GM Announces Major Job Cuts

By: Associated Press
By: Associated Press

The head of General Motors says the top priority is to return the automaker to profitability.

GM plans to eliminate 25,000 jobs in the U.S. in the next few years as part of a four-step strategy to revive its North American business.

CEO Rick Wagoner says capacity and employment reductions will generate roughly two and a-half billion dollars in savings every year.

Wagoner told shareholders in Delaware that it's vital for the company to improve efficiency at its manufacturing plants.

GM has already closed several factories this year, including plants in New Jersey and Baltimore. The company also closed two plants in Lansing last month.

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