AC Corporations GM finally steps up

AC Corporations GM finally steps up - GM finally steps up...

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GM finally steps up Under fire, the automotive giant unveils plan Tuesday for coping with $4-a-gallon gasoline. By Alex Taylor III , senior editor NEW YORK (Fortune) -- In opera, it isn't over until the fat lady sings. In the auto business, it isn't official until General Motors opens its mouth. That day comes Tuesday in Wilmington, Delaware when embattled GM ( GM , Fortune 500 ) chairman and CEO Rick Wagoner will explain to shareholders just how the automaker plans to survive the changes sweeping the industry. On Tuesday morning, Wagoner gave a hint of what's to come during a press conference preceding the start of the annual meeting: a big push into crossover cars, plans to close four GM plants and the possible sale of its Hummer sport utility vehicle division. Observers from Tokyo to Toledo are paying close attention. Automakers are going through an unprecedented two-dip depression in the U.S. Not only is the subprime crisis and the attendant economic slump driving sales to a 15-year low. But also, expensive gasoline and looming federal and state fuel economy standards have sent panicked consumers fleeing from their pickup trucks and SUVs, which are very profitable for Detroit, into low-profit or no profit passenger cars. Late to catch this trend as usual, General Motors and Ford (
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AC Corporations GM finally steps up - GM finally steps up...

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