GM to Cut Production 14% as U.S. Car, Truck Sales Slow
General Motors Corp., the world’s largest auto maker, said it plans to cut North American production in the first quarter by 14% from a year earlier as U.S. sales of cars and light trucks slow.
The company plans to make 1.3 million cars and light trucks during the quarter, down from the 1.5 million it built in the year-earlier period. GM didn’t say whether it would idle plants. The auto maker also will cut output this quarter to 1.4 million vehicles, about 5,000 fewer than its earlier plan.
The move comes as U.S. auto sales in November fell 3.4% from a year earlier, including an 8.4% decline for GM. The auto maker lost share to foreign rivals.
GM shares fell 69 cents to close at $51.38 on the New York Stock Exchange.
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