Things are looking worse for GM - more job cuts

The news of further job and surplus cuts to GM sent their stock down further to $8.81 per share this morning before it rebounded into the $9 range.

DETROIT - General Motors Corp. said Tuesday it will lay off salaried workers, cut truck production, suspend its dividend and borrow $2 billion to $3 billion to weather a severe downturn in the U.S. market.

GM said the moves will raise $15 billion to help cover losses and turn around its North American operations, including $10 billion from internal cost-cutting and $5 billion from selling some assets and borrowing against others.

Source: www.msnbc.msn.com...

well thats what happens when you build a crappy product.

GM has been loosing the car wars for a long time now. its the problem with being undynamic in the modern fast paced world and for not meeting the consumers standards. common. everybody knows american cars are just built and engineered like crap. ask any mechanic. whats worse is what they do to forigne cars that they buy out. not a fan of jaguar, but their engines are crap especially the s and x types which have an engin almost identical to the ford fusion. not what I would want to buy a jaguar for. and they still have electrical problems.

It's a bad thing when kia and hyundia are building better cars than americans. the only thing they do right (GM) is build pick up trucks.