- FDIC's Bair Cautions on Risks in Bank Break-Up Plan
- Wednesday's Economic News Crunch Could Tilt Markets
- Call Me Crazy: Confessions of a Black Friday Shopper
- US Firms Hit by Payroll Taxes at Exactly the Wrong Time
- Citi Mortgage Reveals Something the US Treasury Won't
- Fed Sanguine About US Recovery, Worried on Jobs
- Amended Berkshire Filing Reveals No 'Secret' Holdings
- Holiday Guide to This Season's Smartphones
- In Time for Holidays: More Gloom and Doom on Economy
- Citi Mortgage Reveals What Treasury Won't
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Wednesday's Economic News Crunch Could Tilt Markets
- NBA D-League On The Rise
- Trading Block
- Australia Wheat Exporters Face Challenges: GrainCorp
- Japan Export Rebound Eases Fear of New Recession
- Ron Paul's Plan to Audit Fed a 'Serious Attack': Mishkin
- The Social Media Gaming Threat
- Australia's Economy Upswing to Last Years: Central Banker
- Cramer’s Christmas List
Text Size 
General Motors Chief Executive Rick Wagoner is set to announce further steps on Tuesday morning to cut costs in the face of slumping sales.
GM executives, including Wagoner, scheduled a series of briefings for employees, analysts and reporters on Tuesday, starting at 8:30 a.m., the company said in a statement.
The company said the briefings would detail what GM is doing to "align" its operations to current market conditions.
The No. 1 U.S. automaker has been under intensifying pressure to cut costs because of a rapid shift away from trucks and SUVs and a decline in overall sales.
Last week, Wagoner said GM will not consider selling or eliminating any brands besides Hummer and has no plans to declare bankruptcy, Richard Wagoner, chairman and CEO, said Thursday at the Dallas Chamber of Commerce.
"Our focus on all of our brands is, 'What can we do to make them more profitable?'" Wagoner told the Dallas Chamber of Commerce on Thursday. "We take advantage of the products we have and in some cases how we want to evolve the product portfolio to the current world," he said.
Wagoner said the rationale behind a potential Hummer sale was because of the "pretty dramatic change in the circumstances" relating to high fuel costs. (See the accompanying video for more.)
GM expects consumers to continue responding to a declining economy and rising gas prices by switching to crossover vehicles, and the company [BGM
Loading...
()
] is working to better suit buyers' demands, he said.
"Consumers are reacting in a very logical way, and we need to have the products that [react to] that," Wagoner said. "Meanwhile, those that really use the full capabilities of the SUV’s—whether it’s hunting, whether it’s off-road towing, work usage—we’ll have a great product for them there.”
GM will continue to align its production with anticipated demand, he said.
--Reuters contributed to this report.
Print
Email
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes