Amid recent financial crisis, GM accelerates SUV plant closings and truck transmission plant closing

[Rybold]

"The closures of those assembly plants likely will be accelerated, the person said. GM announced last week that its Moraine, Ohio, SUV factory will close Dec. 23, and it has said it will idle assembly factories in Oshawa, Ontario; Toluca, Mexico; and Janesville, Wis., by 2010.

Rumors and fear of cuts have been circulating through GM factories for months, especially those that make parts for trucks.

Wood says GM recently shut down a four-speed truck transmission line and laid off workers.

GM is relying more and more on six-speed transmissions to make its trucks more fuel-efficient, and industry analysts have said plants making four-speeds are vulnerable. Also vulnerable are those making large V-8 engines for trucks, as well as plants that stamp out truck parts.
GM has been shifting its truck-heavy lineup to satisfy a market leaning toward smaller, more fuel-efficient vehicles. The company has increased production of small and midsize cars, plans to start building the new compact Chevrolet Cruze in 2010, and is building a new plant in Flint, Mich., to make four-cylinder engines for the Cruze and the Chevrolet Volt electric car.

The Edmunds.com automotive Web site on Friday predicted October sales will be worse than September, which was the worst month in 15 years.

GM had $21 billion in cash and $5 billion available through credit lines at the end of June for total liquidity of $26 billion but has been burning up cash at a pace of more than $1 billion a month.

Full Article, which is a very informative read...
AP source: GM could announce production cuts soon: Financial News - Yahoo! Finance

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