General Motors will cut salaried jobs, accelerate factory closings, and eliminate health care coverage for many salaried retirees in order to raise $15 billion to survive the industry's deep downturn, the Wall Street Journal reports. GM will also suspend dividends, sell some assets, lower capital spending, and cut production of pickup trucks and SUVs.
The company claims to have enough cash to meet its 2008 funding requirements, but "is taking additional measures to bolster liquidity to protect against a prolonged US downturn." The company said these moves would put it on track for a recovery of the auto market projected in 2010. GM expects vehicle sales to fall to about 15 million this year—a million short of its initial projection, as consumers shift away from trucks and SUVs.