GM scales back production, cuts corporate jets


08:17, November 22nd 2008
48 votes
Vote this story

New York - Suffering US automaker General Motors Corp will again cut its production, the firm said Friday.

It will add a week to holiday production halts at four plants and another factory in Canada that was slated to be shuttered will close two months earlier than planned, Bloomberg financial news reported.

Its sales have fallen 20 per cent for the year and dived 45 per cent in October.

GM has made a joint plea with Ford Motor Co and Chrysler LLC for 25 billion dollars from the bail-out package, but has so far been denied. The three companies' chief executives testified before a skeptical Congress on Tuesday and Wednesday.

GM also said Friday that it would cut its fleet of seven corporate jets by two aircraft. Automakers' executives came under harsh criticism from Congress for the use of private jets even as they asked for assistance from Washington.

Revenues of automakers and their financiers have plummeted in recent months as banks stopped lending to each other and consumers struggled to gain access to car loans.



© 2007 - 2009 - DPA/eFluxMedia
dotclear

Other News in

dotclear
Latest videos in Business
China eyes fewer car, steel...
Business Update: Asian stocks...
Business Update: Jobless...
The Fed's big fix
Generic drug industry outlook

dotclear
Business You are here: Business
» World   » Business   » U.S.   
E-mail To A Friend Print RSS Text size: Decrease font size Increase font size
dotclear
Related Video

Auto bailout plan hits $34B

Executives from the beleaguered U.S. auto industry are driving into the nation's capital with their hands out for $34...

dotclear
dotclear
dotclear

Interested In This Topic?

News Alert will keep you informed. Find out more.
dotclear
Photos Gallery
dotclear