eneral Motors Corp. plans to lay off salaried workers, cut truck production, suspend its dividend and borrow $2 billion to $3 billion as it adjusts to a declining U.S. market.
GM said Tuesday the moves will raise $15 billion to help turn around its North American operations.
GM Chairman and CEO Rick Wagoner announced the cuts to employees Tuesday. He says they are necessary to adjust to lower U.S. sales and a rapid change in consumer preference to smaller cars.
GM forecasts total U.S. sales of 14.7 million vehicles this year. That's down from 17 million three years ago.
07/14/2008 06:07 PM
By BEN STOCKING
Associated Press Writer
HANOI, Vietnam
eneral Motors Corp. plans to lay off salaried workers, cut truck production, suspend its dividend and borrow $2 billion to $3 billion as it adjusts to a declining U.S. market.
