General Motors has told stockholders that it plans to cut at least 25,000 manufacturing
jobs and close additional assembly and component plants by the end of 2008.
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Download NowThe company says the job cuts and other measures would save the company $2.5
billion annually.
Rick Wagoner, the company's chairman and chief executive officer, told stockholders
in Delaware that the company lost $1.3 billion in the first quarter.
In addition, Wagoner told investors that rising healthcare costs are hurting
the company, saying the company's healthcare expense is $1,500 per unit. He
said the company is trying to reach an agreement with the United Auto Workers
and other unions to reduce healthcare costs.