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11/22/2005: The ultimate solution....
to all of GM's woes. GENERAL MOTORS TO CEASE ALL AUTO PRODUCTION: Cost Saving Move Could Cut Billions in Expense
Rick Wagoner, CEO of General Motors, announced Monday that the auto giant will completely cease production, saving the company billions of dollars in expenses and eliminating over 150,000 jobs.
Mr Wagoner told a press conference in Detroit that the world's largest carmaker would cease operations at all its assembly plants over the course of the next year.
"It's a big move," he said. "We're confident that this is what it's going to take to get us going."
The restructuring is an effort to return the world’s largest automaker to profitability. High unit costs, flagging sales and rising health care costs have forced the manufacturer’s hand.
Len on 11.22.05 @ 08:26 AM CST
