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.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.