AUTOMOBILES: GM Hits The Brakes

GM Hits The Brakes

Whenever the U.S. economy develops engine trouble, Detroit's automakers are among the first to pull over to the side of the road. True to that tradition, General Motors acknowledged last week that it was likely to report an operating loss for the fourth quarter, its first such deficit in four years. The world's largest auto company had operating income of $109 million in the third quarter before a $2.1 billion charge for plant closings pushed it into the red. GM attributed its latest problems to slack demand that has led the company to reduce its fourth-quarter car and truck production in...

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