General Motors is expected to cut several thousand salaried jobs and further slash truck production in response to falling U.S. sales and Wall Street's...
DETROIT — General Motors 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 was scheduled to discuss the changes at a news conference this morning. The company released no further details.
The people briefed on the plan say GM will further reduce its truck production to focus more on small cars, and will likely detail plans to raise more cash to fund its restructuring. The people requested anonymity because the plan was not yet public.
The changes come amid pressure from Wall Street for GM to cut some of its eight brands, but it wasn’t clear whether GM would make such an announcement today.
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Just six weeks ago, GM said it will close four truck and sport-utility-vehicle plants and boost production of the smaller, more fuel-efficient cars that customers are demanding.