General Motors Corp. (GM) is considered the U.S. No.1 automaker. The company filed its quarterly report with the U.S. Securities and Exchange Commission and gave details about its plans to spend $100 million in 2008 and $800 million in 2009 and afterward.
General Motors posted a $15.5 billion net loss in the 2nd Q. While in July the company announced that the company was planning $10 billion of cost cuts that included eliminating white-collar jobs, executive bonuses for 2008 and retiree health-care coverage.
The company is trying to readjust its North American production to mirror a U.S. auto market stumble due to oil shock similar to that of the 1970s. General Motors is considering closing four of its North American truck plants and including shifts to those U.S. plants that develop more popular cars that offer better mileage.
GM also announced that it would spend $300 million during 2008 on different takeover programs to decrease its white-collar costs up to 20 percent.
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