GM Chairman and CEO Rick Wagoner announced today that due to the extreme slowing of the SUV market, the automaker is planning on some large adjustments. Production at four SUV plants will be phased out over the next year or two, and GM will conduct a strategic review of the HUMMER brand, which may involve selling the iconic brand.
GM is concerned with the unprecedented rise in oil prices. “We believe it is, by and large, permanent,” said Wagoner.
More details and implications once we know more.