egmCarTech

A very smart and much expected move – GM CEO Rick Wagoner sent out an e-mail to the company’s manager and team leaders today stating that GM is working on a plan to cut costs and improve its “cash and funding position,”

“The rapid rise in fuel prices and change in auto industry sales mix have made market and economic conditions very challenging,” Wagoner said. “We’re responding quickly and aggressively with a steady stream of actions to better position GM for sustainable profitability and growth.”

GM’s shares hit a 54-year low last week. The company currently has $24 billion in cash and $4.6 billion credit.

Source: Automotive News (Subscription Required)

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