FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

GM CUTTING NEARLY ONE-THIRD OF PRODUCTION

Posted by Gilmour Poincaree on December 16, 2008

Monday, December 15, 2008 – 10:20 AM EST

PUBLISHED BY ‘THE DAYTON BUSINESS JOURNAL’ (USA)

General Motors Corp. today announced it will cut North American production volume by about 250,000 units, or 30 percent, during the first quarter of 2009.

The cuts will affect 14 U.S. plants, including the Bowling Green, Ky. plant, which makes the Chevrolet Corvette and Cadillac XLR. It also will affect three Canadian plants and three plants in Mexico.

General Motors (NYSE: GM) attributed the cuts to “the ongoing and severe drop in industry sales.”

GM’s November sales were down 36 percent from a year ago. Sales for the first 11 months were down 41 percent versus the same period in 2007, the company said in a news release.

“The speed and severity of the U.S. auto market’s decline has been unprecedented in recent weeks as consumers reel from the collapse of the financial markets and the resulting lack of credit for vehicle financing,” the company said in the release.

GM will close its truck and SUV assembly plant in Moraine later this month and also employs about 100 at a parts and service center in West Chester.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE DAYTON BUSINESS JOURNAL’ (USA)

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