GM plans $1bn cost-cutting drive
29 August 2012
General Motors plans to save $1 billion (£562 million) in the next financial year through reductions to its purchasing budget.
The move is part of the car manufacturer’s $6 billion cost-cutting scheme, a component of its “turnaround actions”.
Rick Wagoner, GM chairman and chief executive, told staff that market and economic conditions, together with poor results in the first three quarters meant the firm was at a “critical juncture”.
The company plans to accelerate the turnaround...