2008 is half way over and its been a very difficult six months for most automakers. GM which saw its sales decline 16.3 percent so far this year may be thinking about cutting even more jobs and possibly selling off some of its brands.
Spokesman Renee Rashid-Merem said that she could not confirm if GM is actually going to do any job cuts or sell off brands, but she did confirm that GM would look at these options if the US market gets worse. Last month GM announced the closure of four truck and SUV plants and that the automaker is going to boost production of several existing car models. Further job cuts will be discussed by GM’s board of directors early next month.
Currently GM has $24 billion in cash and $4.6 billion in credit. According to JPMorgan analyst Himanshu Patel, GM will burn through $18 billion in 2008 and 2009, but the automaker doesn’t need to raise money immediately.
It’s already been confirmed that HUMMER is on the auction block, but GM will not confirm if any of its other brands could soon be joining HUMMER.
Full Story: msnbc