GM announces $15 billion in cost-savings

DETROIT, July 15 (UPI) -- U.S. auto giant General Motors Corp. announced job and benefit cuts Tuesday as part of an effort to improve its liquidity by $15 billion.

GM said it had $30.9 billion in available cash, which was "ample to meet its 2008 funding requirements."

However, the automaker was taking additional steps "to bolster liquidity to protect against a prolonged U.S. downturn," the company said in a statement.

GM did not specify how many jobs it would cut as part of a $10 billion cost reduction plan.

The plan includes eliminating healthcare benefits for retired workers aged 65 or older, a suspension of stock dividends and a wage freeze for all U.S. and Canadian salaried workers through 2009.

GM also expects to raise $4 billion to $7 billion by unloading assets, including the possible sale of one or more of the company's brands.

"A strategic analysis of the Hummer brand is underway," the company said, indicating it was evaluating the profit potential "across all remaining GM brands."