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GM Cuts Outlook for U.S. Car Industry Sales This Year

General Motors lowered its forecast for industry-wide U.S. sales in 2007 and said it would be "challenging" to achieve its target of selling 3 million vehicles at showrooms.

In a presentation prepared for securities analysts, GM Chief Financial Officer Fritz Henderson said the No. 1 U.S. automaker was now forecasting lower industry-wide sales after initially forecasting a flat year for the U.S. market.

Henderson said in the prepared slides released on GM's Web site that the automaker remained on track to achieve its targeted $9-billion reduction in operating costs.