WardsAuto logo
General MotorsGM raises '98 cost-cutting bogie to $4 billion, buys back more stockGM raises '98 cost-cutting bogie to $4 billion, buys back more stock
General Motors Corp. Chairman Jack Smith tells analysts in March that GM expects to slash another $4 billion from its worldwide costs this year on top of $3.5 billion last year. About $400 million will come from previously announced measures such as the 1999 shuttering of a Flint, MI, car assembly plant, job cutbacks in Europe and the sale of Delphi Automotive Systems seating and lighting plants.