General Motors cuts several hundred full-time contract workers
A sign with the General Motors quality mission statement stands in the lobby at the GM Warren Tech Center in Warren, Michigan.

General Motors Co on Monday said it had cut several hundred full-time contract workers over the weekend including at its engineering hub in suburban Detroit, the latest effort by the U.S. automaker to streamline operations.

The contractors losing their jobs were within global product development at locations such as the company's Warren Tech Center. The Wall Street Journal reported the job cuts earlier.

GM shares were up 2% to $33.73.

GM said in April that about 5,000 salaried workers had opted for buyouts to leave the company. Reuters in February reported that GM cut hundreds of executive-level and salaried jobs.

CEO Mary Barra said in a memo to employees last month that the February job cuts and 5,000 buyouts "have provided approximately $1 billion towards" the $2 billion target.

Price hikes and demand for vehicles have helped automakers counter inflationary headwinds. GM posted higher-than-expected first-quarter earnings last week and raised its full-year profit and cash-flow forecasts.

Chrysler parent Stellantis NV last week said it is offering voluntary exit packages to 33,500 employees as it looks to streamline North American operations.

The offers cover 31,000 hourly workers and about 2,500 salaried workers. Stellantis did not say how many total jobs it is looking to eliminate. It is also offering some employees in Canada voluntary buyouts.

Ford Motor Co recently announced significant job cuts in Spain, Germany and other parts of Europe, and in August said it would cut a total of 3,000 salaried and contract jobs, mostly in North America and India.