Facing a steep downturn in sales, General Motors plans to lay off white collar workers, cut truck production and suspend its dividend, according to the Associated Press.
The automaker also says it will borrow up to 3 billion dollars. The moves are aimed at raising a total of 15 billion dollars as it tries to engineer a turnaround in North America.
GM Chairman and CEO Rick Wagoner calls it a plan “to win”, contrasting it with a plan to survive. GM’s sales dropped 16 percent in the first six months of the year, much of that because of weak demand for trucks and SUVs.
The company’s stock has been trading at 50-year lows.