AP Sources: GM To Announce More Production Cuts

By: Associated Press
By: Associated Press

General Motors Corp. is telling workers that it will make further production cuts at several factories, according to people briefed on the discussions.

The people did not want to be identified because the announcements were still being made Friday morning. The extent of the cuts was unknown.

GM has announced thousands of factory layoffs so far this year and is cutting its salaried staff in order to pare expenses and conserve cash. The company has said it could run out of cash by the end of this year.

GM and its Detroit counterparts are seeking billions of dollars in loans from the federal government. Congress is requiring the automakers to come up with plans to become viable before it will decide on the loans.

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