GM says 2023 cost cutting target to be at higher end of forecast

(Reuters) -General Motors Co’s finance chief said on Tuesday that its cost cutting target will be at the higher end of its 2023 goal.

“I think we probably are going to come in at the higher end of the 30% to 50% of the $2 billion program realized this year,” the automaker’s Chief Financial Officer Paul Jacobson said during a conference organized by BofA.

Jacobson added that the company was going to have to “prioritize down” on growth businesses to focus on preserving cash.

GM added that the automaker saw about 5,000 of its salaried employees sign up for its buyout offer that it announced last month, adding that it would have a charge in the first quarter of about $1 billion.

(Reporting by Nathan Gomes in Bengaluru and Joseph White in Detroit; Editing by Rashmi Aich)

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