GM to close 4 plants, launch new 'green' vehicles

0 Comments | AFP, June, 2008

NEW YORK (AFP) — General Motors said Tuesday it was launching a new series of environmentally friendly vehicles including an electric vehicle for the US market and closing four truck plants.

GM, the world's largest automaker, said it was undertaking a range of strategic initiatives "to aggressively respond to growing demand for fuel-efficient vehicles and to economic and market challenges in North America."

Rick Wagoner, chairman and chief executive of the struggling auto giant, made the announcements at the GM annual meeting of stockholders in Wilmington, Delaware, explaining the shift in focus to compact cars and crossover vehicles, sport utility vehicles (SUVs) built on car platforms, and away from trucks and SUVs, where domestic demand has waned because of high...