GM to Cut 25,000 Jobs by '08

By Amy Bingham | 

No word yet on how Bowling Green's Corvette plant will be affected by GM's announcement to close an unspecified number of plants.

The announcement was made at a shareholders’ meeting this morning in Wilmington, Delaware.

Chairman and CEO Rick Wagoner says cutting 25,000 jobs and closing plants will save gm about two and a-half billion dollars a year.

The cuts are expected over the next three and a half years.

A GM spokesman who attended the meeting this morning says GM is not ready to announce the list of plants that will close.

General Motors is one of 30 stocks in the Dow Jones Industrial Average.

GM stock rose about two percent following the announcement.