World's Largest Automaker Closes Some Factories
|Topics: General Motors
November 21, 2005
U.S.-based General Motors is laying off 30,000 people and closing 12 factories and other facilities over the next three years.
Most of those layoffs were disclosed previously, but Monday's announcement raises the total by 5,000 and gives plant-closing details.
GM lost billions of dollars this year.
The world's largest automaker has been battered by soaring fuel prices that hurt sales of its highly-profitable SUV's and other large vehicles. It is also hobbled by its workforce's high wage, health, and pension costs.
GM once had 51 percent of the U.S. auto market, but that share has fallen to just 26 percent this year.
Asian automakers, including Toyota, have gained market share with fuel-efficient cars and new, high-tech hybrid engines.
Some information for this report provided by Bloomberg, AP and AFP.
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