Roll up, roll up!

Wednesday, June 04, 2008

The Slow Turning Tide

General Motors is closing four truck and sports utility vehicle (SUV) plants in the US, Canada and Mexico as it looks to environmentally-friendly cars.

Surging fuel prices have heralded a shift to smaller vehicles, with GM also considering selling its Hummer brand.

But GM's board has approved the production of a new small Chevrolet car at a plant in Ohio, and the Chevy Volt electric vehicle in Detroit.

The world's largest carmaker said it was making the moves "to aggressively respond to growing demand for fuel-efficient vehicles and to economic and market challenges in North America".

GM has lost a combined $51bn over the past three years, with shares losing almost 60% of their value since their peak in October 2007.

Me, obsessed? Never!