GM launches voluntary separation program targeting $2B annual fixed-cost savings by 2024

General Motors Co

VSP offers lump-sum payments to eligible employees based on years of service to accelerate attrition.
GM expects up to $1.5B pre-tax cash separation charges and up to $300M pre-tax non-cash pension curtailment charges.
Majority of charges expected in 1H 2023; cash payments substantially complete by end of 2023.
Program targets $2B annual fixed-cost run-rate savings by 2024, with 30-50% in 2023.
Savings from reduced vehicle complexity, shared subsystems, lower discretionary spend, and salaried attrition.

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