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GM To Slash Workers, Truck Production

Tue, 15 Jul 2008

General Motors outlines a number of moves in an effort to turn around its slumping North American operations.

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15 Jul 2008GM To Slash Workers, Truck Production

GM To Slash Workers, Truck Production 

General Motors outlines a number of moves in an effort to turn around its slumping North American operations.

Play from 0:07"… in cash through year -- 2009. These actions along with our existing cash balances and committed credit lines will provide ample liquidity. Through 2009. Even not under the assumption of cancer conservative industry sales volumes. Fourteen million light vehicles over the next two years this year or next. And continuing high oil prices these actions which are to begin detailed in the press release include several of structural cost reduction initiatives in North America including further reduction and truck capacity and related components stamping and power train. Capacity -- as well as reductions in sales and marketing budgets. Significant reductions in US and Canada salaried. Active and retiree. Cash expenses. Limiting our capital expenditures to eight billion dollars in 2008 and seven billion in 2009. Improving working capital in North America and Europe. Deferring certain payments …" at 0:07
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