due to business conditions, not performance problems. Before making the layoffs, the automaker reportedly examined its white-collar workers to find overlapping roles.
The action demonstrates GM's ongoing emphasis on cost effectiveness despite rising financial forecasts.
GM is currently trading at $65.79, up $7.79 or 13.43 percent on the New York Stock Exchange.
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