During a conference call with the media this morning, CEO Fritz Henderson said that the struggling automaker will close more plants and make additional job cuts as it continues its tough restructuring efforts for a plan to be submitted to the Obama administration by the end of May.
In the first viability plan submitted to Congress on Feb. 17, GM said it would close 14 of its 47 powertrain, stamping and assembly plants by 2012. It also said that it would cut 47,000 workers from its 244,000 employees worldwide.
Henderson said that it is almost in daily contact with Obama’s auto task force and has been getting answers on the company’s future strategy to keep its four core brands.
“We’re looking at all of our brands,” Henderson said. He said that the company’s plan to keep Chevrolet, Cadillac, GMC and Buick is “the right strategy.” In a separate report, GM’s sales chief Mark LaNeve denied reports that GM is looking to drop Pontiac and GMC.
As for Hummer, Henderson had nothing new to say except that the brand has potential buyers with a sale to be announced before the end of this month. He said GM is also looking into offers for Saab and has several options for Saturn.
On its GM FastLane Blog, the company said that Henderson has “promised to provide regular updates to consumers, employees, dealers, media and others during the restructuring period.” The blog is expected to post a video from Fritz’s conference later today. We’ll post it up for you guys when it’s up.
– By: Omar Rana
Source: Detroit News