• General Motors (GM) cuts several hundred full-time contract positions, primarily from its Detroit product development.
• GM’s product-development group, employs thousands of engineers, designers and other salaried workers who develop future vehicle models.
• The cuts aim to reduce costs amid uncertainty in the car market.
• Last month, about 5,000 GM salaried U.S. workers took voluntary buyouts, costing the company roughly $1 billion.
• Despite economic concerns, GM's business remains strong, with customers willing to pay for high-level models and features.
• GM is taking steps to protect against worsening economic conditions and plans to cut $2 billion in annualized expenses by the end of 2023.