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General Motors is making moves to cut costs and streamline operations.

The plan means cutting hundreds of executive-level and salaried jobs, a person briefed on the matter told Reuters on Tuesday.

The global reductions are in the "low hundreds," the person said.

The company is committed to $2 billion in cost savings in the next two years, according to a letter to employees from GM Chief People Officer Arden Hoffman.

GM CEO BARRA SAYS THERE'S NO NEED TO CHASE TESLA, FORD EV PRICE CUTS

Mary Barra, CEO of General Motors (REUTERS/Brendan McDermid / Reuters Photos)

The automaker said in January it did not plan layoffs and on Tuesday did not characterize the cuts as layoffs.

GM said the job action Tuesday "follows our most recent performance calibration and supports managing the attrition curve as part of our overall structural costs reduction effort."

GM shares closed down 1.5% and slipped slightly in extended trading.

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan (REUTERS/Rebecca Cook / Reuters Photos)

GM SHOVES ASIDE RECESSION FEARS WITH ROBUST 2023 FORECAST

The industry has been adjusting headcount with Ford announcing last month it was cutting one in nine jobs in Europe, axing 3,800 roles in product development and administration as part of a drive to lower costs.Ticker Security Last Change Change % GM GENERAL MOTORS CO. 38.76 -0.55 -1.39%

Stellantis and unions on Monday signed an agreement to cut up to 2,000 workers from the carmaker's Italian operations this year through voluntary redundancies. 

GM CEO DISCUSSES EV PRODUCTION AND TACKLING SUPPLY CHAIN CHALLENGES

On Tuesday, Stellantis indefinitely idled a plant in Illinois that employs about 1,350 workers.

Reuters contributed to this report.

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