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GM kills car line, offers buyouts to white-collar staff
By Ed Garsten, The Detroit News
DETROIT — General Motors (GM) has killed plans for a new line of rear-wheel drive passenger cars slated to reach North American showrooms in 2008, in large part to free up resources to bring its next generation of large pickups and sport-utility vehicles to market quicker.
The automaker is under severe pressure to streamline after announcing last week its 2005 earnings would fall as much as 80% below previous estimates. (Photo gallery: GM under pressure)
The company also said Sunday it expects to reduce its white-collar workforce in North America by 1,000 to 2,000 employees this year and reduce the head count in some departments by more than 10%.