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GM Announces Second Round of Cost Cuts in Six Weeks as U.S. Economy Continues to Slump
General Motors Corp. (GM) yesterday (Tuesday) announced a series of cost-saving measures aimed at fighting waning domestic sales fueled by a weak U.S. economy and the soaring cost of fuel.
“We are responding aggressively to the challenges of today’s U.S. auto market,†GM Chairman and Chief Executive Officer Rick Wagoner said in a General Motors company statement announcing the cuts.
“We will continue to take the steps necessary to align our business structure with the lower vehicle sales volumes and shifts in sales mix,†he added, “We remain committed to bringing to market great products that target changing consumer preferences for more fuel-efficient…
16Jul2008 | Money Morning | Comments Off | Continued
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