After reporting stronger-than-expected earnings that sent its stock price skyrocketing, General Motors has laid off over 200 employees at its Warren Technical Center.
The cuts, first reported by Bloomberg, come from its design engineering department.
The Detroit automaker clarified that the roles themselves were eliminated, per GM spokesman Stuart Fowle.
“We’re restructuring our design engineering team to strengthen our core architectural design engineering capabilities,” GM said in a statement Oct. 24. “As a result, a number of CAD execution roles have been eliminated. We recognize the efforts and accomplishments of the impacted team members, and we thank them for their contributions.”
The employees were let go on Oct. 24. The automaker started its annual employee reviews this past week, which will continue through the rest of the year, the automaker told the Detroit Free Press.
On Oct. 21, GM posted stronger-than-expected earnings as GM expects to take in more money from its core automotive business this year. GM’s premarket stock value surged 10% following the company’s earnings release, trading around $63 a share at the opening bell. Wall Street had anticipated a steeper decline in the automaker’s quarterly adjusted earnings per share, which was $2.80.
Jackie Charniga covers General Motors for the Free Press. Reach her at jcharniga@freepress.com.
This article originally appeared on Detroit Free Press: GM lays off 200 design employees at Warren Technical Center after strong earnings
Reporting by Jackie Charniga, Detroit Free Press / Detroit Free Press
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