GM to Cut 30,000 Jobs, Close 3, no 4, no 9, no 12 Plants
Ugh, worse than the reports suggested earlier this morning.
GM has been crippled by high labor, pension, health care and materials costs as well as by sagging demand for sport utility vehicles, its longtime cash cows, and by bloated plant capacity. Its market share has been eroded by competition from Asian automakers led by Toyota Motor Corp. GM lost nearly $4 billion in the first nine months of this year.
Oh, that’s all that’s wrong?