From Bloomberg.com:
General Motors Corp., struggling to return to profit amid record gasoline prices, said it will close four truck plants, make more small cars, and may drop its Hummer brand of large sport-utility vehicles.
Gasoline exceeding $4 a gallon represents "a structural change, not just a cyclical change," Rick Wagoner, chief executive officer of the largest U.S. automaker, told reporters today before its annual shareholders' meeting in Wilmington, Delaware.
At Hummer, "we're considering all options from a complete revamp to a partial or complete sale of the brand," Wagoner said.
"It is significant, but this is a late reaction to changing market dynamics," said Dennis Virag, president of Automotive Consulting Group in Ann Arbor, Michigan. "The plans really should have been in place a number of years ago."
You don't say?
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