General Motors to Cut More Than 1,300 Jobs in Michigan

General Motors (GM) has announced its plans to reduce over 1,300 jobs at manufacturing facilities in Michigan. According to filings with state regulators, the carmaker will lay off almost 1,000 employees at its Lake Orion facility and more than 300 at the Lansing Grand River assembly plant. This news follows a recent downsizing announcement from GM’s Cruise robotaxi business, which also saw key executives leaving the company.

These layoffs indicate that GM is preparing for a potentially challenging future. As economic growth slows and the hype around electric vehicles cools down, the company has already faced labor disputes earlier this year.

Despite these obstacles, some Wall Street analysts view GM as a more promising investment compared to its rival Ford, largely due to its higher profit margins. GM stock has witnessed a steady rise of 29% over the past month, including a 6.7% increase on Thursday. In premarket trading on Friday, GM’s stock was up by 0.6%, while Ford and electric vehicle manufacturer Tesla saw respective gains of 0.8%.