General Motors may get rid of some brands, speed the introduction of small cars from other markets and make further white-collar job cuts as it tries to deal with a shrinking U.S. auto market.

No. 1 U.S. automaker General Motors is planning to cut thousands of white-collar jobs and is considering whether it should sell or stop production of more of its brands, The Wall Street Journal said, citing people familiar with the matter.

J.D. Power Automotive Forecasting on Friday reduced its forecast for west European car sales in 2008 and 2009 and now expects falls of 4 percent and 1.3 percent respectively.

General Motors surprised investors with a sales decline that was much less steep than expected, and the company's shares skyrocketed higher.

Shares of General Motors tumbled to a 54-year low while smaller rival Ford Motor hares fell as much as 10 percent on Monday on concerns record oil prices would further hit U.S. demand for vehicles.

Shares of General Motors tumbled to a 54-year low while smaller rival Ford Motor hares fell as much as 10 percent on Monday on concerns record oil prices would further hit U.S. demand for vehicles.

Many NASCAR fans think nothing of jumping in their recreational vehicles or pickup trucks and driving 300 miles or more to watch races in places like Talladega, Alabama; Bristol, Tennessee; and Las Vegas.

Toyota Motor said on Friday it may need to consider raising the prices of its passenger vehicles in the future due to surging raw materials costs, though fierce global competition would make such a move difficult.

GM's shares  have plummeted to less than $12, the lowest level since 1955. That means the  world's largest auto maker has a stock market value of only about $7 billion.

Goldman Sachs downgraded General Motors to "sell" from "neutral," and added the stock to its "Americas Sell List," saying the main risks for the automaker include likely equity dilution, dividend cut and cash burn.

California on Thursday took a major step forward on its global warming fight by unveiling an ambitious plan for clean cars, renewable energy and stringent caps on big polluting industries.

Ford-owned Volvo said Wednesday it had given layoff notices to 1,200 workers in Sweden following a $151 million first-quarter loss on declining U.S. sales.

General Motors initiated a series of steps on Monday from cutting production of trucks to offering aggressive incentives to combat the drop in demand for large vehicles amid record-high gas prices.

In another blow to beleaguered U.S. automakers, Standard & Poor's on Friday said it may cut its ratings on Ford Motor, General Motors and Chrysler, citing financial damage resulting from high gasoline prices.