About 5,000 General Motors Co salaried workers took buyouts to leave the company,
putting the company well on the way to hitting a $2 billion cost-cutting target, the automaker's chief financial officer said Tuesday.
GM shares were trading down nearly 2 per cent at midday, even though CFO Paul Jacobson said demand for GM's trucks and SUVs remains strong in the United States.
GM has been able to raise prices in the United States over the past two years as supply chain bottlenecks kept production in check. Going forward,
Jacobson said the opportunity to boost prices much further "isn't there. We have to be more urgent around cost-cutting."
GM will cut production to keep inventories in check,
Jacobson said. The automaker earlier this year shut down a pickup truck assembly factory in Fort Wayne, Indiana, for two weeks.