More GM Cuts Coming

By: Associated Press Email
By: Associated Press Email

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UPDATE: General Motors is telling workers that it will extend its holiday shutdown or make other production cuts at up to 10 factories. It is fighting to stay solvent in the face of a huge slump in U.S. sales.

Union officials say they were told of the plans this morning.

GM and its Detroit counterparts are seeking billions of dollars in loans from the federal government. Congress is requiring the automakers to demonstrate plans to become viable before it will decide on the loans.

GM has announced thousands of factory layoffs so far this year and is cutting salaried staff. It has said it could run out of cash by the end of the year.
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General Motors Corp. is telling workers that it will make further production cuts at several factories, according to people briefed on the discussions.

The people did not want to be identified because the announcements were still being made Friday morning. The extent of the cuts was unknown.

GM has announced thousands of factory layoffs so far this year and is cutting its salaried staff in order to pare expenses and conserve cash. The company has said it could run out of cash by the end of this year.

GM and its Detroit counterparts are seeking billions of dollars in loans from the federal government. Congress is requiring the automakers to come up with plans to become viable before it will decide on the loans.


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