SUVs on deathbed: GM cancels $2 billion overhaul of SUV line
With its stock price down 76% for the year, high gas prices, the credit crunch, and a fleet of no longer desired cars, GM has decided to cancel development of its next generation of SUVs, code-named CXX.
“The executives killed the CXX project without a single dissenting vote. And with that, the era of the big S.U.V. was as good as dead, done in by soaring gasoline prices and consumers fleeing to smaller, more fuel-efficient cars.”
Of course, all of the layoffs resulting from GM’s bad business decisions and potential merger with Chrysler, won’t prevent them from taking their share of the $25 billion in low interest loans from the government.
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