GM won't announce new plant closings

By: The Associated Press
By: The Associated Press

People briefed on General Motors Corp.'s plans say the company will not announce any new plant closures when it releases third-quarter results on Friday.

But the automaker still plans to announce factory job cuts, likely through shift reductions and temporary plant shutdowns as U.S. auto sales continue to tumble.

The people asked not to be identified because the plans are confidential.

GM and Ford Motor Co. are scheduled to release earnings Friday morning. Both are likely to report billions in losses, as well as cuts to help them survive the economic downturn.

GM sales fell 45 percent in October and have dropped 20 percent through the first nine months of the year.

Company shares fell 58 cents, or 10 percent, to $4.98 in afternoon trading.

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