GM plans $2 billion in cost cuts after record 2022 earnings

General Motors on Tuesday said it will make $2 billion in cost cuts over the next two years, partly by reducing the size of its work force, though it’s not planning any layoffs.

It announced the plan after posting fourth-quarter net income of $2 billion — a 15 percent increase, and a record pretax profit for the year as vehicle sales and supply constraints improved.