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GM to cut 47,000 jobs this year

General Motors is set to cut 47,000 jobs and plans to seek up to $30 billion aid and this move by GM is just another testament to how bad the future of General Motors look. It is also part of the plan of General Motors to idle five more US factories. All these moves are part of General Motors’ massive restructuring plan. The carmaker is the recipient of the $13.4 billion in federal loans and it plans to seek another $16.6 billion the moment the economic fails to get back on track. In a news report, it added that General Motors can achieve its profitability in two years time and can fully repay its loans by 2017. The company’s plan was submitted to the Obama administration for review. General Motors is also working to win concessions form United Auto Workers and the bond holders of the company in order to effectively re-size the company. The UAW also had talks with Chrysler LLC and Ford Motor Co. and said that it had reached a tentative deal on contract changes. Still based on reports, there are still discussions on how the companies will fund the union-run trust funds that will take the companies’ healthcare obligations for the retireees for next year. General Motors’ brand will be down to four last December- Chevy, Buick, Cadillac and GMC. And GMC is considering the sales of Hummer.

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