GM considering cutting jobs and selling brands
Update: GM spokesman denied the automaker is reviewing any more brands besides Hummer for sale.
GM sales are down 16.3 percent so far this year and it announced last month that it will be closing four trucks and SUV plants while increasing production of several car models. As times get worse for GM, the board will consider job cuts when it meets in August.
Spokesman Renee Rashid-Merem said that while she could not confirm job cuts or brand sales, GM has made it clear that those actions would be taken of the U.S. auto industry gets worse. GM, who currently has $24 billion in cash and $4.6 billion credit, is looking to raise more money.
JPMorgan analyst Himanshu Patel said that GM could raise another $10 billion in the 3rd quarter by mortgaging trademarks, international operations and other assets. However, he predicted GM could burn through $18 billion easily in 2008 and 2009.
HUMMER is already up for sale and reports say that GM is talking to Tata Motors and Mahindra and Mahindra about a potential sales Analysts have previously suggested that cutting or selling Buick, Saab and Saturn. Chevrolet and Cadillac remain GM’s top sellers.