GM plans to cut 25,000 jobs

General Motors is planning to cut 25,000 jobs in the US by 2008 and to close plants as part of a strategy to revive its struggling North American operations.

Speaking to shareholders at GM’s 96th annual shareholder meeting in Delaware this morning, chairman and chief executive Rick Wagoner said the capacity and job cuts will generate annual savings of roughly $2.5bn (£1.37bn).