LOCAL - GM to Cut 30,000 Jobs
General Motors Corp. said Monday it would cut 30,000 hourly jobs and close or scale back operations at about a dozen U.S. and Canadian locations in a bid to save $7 billion a year and halt huge losses in its core North American auto operations. An assembly plant in Lasning and other facilities in Flint and Ypsilanti will be closing.
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Shares of General Motors fell to an 18-year low after Toyota unveiled production plans for 2006, increasing fears that GM will be toppled by its Japanese rival as the world's largest automaker.
Toyota said it plans to make a record 9.06 million cars in 2006, just shy of the 9.15 million cars and trucks that some analysts expect GM to build next year.
Shares of GM were down 76 cents, or 3.6 per cent, at $20.29 on the New York Stock Exchange. The stock fell more than 5 per cent to $19.63 earlier in the day - its lowest point since 1987, after being adjusted for its spin-off of Delphi Corp in 1999.
Shares have plunged nearly 50 per cent this year.
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