Mass layoffs ahead! THIS company set to sack over 5500 workers, its not Microsoft, Infosys, Google, the name is…

The recent layoffs reflect a wider retrenchment by General Motors, as the company scales back its electric vehicle (EV) production in response to a significant market slowdown.

General Motors layoffs: US automobile giant General Motors (GM) has notified approximately 5,500 employees across three plants of at least temporary layoffs, according to a Bloomberg report. This comes after recent layoffs by American e-commerce giant Amazon where the company decided to cut up to 30,000 corporate jobs.

The report cites the company’s reassessment of electric vehicle production in response to President Donald Trump’s decision to eliminate key tax credits. As per Kevin Kelly, General Motors’ spokesman, out of the total 1,400 layoffs of Ultium battery plant workers that took place, 850 of them might come back to work in Ohio in May, while 550 of them were laid off permanently.

Here are some of the key details:

• A total of 3,400 workers were suspended over the summer at GM’s Factory Zero plant in Detroit
• The GM’s Factory Zero plant in Detroit produces electric Chevrolet Silverado, GMC Sierra, and Hummer EVs.
• Of these, 1,200 workers are expected to return in January when the plant resumes operations on a single shift
• The remaining 2,200 employees will be furloughed indefinitely.
• The recent layoffs reflect a wider retrenchment by General Motors, as the company scales back its electric vehicle (EV) production in response to a significant market slowdown.
• Even before the Trump administration discontinued consumer tax credits of up to USD 7,500 per vehicle in September, EV sales growth had already been losing momentum.

GM had long been pushing to extend these credits while working to lower EV prices to spur demand. Under CEO Mary Barra, the company had committed USD 35 billion to electric and plug-in vehicle technology — a strategy that has since been significantly scaled back.