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Monday, July 07, 2008
GM May Sell Some Brands to Help Deal With Shrinking Auto Market
Associated Press
General Motors Corp. may get rid of some brands, speed the introduction of small cars from other markets and make further white-collar job cuts as it tries to deal with a shrinking U.S. auto market.
A person familiar with the company's discussions said Monday all the options are being considered as GM tries to cope with the dramatic shift in consumer buying habits from trucks to cars and crossover vehicles.
The person asked not to be identified because no decisions have been made.
GM announced last month it would close four truck and sport utility vehicle plants and boost production of several existing car models.
But its sales are down 16.3% this year. Last week GM's stock price closed below $10 for the first time since September 1954.
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