General Motors to cut truck production and shut down plants temporarily
General Motors has decided to reduce the production of its pickup trucks and sport utility vehicles by 170,000 units due to a fall in demand for large vehicles, and shut down its plants in Indiana, Texas, Wisconsin, Ohio, Mexico and Ontario for one to 10 weeks starting July 2008.
Reuters has reported that the manufacturer will, instead, increase the production of cars, crossovers and vans by 47,000 units and schedule overtime for workers in the plants that produce these vehicles. General Motors will also provide incentives such as interest-free loans for 72 months on 2008 model-year vehicles. The company plans to increase prices of its 2009 models by 3.5%, which would come to about $1,000 per vehicle. Meanwhile, the company has appointed Citigroup to review its Hummer brand, which might either be sold or revamped.
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