GM to Idle Eight North American Plants

General Motors Corp. moved the U.S. auto industry further into the slow lane, saying it will idle eight North American assembly plants and more than 20,000 employees next week. Citing slowing sales and rising inventories, the No. 1 auto maker said it will idle plants in seven U.S. cities and one in Canada. GM has 29 North American assembly plants. GM on Wednesday reported that December U.S. sales fell 18.1% and its U.S. market share slipped to 26.7%, trailing the 28.1% level for all of 2000. Total U.S. auto industry sales in December fell 7.6%, and analysts and industry officials expect the first quarter to match December’s sales rate. GM idled five plants and shut a sixth for one day this week. The cuts mirror actions taken at competitors Ford Motor Co. and DaimlerChrysler’s Chrysler unit. GM’s shares jumped $2.31 to finish at $57.13 in trading on the NYSE.