GM To Cut Production By 250,000 Vehicles
Struggling auto giant GM said moments ago that it will slash its first-quarter 2009 production by 250,000 vehicles by temporarily idling 21 factories.
The number represents one-third of the 750,000 vehicles GM typically produces in one three-month period.
Many of the 21 plants will be shut down for the entire month of January, GM said. Under terms of the United Auto Workers contract, employees will continue to be paid.
The House approved $14 billion in emergency bridge loans to GM, Ford and Chrysler so they can avoid bankruptcy, but the loans were defeated in the Senate last night, led by the Republican caucus.
This morning, the White House said it would consider using money from the $700 billion rescue/bailout already approved, which it has resisted doing.
December 12, 2008; 12:55 PM ET
Categories: The Ticker | Tags: Chrysler, Ford, GM, automakers
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