BUSINESS
07/28/2008 12:24 pm ET Updated May 25, 2011

GM To Discuss Restructuring For "Current Market Conditions"

General Motors Corp. Chairman and Chief Executive Rick Wagoner plans to hold a news conference Tuesday morning to discuss actions the company is taking "to align the business to current market conditions."

GM and other U.S. auto makers are reeling as the slow U.S. economy depresses sales and as high gasoline prices push many would-be buyers to small, more-fuel-efficient vehicles and away from the higher-margin sport-utility vehicles and trucks.

GM's 2008 sales are off about 16% through June, led by a 21% drop in light-truck sales. The company announced last month it would close four truck and SUV plants and boost production of several cars.

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