General Motors CEO Rick Wagoner will host a press conference Tuesday morning to announce the company’s plan on how to deal with the slumping U.S. market, a new report finds. The announcement is said to outline “company actions to better align business to the current market conditions”.
Although bankruptcy rumors have been swirling over the past few weeks, insiders tell Automotive News that the announcement will not include GM filing for Chapter 11 protection. It is also highly unlikely that Wagoner will announce any management changes.
GM’s sales are down 16.3 through the first six months of 2008, largely due to truck sales that are down 22.2 percent. Not helping the cause is that fact that GM’s stock plummeted to $9.38 today, the stock’s lowest price since the 1950s.
