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GM slashing production

Posted Friday, Dec 12, 2008 at 3:47 pm in Industry News

General Motors Corp is slashing its first-quarter North American production by 60 percent compared with the same period this year, due to a collapse in demand. The company said Friday it will cut production by an additional 250,000 units during the first quarter due to “ongoing and severe drop in industry sales.” The company had already announced production cuts of 600,000 units in North America next quarter, compared with 885,000 in the 2008 first quarter. “The impact of these and recently announced actions will result in the temporary idling of approximately 30 percent of GM’s North American assembly plant volume during the first quarter of 2009,” the company said in a statement. This would put the production schedule of GM, the No.1 U.S. automaker, below that of Ford, which ranks third in U.S. sales behind Toyota Motor Corp. (Reuters)
 
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