GM to cut 25,000 jobs over three years
General Motors Corp. expects to close more assembly and component plants over the next few years, slashing about 25,000 manufacturing jobs, as it battles high costs and shrinking market share, the company’s chief executive said on Tuesday.
Chairman and CEO Rick Wagoner also told the annual meeting that GM, which lost $1.1 billion in the first quarter, expects to save $2.5 billion a year from the cost-cutting measures.
Compare that with DaimlerChrysler who is hiring about 300 engineers a year.