General Motors to announce more cuts
General Motors Corp. is expected to cut several thousand salaried jobs and further slash truck production in response to falling U.S. sales and Wall Street's demands for more action to stem its losses, according to two people briefed on the plan.
GM Chairman and CEO Rick Wagoner was scheduled to discuss the changes at a news conference Tuesday morning. GM released no further details, but salaried job cuts and reductions in benefits and executive compensation are likely.
The people briefed on the plan said GM will further reduce its truck production to focus more on small cars. Wagoner will announce that the company will further cut factory capacity at pickup and sport utility vehicle assembly plants, although no specific plant closures are expected to be announced, one of the people briefed on the plan said. GM also intends to make cuts at factories that supply truck plants, such as those that make engines, transmissions and parts, that person said.
GM also will detail plans to raise more cash to fund its restructuring. Along with the expense cuts, the plans likely will include asset sales, but GM is not expected to borrow with assets as collateral, the people said. The people requested anonymity because the plan was not yet public.
Jul 15, 2008 at 12:45 p.m.
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cardtrader, the different subjects are over there--------------------------------------->
Click on one. Leave the people to whom this subject is important to their lives read it in "peace".
Jul 15, 2008 at 12:31 p.m.
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Can we all just move on now to a different subject
Jul 15, 2008 at 8:47 a.m.
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We are in a different age now. "CHANGE" is one of the hardest things in life for a human being to accept, yet, it's inevitable. Change is happening faster and faster in this age of Information. For me personally, I fought change for a long time until I opened my eyes and was willing to learn what's happening out there. I understand most people are totally unwilling to change. Here's what people need to know. If WE are unwilling to change now, we will with 100% certainty, pay later! LATER is here NOW!
Jul 15, 2008 at 8:40 a.m.
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No surprise here. The only surprise would be if they actually go back to work on July 28th for their scheduled 3 weeks of work.
Jul 15, 2008 at 8:21 a.m.
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I would not be surprised if they sell off almost all their brands except for chevy and cadillac in the next two years either.
Jul 15, 2008 at 8:21 a.m.
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Yes, I think some are still surprised. Most likely its the folks still living in the past and now blaming everyone but themselves.
Jul 15, 2008 at 7:14 a.m.
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I’ve been reading about efforts to convince GM they made a mistake, and try to bring them back. This announcement should put paid to any such hopes. It’s time to acknowledge that GM is gone from Janesville forever, and concentrate on “Plan B” to keep our local economy going.
Jul 15, 2008 at 6:17 a.m.
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Is any one surprised?
Jul 15, 2008 at 6:06 a.m.
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No surprise.
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