Major car manufacturer GM has announced that it will soon close multiple production factories, five of them in the U.S. and Canada, and three abroad, by the end of next year.
The move will also include significant layoffs, estimated as a 15% drop in its salaried employees. The company also plans to reduce their number of executives.
As a whole, the reductions are meant to save the company roughly $6 billion. The cuts will affect multiple GM brands, including Chevrolet, Cadillac, and Buick.
GM has suffered in recent years for a number of reasons, among them shifting U.S. buying trends that favor SUVs and other larger vehicles, a trend which has been a major factor since the early 2000s.
GM has also failed to follow other brands like Toyota and Tesla into the realm of reliable electric and hybrid vehicles, which are expected to only increase in popularity and practicality in the years to come.