General Motors Cuts Deeper

Updated from 9:02 a.m. EST

The world's largest automaker announced deeper restructuring plans Monday in an effort to assure Wall Street that bankruptcy isn't a threat.

General Motors(GM Quote) raised the number of jobs it plans to cut over the next three years to 30,000, and said it expects to lower its annual cost structure by $7 billion by the end of next year.

GM CEO Rick Wagoner said up to nine GM plants are now slated to cease operations as part of the restructuring, which represents an expansion of the cost-reduction program the company outlined earlier this year. The moves will reduce GM's North American assembly capacity by about 1 million units by the end of 2008. ...