General Motors Corp. announced moves designed to raise $15 billion to help cover losses and turn around its North American operations.
GM said it will cut its salaried workforce, cut truck production, suspend its dividend and borrow $2 billion to $3 billion to weather a severe downturn in the U.S. market.
GM and other auto companies have been hammered by high gas prices, the weak economy and a rapid shift in consumer tastes away from trucks and SUVs. GM's sales were down 16 percent in the first six months of 2008, led by a 21 percent decline in truck sales.
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Credits: CBS/General Motors/AP
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