General Motors to Offer Voluntary Buyouts

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At Adam Lee’s Jeep dealership, customers are seeing something they haven’t in years: lots of new cars. But while supply is returning, higher interest rates are hitting demand and sparking concerns that 2023 could be another turbulent year for the car industry. Photo Illustration: Adam Falk

General Motors Co. on Thursday said it would begin a voluntary separation program for eligible employees, the latest in a series of auto-industry cuts as car companies coming off a period of robust profitability prepare for an economic downturn.

GM said in a securities filing that it would offer lump-sum payments and other compensation based on years of service to the eligible employees under the program, which the Detroit company said is aimed at accelerating its normal attrition process.

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