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17:12, July 15, 2008 |
General Motors Corp. is planning to announce some restructuring moves Tuesday in response to falling U.S. sales.
GM said Chairman and CEO Rick Wagoner will discuss the changes at a news conference in the morning. The company released no further details.
GM has been hammered by high gas prices, the weak economy and a rapid shift in consumer tastes away from trucks and sport utility vehicles. The automaker's sales were down 16 percent in the first six months of this year, while its stock price has hit 50-year lows in recent weeks.
GM announced last month it would close four truck and SUV plants and boost production of several cars. But analysts have suggested the company needs to do more as sales continue to slide, including cutting more jobs and raising cash for a turnaround.
Source:Xinhua/Agencies
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