GM Takes Largest Step Towards Profitability Yet
Tuesday, July 4th, 2006In the largest change thus far at GM, 47,600 hourly workers have agreed to walk away from the world’s largest automaker; a process that will take five months to finalize. Accepting offers of early retirement, severance, and buyouts, the mass exodus represents the most drastic attempt made to regain profitability by General Motors, which has posted catastrophic losses in recent quarters.