At a press conference this morning, General Motors announced that it will cut 30,000 U.S. manufacturing jobs, close nine plants and reduce the number of vehicles it produces by one million. The announcement comes on the heels of Delphi's bankruptcy news, dismal third quarter results and bankruptcy murmurs for GM as well. The restructuring plan is the company's most drastic since 1991, when it said it would cut the workforce by 74,000 and close 21 plants.

GM expects the plan to save $7 billion/year by the end of 2006.

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