General Motors is laying off about 1,000 workers worldwide, shedding costs as it tries to compete in a crowded global automobile¹ market.

GM and other automakers have been navigating² an uncertain transition to electric vehicles both in the U.S. and worldwide, trying to figure out where to invest capital and how fast the switch will happen.

The company has had to develop and update gas-powered models while investing in EV battery and assembly plants as well as minerals and other parts for the next generation of electric vehicles.

Through September, U.S. new EV sales are up 7.2% to about 936,000. That’s slower growth than the 47% increase in 2023. But EV sales this year are likely to surpass last year’s record of 1.19 million, and the EV share of new vehicle sales this year is 7.9%, up from 7.6% last year.