SOURCE: Industrial Info Resources

October 22, 2008 06:00 ET

General Motors Cutting More Jobs and Fast-Tracking Plant Closings Amid Merger Talks With Chrysler, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - October 22, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- The final 10 weeks of 2008 will go a long way in deciding the near-term future of automotive giant General Motors Corporation (NYSE:GM) (Detroit, Michigan). After decades of mismanagement and poor decision making, the automaker has lost more than $57 billion in the past 18 months. The losses, combined with a slumping automotive market as a result of the economic crash, credit crisis and financial destruction on Wall Street, have forced the automaker to make additional changes in its work force as well as begin negotiations with Chrysler LLC (Dearborn, Michigan) over a potential purchase of the smallest member of the Detroit Three.

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