GM Offers Buyouts to Cut $2 Billion in Costs as Company Moves to Electric Vehicles

General Motors is offering buyouts to salaried employees in the U.S. and some global executives in order to cut $2 billion in costs over the next two years as the Detroit automaker makes the transition to electric vehicles.

CEO Mary Barry said in a statement Thursday that the “voluntary separation program” will be offered until March 24 and is a step that will help avoid “involuntary actions” later.

“By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasing competitive market,” she said.

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