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

General Motors (GM) has announced plans for another round of workforce reductions. According to the company's statement issued to AP, GM intends to lay off approximately 1,000 employees as part of an effort to "optimize for speed and excellence" across its operations.

GM laid off roughly 1,0000 employees on Friday as the automaker attempts to cut costs and realign priorities amid changing market conditions, according to a person familiar with the decision. The layoffs, which were announced Friday morning via email to those impacted, were across the business.