General Motors might cut more jobs this year

General Motors Corp. is likely to announce more job cuts this year as they would be closing down more loss making plants around the country.

Company Chief Executive Rick Wagoner said in a statement that they are trying to wrench concessions from its major union in a crucial round of contract negotiations.

He further said that they are going to work hard on denying rival Toyota the chance to overtake them to become the largest automaker in the world.

GM made losses of $10.6 billion in 2005 and cut as many as 34,000 jobs last year. They also announced plans to close down 12 plants and reduce recurring costs by $9 billion.

Wagoner said that they might have to cut a few more jobs in the current year. He said: “I don’t rule out continued steps. I think it’ll be a lot more through attrition than buyouts, but I wouldn’t rule it out.”

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