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General Motors Expected to Cut Several Thousand Jobs, Slash Truck Production

Discussion in 'The Coffee Shop ~ Chit Chat' started by ChevyFan, Jul 14, 2008.

  1. ChevyFan

    ChevyFan Administrator Staff Member 5+ Years 5000 Posts

    DETROIT — 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 people briefed on the plan.
    GM Chairman and CEO Rick Wagoner is scheduled to discuss the changes at a news conference Tuesday morning. GM released no further details, but salaried job cuts and cuts to 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, and also will likely detail plans to raise more cash to fund its restructuring. The people requested anonymity because the plan was not yet public.
  2. Pete95Sierra

    Pete95Sierra Epic Member 5+ Years ROTM Winner 1000 Posts

    this saddens me :(
  3. omegafiler

    omegafiler Epic Member 5+ Years 500 Posts

    Problem is it's not just full-size SUV's. Even crossover sales are down.

    http://www.msnbc.msn.com/id/25680198/

    As they said, it's the economy, gas prices, and most important - trade in value of the millions of SUV's/Trucks on the road right now. Even if people want to run out and ditch their gas guzzler, they won't get anything for it. And in turn, can't buy a new vehicle.

    It sucks, but until the economy picks up, the US dollar improves, and/or gas prices stabilize, this won't be changing anytime soon.
  4. ChevyFan

    ChevyFan Administrator Staff Member 5+ Years 5000 Posts

    Yeah, it looks like a recession on the horizon (if now here now), and things will slow up. They say it's affected companies like carpet and tire dealers, they aren't putting new stuff into houses as much so they're hit hard. Not sure what the affect will be on aftermarket companies, I suppose those that can save money on fuel and can extend the lifespan of the vehicle will probably do good business.

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