Sounds like end of automotive era by GM, read on announcement by GM Chairman and CEO, Rick Wagoner :
GM announced operating actions, potential asset sales, and financing activities totaling approximately $15 billion
Announced an additional $4-5 billion in cost savings by 2011 driven by the implementation of the 2007 GM-UAW contract
Announced plans for internal operating and Board of Director actions to generate approximately $10 billion in cumulative cash improvements by the end of 2009
DETROIT - General Motors Corp. (NYSE: GM) today announced it is taking further steps to adapt its business to rapidly changing market conditions, marked by the weak U.S. economy, record high fuel prices, shifts in consumer vehicle preferences, and the lowest U.S. industry sales volumes in a decade
GM Chairman and CEO, Rick Wagoner further announce that
- Operating and related actions to generate approximately $10 billion in cash improvements
- More than 20 percent reduction in salaried employment cash costs
- Dividend on common stock suspended
- Asset sales and capital market activities to raise $4-7 billion of additional liquidity
stock is up, opened at $9.43 with tradingget GM latest stock quote
here was the news 10months before on GM's product announcements at IAA 2007 in Frankfurt, Germany.
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