GM Eyeing Additional Cost Cuts - TheStreet

GM Eyeing Additional Cost Cuts

Reports say the automaker's top managers have begun identifying areas of cost containment.
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Updated from 9:30 a.m.

As higher gas prices continue to affect U.S. driving and car-buying habits,

General Motors

(GM) - Get Report

is reportedly considering additional restructuring efforts to conserve cash.

Multiple news reports say sources familiar with the matter tell them CEO Rick Wagoner is working on this plan with top managers. Production cuts are reported to be part of the plan. The plans will likely be announced at GM's annual meeting in Wilmington, Del., which is scheduled to be held next Tuesday, June 3.

This move comes on the heels of

Ford's

(F) - Get Report

decision, reported in a Detroit paper Wednesday, to cut about 2,000 salaried jobs in North America in response to data indicating U.S. consumers are making a long-term shift to smaller vehicles.

Shares of GM opened at $17.25 on Thursday, 10 cents higher than Wednesday's close, and were recently trading at $17.22, while shares of Ford opened at $6.79, a penny higher, and were recently trading at $6.77.

This article was written by a staff member of TheStreet.com.