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GM to close factories for weeks GM to close factories for weeks
(about 21 hours later)
General Motors (GM) has said it will temporarily close 13 factories in the US and Mexico as it tries to cut costs and control its stock levels.General Motors (GM) has said it will temporarily close 13 factories in the US and Mexico as it tries to cut costs and control its stock levels.
The company said the closures - which would cut production by 190,000 vehicles - would begin in May and end in July. Suppliers will also shut down.The company said the closures - which would cut production by 190,000 vehicles - would begin in May and end in July. Suppliers will also shut down.
Some of the factories will be closed for nine weeks, the carmaker said.Some of the factories will be closed for nine weeks, the carmaker said.
GM faces the risk of collapse as the economic downturn has prompted a slump in sales of its vehicles worldwide.GM faces the risk of collapse as the economic downturn has prompted a slump in sales of its vehicles worldwide.
Its North America President, Troy Clarke, said that while it had been scaling back production, it wanted to "more closely align inventories with even more conservative market assumptions".Its North America President, Troy Clarke, said that while it had been scaling back production, it wanted to "more closely align inventories with even more conservative market assumptions".
RestructuringRestructuring
The firm has received $18.4bn (£12.5bn) in government loans as it works on plans to try and make itself viable.The firm has received $18.4bn (£12.5bn) in government loans as it works on plans to try and make itself viable.
The US government has demanded that GM and its rival Chrysler both submit viable restructuring plans before it will consider further aid.The US government has demanded that GM and its rival Chrysler both submit viable restructuring plans before it will consider further aid.
Both companies' restructuring plans were rejected at the end of March. This latest funding will bridge the gap until they have to present new reorganisation plans.Both companies' restructuring plans were rejected at the end of March. This latest funding will bridge the gap until they have to present new reorganisation plans.
GM has until 1 June to complete its restructuring or face seeking bankruptcy protection.GM has until 1 June to complete its restructuring or face seeking bankruptcy protection.
The funding for the carmakers has come from the Troubled Asset Relief Program (Tarp), which has about $700bn aimed at stabilising the US financial system.The funding for the carmakers has come from the Troubled Asset Relief Program (Tarp), which has about $700bn aimed at stabilising the US financial system.