Speed Reads

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GM to cut 14,700 jobs, shutter 5 North American plants

General Motors will cut its salaried workforce by 15 percent, slashing 14,700 jobs in North America, the company announced Monday.

The Washington Post reports that the automaker will also shut down as many as five plants, including facilities in Detroit; Oshawa, Ontario; Lordstown, Ohio; Baltimore; and Warren, Michigan. Those locations largely produce cars that will no longer be sold in the U.S. after next year, reports The Associated Press.

In an effort to focus on developing self-driving and electric vehicles, as well as fuel-efficient trucks and SUVs, the company will lay off 25 percent of its executives to "streamline decision making." GM already offered buyouts to 18,000 white collar workers last month, and will offer even more as it cancels several car models. AP reports that some workers will take buyouts and some will be laid off, while others may negotiate to be transferred to produce different vehicles. In a statement, GM said it expects the move will save the company $6 billion. Read more at The Washington Post.