Trump Rates: GM offers buybacks to 18,000 workers

In an effort to save money, it appears General Motors is offering buybacks to North American employees who have 12 years of experience or more.

The voluntary departure program was announced shortly after the release of the Company's third quarter results, which reported operating income of $ 2.5 billion and a profit margin of 10.2%. North America. The Detroit News reports.

18,000 employees would be eligible for this offer. They have until November 19 to choose to register.

The company aims for a cost reduction goal for the move, but it has not revealed this goal or what it proposes to employees who decide to opt for the buyback program. After the November 19 deadline, he will assess whether layoffs are necessary.

In June, GM warned the Trump administration that its tariff on steel could result in reduced jobs and lower wages for Americans working for automakers in the United States. Trump also suggested imposing a 25% tariff on imported cars, which analysts said was intended to put pressure on Mexico to renegotiate the NAFTA trade pact. At the time, GM had stated that such a decision would likely lead to higher prices or moving manufacturing facilities elsewhere. An aide to President Trump has called GM's concerns "smoke and mirrors".

Surrenders may be a way for GM to prepare for future potentially damaging orders from Trump. In a statement, GM said the company and the economy were strong and decided to take a "lead on the curve".