General Motors has announced plans to drastically reduce the number of engines and platforms they develop.

General Motors has announced plans to drastically reduce the number of engines and platforms they develop.

Essentially a cost cutting move, the effort will see the number of global platforms cut from 30, in 2010, to just 14 in 2018. Likewise, the number of global engines will be reduced to fewer than 12 in 2018.

According to estimates, the changes could save the automaker as much as $1 billion annually. Additionally, the company said the switch will allow them to launch new vehicles faster because they won't have to develop platforms from scratch.

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