GM trims software, labor services

NEW YORK — General Motors (GM) said Monday it is cutting jobs in its software and services divisions as the automaker looks to boost investment in new technologies while protecting profitability.

According to reports from CNBC and Detroit News, citing an anonymous source, the Michigan-based automotive giant plans to cut more than 1,000 jobs in total, including about 600 at GM’s technology campus near Detroit.

GM confirmed the job cuts but declined to provide specific numbers.

“As we build GM’s future, we must simplify for speed and excellence, make bold decisions and prioritize investments that will have the greatest impact,” a GM spokesman said. “As a result, we are reducing teams across the software and services organization.”

At the end of 2023, GM employed 87,000 hourly workers and about 76,000 salaried employees, according to documents filed with the Internal Revenue Service.

GM reported higher profits in July, with strong sales in North America offsetting a quarter of losses in China.

While the company has scaled back some of its investment in electric and autonomous vehicles, they remain a major source of investment. GM has announced $2 billion in cost cuts to offset those outlays.

In June, the company also approved a new $6 billion share repurchase program.