Gas prices are changing consumer behavior says G.M., forcing the manufacturer to slash production and close 4 plants as they make the shift toward more fuel efficient vehicles. They also announced that they may sell the “Hummer” brand.
From the New York Times
Mr. Wagoner said that rising gasoline prices had forced a “structural shift” by American consumers away from truck-based vehicles built by G.M.
“These prices are changing consumer behavior and changing it rapidly,” Mr. Wagoner said in announcing the cuts before G.M.’s centennial shareholders meeting in Wilmington, Del. “We don’t believe it’s a spike or a temporary shift. We believe it is, by and large, permanent.”
G.M. Closing 4 Plants in Shift From Trucks Toward Cars [NYT]