SWITZERLAND: GM Europe initiates major restructuring plan
General Motors Europe today (12/12/00) announced a major restructuring plan to improve its market position and return its business to profitability. The company says that this year's downturn of the Western European vehicle market and GM's market share performance in many of the individual countries, combined with shifting consumers' preference to smaller vehicles, and intensified downward pressure on vehicle prices, led to a third quarter loss of $US181 million. With industry conditions continuing to deteriorate, a much larger loss is expected for the fourth quarter.
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