General Motors Corp said on Thursday it sees significantly improved operating earnings and cash flow in the next two to three years, but expects high fuel prices and declining consumer confidence to be a drag on U.S. sales this year.
GM said in a presentation to Wall Street analysts that it plans to reduce its annual U.S. labor costs by about $5 billion by 2011, mainly through the labor agreement reached with the United Auto Workers union last year.
The new UAW contract allows the U.S. automaker to shift hourly retiree health-care liabilities to a union-run trust fund and hire new workers at lower pay.
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