General Electric has eliminated corporate cars for senior executives as the company looks to shave more than $2 billion in costs by the end of 2018 under new CEO John Flannery, a source told CNBC.
Execs were informed via email that their leases will be only be good through the end of 2018. A GE spokesperson confirmed the change.
The move follows the elimination of GE's private jet fleet in September.
The company is also undergoing a restructuring at its corporate headquarters and in some other areas that could result in job cuts, Reuters reported in August. Sources told CNBC that this restructuring has already resulted in some shifts in corporate marketing, with certain functions centralized in a new group, and the elimination of some other positions.