[ad_1]
General Motors (NYSE: GM) Postpones Renovations to Its Michigan Design Studios and Ends Global Drive Upgrades Project to Save Money Automotive News reports.
The plans for the Detroit area projects, which are expected to cost hundreds of millions of dollars, were detailed in a letter sent yesterday to GM employees by CEO Mary Barra, according to the report.
"Today, our structural costs are not aligned with the realities of the market, nor on the priorities for future transformation," Barra was quoted as saying in the letter. "We must take important steps now to address this problem, while our society and economy are strong."
A report released today said GM offered voluntary severance pay to 18,000 employees in North America.
[ad_2]
Source link
