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GM could announce production cuts
Friday, October 10, 2008 | No comments posted.
DETROIT (AP) — A person with knowledge of General Motors Corp.’s plans said the company is likely to announce more production cuts and possible plant closures as early as next week.
The person did not want to be identified because plans are not finalized.
The company has said previously it would make cuts in engine, transmission and metal stamping operations to correspond with four pickup truck and sport utility vehicle plant closures announced in June.
Chairman and CEO Rick Wagoner said last month the company would have to make adjustments, particularly in stamping.
GM’s shares have lost nearly half of their value this week, plunging to their lowest level in more than 58 years. The shares closed Thursday at $4.76 but rebounded a bit in this morning’s trading to $4.95.
The person did not want to be identified because plans are not finalized.
The company has said previously it would make cuts in engine, transmission and metal stamping operations to correspond with four pickup truck and sport utility vehicle plant closures announced in June.
Chairman and CEO Rick Wagoner said last month the company would have to make adjustments, particularly in stamping.
GM’s shares have lost nearly half of their value this week, plunging to their lowest level in more than 58 years. The shares closed Thursday at $4.76 but rebounded a bit in this morning’s trading to $4.95.
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