Skip navigation
Watchlist Sponsored By :

Current DateTime: 01:00:42 23 Nov 2008
LinksList Documentid: 24890560
  • Risk & You

      It's a risky world out there. Whether it's investment or retirement, career or home you can take steps to lower your risk profile.

  • Wall Street In Crisis

      With shock after shock to the world's financial system, the credit crunch continues to drive a major reconfiguration of the Wall Street landscape.

  • Protecting Your Portfolio

      Credit Crunch. Recession. Bear Market. There's a triple threat out there for investors. Here's a guide to managing your money.

GM Set to Announce Further Steps to Cut Costs
CNBC.com With Wires | 14 Jul 2008 | 04:28 PM ET
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.

© 2008 CNBC.com

HOME  |  NEWS  |  MARKETS  |  EARNINGS  |  INVESTING  |  VIDEO  |  CNBC TV  |  CNBC PLUS  |  CNBC MOBILE  |  CNBC HD+
About CNBC   |   Site Map   |   Privacy Policy   |   Terms of Service   |   Advertise   |   Help   |   Feedback   |   Video Reprints
  Data is a real-time snapshot   *Data is delayed at least 15 minutes

Global Business and Financial News, Stock Quotes, and Market Data and Analysis